Thought for the quarter - Punjab National Bank Institute of ...

e-trackCASE FOR KNOWLEDGE MANAGEMENT IN BANKS-Dr. Sada Bihari SahuAdvent of information and Communication organization's objectives.Technology, Cybernetics, and Internet have led to a Further, it can be definedknowledge revolution that needs to be tamed and as 'the systematic management ofdirected towards attainment of board objectives of vital knowledge and itscivilization and development in general. In associated processes of creation,particular, an efficient management of unlimited organization, diffusion, use andknowledge strewn around can be a differentiating exploitation.feature for an organization that may be singled out as To put it more succinctly, KM addressesa distinctly superior entity in comparison to its business issues in the respect of products andcompetitors. This on-going knowledge revolution services, enhancing customer relationship andhas given unprecedented scope, growth and improving work processes.competition to the banking and financial sector also.Further, the universalisation of banking operation Objectives of Knowledge Management:driven by BASEL Committee has reduced banking While the objectives of KM differ fromboundaries. Today the challenge before the banks is organization to organization, the following basichow to develop and share the organizational points emerge:knowledge on continuous basis for the business How an organization will manage itsdevelopment. Here, knowledge has emerged as the knowledge better for the benefit of themost important ingredient for success of any organization and its stakeholder. It must consistorganization or individual and continuous learning of a goal and purposes, guiding principles, andhas become an imperative for any organization or proposed action plans and monitoringindividual to survive and prosper.mechanism.It should assimilate and disseminate relevantWhat is Knowledge Management?and high-quality knowledge by organization toKnowledge Management (KM) simply stakeholders and to other users.means management of knowledge. Different It should enhance learning process: knowledgeorganizations have defined KM in a different capture and sharing within the organization.manner. It may be defined as “the process of To enable adoption of new technology forincreasing organizational intelligence through diversification and growth.involvement and participation in the organization's To achieve service excellence.knowledge capital, for creating business value andgenerating a competitive advantage.According to Jennifer Rowley “ KnowledgeFunctions of KM:While every organization's objectives andmanagement is concerned with the exploitation and requirements are different, basic KM functionsdevelopment of the knowledge assets of an includes- abstracting, making meaning to explicitorganization with a view to furthering the knowledge/information and deconstructingJanuary-March20114