MITS5505 Major Assignment IV Case study: This discussion outlines the adoption and implementation of knowledge management within the Sigma Bank. In 2010, the Bank recognised that it had a very high exposure to loss of knowledge on departure of key staff. This was mainly due to two factors: recruitment of staff from a limited global pool of specifically skilled labour, and an average length of service of more than nine years during which time staff members accumulated an extensive knowledge of the Bank and its operations. In response to this and other challenges, the Bank embarked on an ongoing knowledge management program. The Bank invested significant resources into the program and from an initial corporate vision developed a knowledge management framework that led to the identification of potential areas of improvement within the organisation. The resulting knowledge strategy encompassed several key initiatives, the most significant of which was the goal of changing the organisational culture. Other initiatives included the consolidation of the Bank's contact management into a single system, a review of the existing document management system, and information mapping. To date, while some initiatives have been achieved, others remain to be done. The challenge for the Bank now is to move from structured to unstructured processes for knowledge management and maintain the knowledge management focus while balancing available resources. The Bank must also consider how best to progress initiatives without necessarily attaching a specific knowledge management label and identify ways to move ongoing development of knowledge management strategies to the next level. There are still several strategies that have not yet been put into place. Although the review of the document management system is partially completed, the introduction of a potential solution is seen to be one that will potentially meet some resistance. The Bank will approach this with the insight gained from previous initiatives and with the experience of knowing that while the road may at times be difficult, the view from the other side is generally better. There has certainly been progress made in terms of recording past decisions. This has mainly been achieved by targeting individuals developing an e-mail-centric organisation whereby the majority of discussions and debate are captured in threads within e-mails. This has proved successful to date, but moving forward, there may be less use of e-mail and so the Bank will need to initiate alternative approaches to formalise some of the processes. There are also a number of legacy systems operating within parts of the organisation, such as Human Resources. The integration of these is being addressed in the single point of access activity. At this point, the project is still largely in the stages of trying to understand exactly what is the boundary and scope of the project. The Bank is also investigating the idea of \"yellow pages,\" a system of identifying those within the organisation with specific expertise. The context of the system will be somewhat wider than other systems in operation in that the extent of the experience will relate not just to that of the person's job but in terms of their wider experience. An ongoing challenge for the Bank, like several other organizations', is that of continuing to meet the ongoing business demands with the level of available resources. In that environment, keeping knowledge management in the forefront is a challenge and needs to be achieved through practical initiatives that can demonstrably provide tangible and/or strategic benefits. This requires commitment from within the organisation as well as ongoing communication. In the Bank's case, it looked on knowledge management as a sunk investment and focused on getting acceptance to the framework. Once this was completed, it provided a reference point for the specific initiatives that could be looked at in terms of how well they delivered against the framework. Culturally, the Bank is at an interesting crossroads. The organisation is becoming wary of what might be termed as \"consulting labels.\" As the organisation's awareness of knowledge management concepts has increased, the term \"knowledge management\" has become a less favoured label. As a result, one of the challenges for the Bank is to progress the knowledge management initiatives but package them differently. There is also a need to move the Bank's ongoing development of knowledge management strategies to the next level. To date, a best-practice-based approach has provided a good framework for the Bank. However, one school of thought for ongoing evolution is to explore the more unstructured process for developing knowledge management strategies. Embracing complex adaptive systems theory, this approach can be used to create a sense-making model that utilises self-organising capabilities to identify a natural flow model of knowledge creation, disruption, and utilisation. INSTRUCTIONS These instructions apply to Major Assighment only. Answer the following question based on a case study given overleaf Give your views on implementation and challenges of knowledge management at a company based on five distinct stages of knowledge management: Stage 1: Advocate and learn Stage 2: Develop strategy Stage 3: Design and launch KM initiatives Stage 4: Expand and support initiatives Stage 5: Institutionalize knowledge management Marking Guide: Marking Guide: Case Study Unacceptahble Acceptable Good Excellent Stage 1 5 Marks Does not adequately convey Advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative. Also, not adequately mentioned about identification and ownership of proposed pilot projects. Little evidence material is logically organized into topic, subtopics or related to topic. Many transitions are unclear or non-existent. Does convey but not in detail about advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative. Also, convey but not in detail about identification and ownership of proposed pilot projects. Most material clearly related to task force for the implementation of the pilots, selection of pilots, resources for pilots, etc. Does clearly convey Advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative, Also, clearly mentioned about identification and ownership of proposed pilot projects. All material clearly related to task force for the implementation of the pilots, selection of pilots, resources for pilots, etc. Strongly convey Advocacy, identify the members of the KM team, learn from the experience of the other organizations, advocates of knowledge management and getting wider support to the KM initiative. Also, strongly mentioned about identification and ownership of proposed pilots projects. All material clearly related to task force for the implementation of the pilots, selection of pilots, resources for pilots, etc. Strong transitions linking subtopics, and main topic. Stage 3 5 Marks Stage 4 5 Marks Little evidence material supporting budget to fund the pilot projects, methodologies develop for pilot projects and discussion about lesson learned at regular meetings. Does not summarize evidence with respect to pilot projects. Does not discuss about the of expansion strategy, Most material supporting budget to fund the pilot projects, methodologies develop for pilot projects and discussion about lesson learned at regular meetings. Somewhat summarize evidence with respect to pilot projects. Discuss somewhat about the of expansion strategy, All material supporting budget to fund the pilot projects, methodologies develop for pilot projects and discussion about lesson learned at regular meetings. Clearly summarize evidence with respect to pilot projects. Discuss about the of expansion strategy, All material strongly supporting budget to fund the pilot projects, methodologies develop for pilot projects and discussion about lesson learned at regular meetings. Strongly summarize evidence with respect to pilot projects. Detail discussion about the of expansion strategy, Copyright 2022 VIT, All Rights Reserved. resources, budget, support and manage KM growth. Little evidence material is logically organized into topic, subtopics or related to topic. Many transitions are unclear or non-existent. resources, budget, support and manage KM growth. Most material clearly related to embed KM in the business model, realigned the organization structure and budget and monitor and evaluate health of the KM system, etc. resources, budget, support and manage KM growth. All material clearly related to embed KM in the business model, realigned the organization structure and budget and monitor and evaluate health of the KM system, etc. resources, budget, support and manage KM growth. All material clearly related to embed KM in the business model, realigned the organization structure and budget and monitor and evaluate health of the KM system, etc. Strong transitions linking subtopics, and main topic