Knowledge Management Technology and Business Decision-making

In the information age, business decision-making thrives on the basis of a knowledgemanagementprocess. The technological innovations namely: Big Data and Internet of things are an outcome of consistent knowledge management and technological up gradation. Big Data and Internet of Things are 2 highly sophisticated technological tools that the information technology industry aspires to innovate and achieve in the coming years. Corporates are more and morelikely to invest in advanced technologies such as Cloud technology in the pursuit of achieving technological empowerment. A thorough research-driven faculty can enable corporates to achieve optimum efficiency in their decision-making process. Decision-making process can be enhanced by application of knowledge management technology such as Information Cloud, Big data and Internet of Things.

A problem-solving process in business contains the following elements where knowledge management tools can be applied:

  • Background of the business problem:Every business problem is surrounded by factors that increase the profoundness of the problem area. These factors which form the background of the problem should be studied to identify business opportunities.
  • Identifying opportunities:Opportunities are triggers that enable the business manager to view the business problem with an enhanced focus.
  • Correlation of opportunities and problem areas:Every problem area can be targeted with the applicability of a specific business opportunity and accordingly a strategic solution can be designed to meet the business objective.
  • Devising a strategic solution:Knowledge management technology can be applied to conduct research and analysis of the available data. Data management tools can be methodically applied to business problems to devisedynamic solutions.

Developing the ever-learner's attitude

We encourage our students to develop the attitude of an ever-learner. In this way, the students can evolve from the position of 'I do not know' to 'I know something'. This is very important because at times students adopt the 'I know it all' attitude and this is of no use. Firstly, 'I know it all' is not possible for even the brightest student and secondly, 'I know it all' is an attitude with a taste of ignorance and failure. It is better to adopt the position of 'I know something' or 'I do not know' and then begin to learn a subject. This humble learning attitude does not originate from a weakness. In fact, the mind-set of an ever-learner student works likestrength. This positive mind-set imbibes discipline and embraces possibilities for the students. The thirst of knowledge can be both subjective as well as objective. The subjective part describes the mere desire of achieving scholarly knowledge but the objective part describes the process by which knowledge can be achieved in a practical sense. The positive learning process can be defined in 3 stages: a) Learning and assimilation of knowledge, b) Gathering of experience from real-life cases and c) Becoming an expert by testing the knowledge. We are aware of several onlinetutoring companieswho stop teaching at stage (a). However, we go beyond stage (a) mentioned above. It is important for us to create a learning experience for the students and authenticate it by testing their know-how on multiple levels of understanding. Knowledge testing does not necessarily mean appearing for a 3 hours traditional exam. We have devised multiple online tutoring strategies to understand the student's level of knowledge.

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