Knowledge Management at the World Bank
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The paper explores the lessons learnt from the World Bank's implementation of a knowledge management strategy, and addresses the need for an integrated information system, the need to embrace change, educate staff and retain professionals, invest in technology, build a competent information technology structure and create a specific department to manage this change. The paper discusses the significance of implementing a knowledge management strategy and shows how it is essential for organizational growth as it facilitates the creation, sharing and application of the collected information in the organization. The paper concludes that knowledge and expertise has been proven to be the only source of sustainable competitive advantage.
From the Paper:"A number of varied but important lessons can be leant from the way the World Bank undertook its knowledge management program. To begin with, the World Bank process on knowledge management shows the significance of having a uniform and integrated information technology system as opposed to multiple systems. An integrated system ensures that the organization has a common database and information sharing system. This enhances communication within the organization as well as between headquarter and the organization branches. In addition, collaboration between the head office and field offices is improved leading to increased efficiency in running organizational operations. Therefore, for organizations which have field branches integration of their information technology systems would allow all the branches access to a well-documented and managed database (Watson, 2007).
"The World Bank case demonstrates the importance of embracing positive change through shedding of old practices. In the case, program director for knowledge management, Stephen Denning, observes that "There were a lot of obstacles because this was a very conservative, change-resistant organization" with regard to the challenges the World Bank encountered in implementation of a knowledge management program. However, when James Wolfensohn was made the president of World Bank in 1996, he emphasised on the importance of embracing technological advancement which he saw as instrumental in improving the business value of the bank in terms of development."
Sample of Sources Used:
- Atlanta, A. T. (1999). Knowledge Management Toolkit. New Jersey: Prentice Hall PTR.
- Watson, B. P. (2007). World Bank: Behind the I.T. Transformation. Retrieved February 25, 2011, from http://www.baselinemag.com/c/a/Past-News/World-Bank-Behind-the-IT-Transformation/
- World Bank. (1995). Strengthening the effectiveness of aid: lessons for donors. Washington, DC: World Bank Publications.
Cite this Analytical Essay:
Knowledge Management at the World Bank (2013, June 09) Retrieved January 23, 2021, from https://www.academon.com/analytical-essay/knowledge-management-at-the-world-bank-153523/
"Knowledge Management at the World Bank" 09 June 2013. Web. 23 January. 2021. <https://www.academon.com/analytical-essay/knowledge-management-at-the-world-bank-153523/>