Knowledge Management System is effective in increasing the performance of the business process in order to compete in the market (Lawler, 2009). The current report will be focusing on QBE Insurance Company located in Australia. The company provides insurance products to the customers and provides customer service too.
Problem in the current Knowledge Management System
Knowledge Creation: It is regarded as the process that helps in the formulation of ideas and thoughts in order to carry on the activities successfully. The management of QBE Insurance Company is finding difficult to develop comprehensive knowledge to attract customers to have insurance. The company has lack of expertise and are not willing to apply knowledge individually for the formation of knowledge Management.
Knowledge Sharing: The management team of the QBE Company is lacking in the formation of knowledge and deficiency in the proper appraisal from the level of knowledge available is affecting in sharing the knowledge. As per Heisig (2009), limited number of Research and Development departments is also a major issue in the management of knowledge.
Knowledge Application: The less amount of competition among the insurance companies can be the cause in the knowledge management and application of knowledge. The government of Australia might be providing low incentive to the insurance company because of which the knowledge may not be applied in effective manner (DeCarlo, 2010).
Proposed Improvement for enhancing the Knowledge Management System
The management of QBE Insurance Company can adopt various techniques that can improve the level of knowledge management system that can help the company in carrying the business activities effectively and enhancing the growth of the company.
The Oracle Learning Management can be adopted by the company that can help in enhancing the performance of the working staff. Therefore, knowledge and skills of the workforce can be improved through imparting training that can increase the efficiency of the staffs in providing quality service that can satisfy the customers (Farndale et al. 2010). The company can adopt E-Learning tool that can be beneficial for the customers in getting updated about the latest activities of the company. Therefore, it can save the time and money of the customers as well as QBE Insurance Company too. Thus, the management of insurance company can effectively interact with their shareholders and consumers that can help in building image of the company.
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The embedded knowledge system can be applied by the company for sharing the knowledge with the employees and with the customers as well. Therefore, the company can be able to maintain culture and routine effectively. The company can follow formalized routines for providing services to customers and carrying the business activities. Thus, QBE insurance company can form working schedule that can be effective in planning the everyday activities and providing the best services to the customers (DeCarlo, 2010). The Data Driven Decision Support System can be beneficial for enhancing the skills of the working force. The company can be able to provide information effectively though computerised system that can increase the productivity level and motivation level among the employees.
Costs and Benefits of the changes to Knowledge Management
The beneficial changes in the knowledge management can help in decreasing the costs of the company that can be related to:
Training costs: The costs of training can be significantly minimized that can help the company in designing and delivering better service to the customers. Therefore, the employees can be effectively trained that can enhance their skills in developing knowledge.
Minimise Risk: The risks relating to loss of experienced employees, quality of job, stress, etc can be reduced through effective knowledge management. Therefore, it can be valuable in increasing the productivity and knowledge of the employees in providing best service to the customers (Dataware Technologies, 2014).
Time Save: The changes in knowledge management has helped in saving the time of the QBE Insurance Company in carrying the various activities of the business and providing right feedback to the customers. Therefore, the knowledge management has enhanced the skill of management in maintaining the customers and providing better service and right insurance policy.
Therefore, the effective changes has helped the QBE Insurance Company in increasing the knowledge level of the staffs and using the knowledge for developing the business and attracting the customers and providing satisfaction to the customers through better service. The management of the company can effectively control the costs and budget that can help them to survive strongly in the competitive market (Farndale et al. 2010). Thus, it can be analysed that positive modification in the knowledge management system can be valuable in attaining higher growth and meeting the long and short term objectives of the business.
The knowledge management system is useful in developing the information, storing and transferring the information in the company that can be supportive for increasing the performance of the company. The problems in the knowledge management and effective improvements have been identified that is related to QBE Insurance Company. Thus, the changes in KM has helped the company in enhancing their performance and increased service.