How the Banks Are Able to Ensure Effective Development of Strategic Development and Information Relative to the Service Offered to Customers

6 The challenge of performance measurement…………………………………………. 8 Intellectual capital and social network……………………. 10 Conclusion…………………………………………………………………………. 11 References…………………………………………………………………………. 12 Strategic Knowledge Management Introduction Development and management of strategic knowledge is very important to every organization in order to attain maximum growth and development of such organization to yield more returns. This will help the employees in the organization to understand the reason and purpose for establishing knowledge management in the organization. Strategies should therefore be kept forward to accelerate in attaining the set goal of knowledge management. The managers of the organization have to play a big role in ensuring knowledge management within the organization and as well ensure maximum cooperation among the employees. The knowledge should therefore be shared within the organization to the respective workers to ensure that everyone has access to the relevant skills of operation so as to improve the performance of the band (Cabrilo & Dahms, 2018).

Knowledge management Knowledge management can be referred to as the present technology use of knowledge to plan, appraise, make decisions, evaluate and design the operating system of an organization. Application of knowledge in bang enables workers to serve a large number of customers within a short period of time. Gray (2006) argued that many banks face challenges in enhancing their performance as a result of knowledge being hidden due to the presence of various subsections, specializations, regions and other factors in the organization such as customs, procedures of operation and the ways of managing the activities in the organization (Chen & Huang, 2009). However, as a result of the improvement of banking services there has been a realization of more profits and this shows the impact of the application of knowledge management which results in to a better performance of the industry.

Knowledge management is therefore irresistible in banks due to the fact that a wide range of the works done in the industry and the increased competition have to be laid within the foundation of knowledge. Knowledge management thus plays an important role in the performance of banks. They can therefore impose new knowledge because of great experience, which they have. Community practices perform a wide range of functions in banking services such as formation of knowledge gatherings, deliver to the employee in the firm and other close partners, and help in teamwork operations. This enables the acquisition, application and adaptation of the knowledge by employees from various sources to their environment in absence of the effects of overloaded data since all the issues are addressed in the knowledge foundation of the community practice.

They have much impact on enabling management to learn and share the acquired knowledge within the organization. This is achieved through joining people from various fields and different areas who contribute to knowledge inflows pointing out knowledge opportunities and thus impose knowledge associations (Martinsons et al, 2017). To ensure development of strategic knowledge banking industry has to put forward a knowledge management goal which it should focus on achieving at a specified period of time. This is desired to ensure the achievement of greater performance in the organization through creation of new knowledge and skills to the workers who can there after produce quality services. Such goals will enable the bank to attain its main objectives within the shortest time possible through the use of necessary knowledge availed to the workers at the best time to ensure better performance.

Creation of new knowledge brings about a great impact in the industry through improving the performance of the organization (Ogiela, 2015). However, managers face various difficulties while trying to measure the performance brought about by the creation of strategic knowledge management in the bank. In addition, introduction of new knowledge in the bank such as the availability of mobile banking and Automated Teller Machines and also the internet banking might have been introduced with the aim of reducing cueing to the cashiers and also to reduce the number of employers serving in the industry. In such a situation, it will be very difficult for the management to measure the performance of the industry as a result of strategic knowledge. Implementing strategic knowledge yields much returns to the organization but the management should come up with measures of measuring the impact of this knowledge to their performance (North & Kumta, 2018).

Intellectual capital and social network Growth, development and performance of any organization is influence various factors from the environment that includes the social network and intellectual capital. Intellectual capital comprises of human, social and organizational capital (Maravilhas & Martins, 2018). Therefore on evaluating intellectual capital and social network together with the use of strategic knowledge management in the banking industry, these are very significant in contributing to the performance of the industry hence enabling it to withstand stiff competition in the market. Intellectual capital recommends the identification of threats, opportunities, weaknesses and strengths of the industry due to the presence of high qualified professionals with high knowledge and skills and thus able to acquire, apply and share basic knowledge. Employees should therefore be creative, intelligent, expert and exchange ideas with one another in order to ensure great performance since they are more involved in ensuring quality services and customer satisfaction.

Application of intellectual capital and social network therefore serves as an important part in the industry sector thus influencing its performance and hence ensuring growth and development of the industry. An example is the use of employee and client relation managing software (Hamann et al, 2016).  Journal of Knowledge Management. Chen, C. J. , & Huang, J. W. , & Ziefle, M. (2016, July). Strategic knowledge management for interdisciplinary teams-overcoming barriers of interdisciplinary work via an online portal approach. In International Conference on Human Interface and the Management of Information (pp. Springer, Cham. R. Strategic knowledge management, innovation and performance: a qualitative study of the footwear industry.  Journal of the Knowledge Economy, 7(3), 659-675. Martinsons, M. G. Advanced techniques for knowledge management and access to strategic information.  International Journal of Information Management, 35(2), 154-159.