Table of Content
2.0 Strategic importance of knowledge management practices to achieve organizations’ long‐term objectives.
Tacit knowledge in helping the organization to achieve its long‐term objectives.
Explicit knowledge in helping the organization to achieve its long‐term objectives.
3.0 Impact of artificial intelligence (AI) based technologies on operational excellence (efficiency and productivity) of manufacturing processes.
4.0 Assess how radio‐frequency identification (RFID) for tracking inventory and inventory movements may help to improve the quality of management information in the retail sector
According to Dalkir (2016), the term ‘knowledge management’ is a concept of gathering, finding, sharing, organizing and assessing the knowledge or information. Pasher and Ronen (2017) said that knowledge management is a significant method to support business organizations to organize or gather effective knowledge or information so as to organizational tasks or activities that can be conducted effectively. As Hislop (2017) notes, knowledge management is a formal process to determine the organizational knowledge or information that will be benefited for the stakeholders.
Rhem (2016) defined knowledge management as the system which supports the organizational people to access, update and share the business information or knowledge. Business organizations mainly manufacturing companies use artificial intelligence as knowledge management technology to develop a business’s operational excellence. Moreover, Radio Frequency Identification (RFID) plays a significant role to track the inventory system of a business that may support the development of the quality of a business’s knowledge management.
The chosen organization for this paper is Toyota which is a well-known automobile company in the world. First of all, this assignment organizes knowledge as tacit and explicit as well as describes how these support a business organization to achieve long-term objectives.
Secondly, this assignment analyzes the impact of artificial intelligence on the efficiency as well as productivity of a business’s manufacturing process. Last, of all, this assignment evaluates how the Radio Frequency Identification (RFID) helps to track the inventory system that may support the development of the quality of knowledge management information in the retail sector.
2.0 Strategic importance of knowledge management practices to achieve organizations’ long‐term objectives
According to Hunter (2017), managing the professional understanding, networking the knowledge, binding the knowledge, and making the intellectual capital is too significant factors to the success of the business organization. Tobin (2016) said that business organizations can use both tacit and explicit knowledge in different ways to maintain the organizational culture, workplace diversity, and globalization.
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Tacit knowledge in helping the organization to achieve its long‐term objectives
Liebowitz and Beckman (2016) said that knowledge can be classified as two types including tacit and explicit knowledge. This knowledge supports a business organization to achieve long term objectives. Tacit knowledge is a type of knowledge that is very difficult to visualize, transfer or write down from an individual to another individual. Tacit knowledge is a specific challenge for knowledge management.
In addition, tacit knowledge needs less time as well as support the business organizations in making to make quick decisions. According to Sternberg (2017), tacit knowledge is an informal, personal and subjective form of knowledge which is gathered from people statement that increases business knowledge and understanding. Moreover, tacit knowledge is technical and cognitive which helps to develop the culture of a business organization such as insights, beliefs, values, perceptions, and assumptions…………..