Read the article below and answer questions ALL questions that follow
The Role of Knowledge Management in the Retail Industry
All retailers have an extensive database of knowledge resources. Discovering, organizing, and leveraging them requires a combination of the right processes, company culture, and technology. Understanding the role of knowledge management is the first step toward streamlining your operations.
Retail is the largest private sector in the world. To rise above the vast competition, retailers must have well-trained staff, provide an exceptional customer experience, and continually monitor evolving customer preferences and behaviors. A smart approach to knowledge management can provide that competitive edge.
Among other benefits, knowledge management allows leaders to:
– Improve staff training
– Centralize and deliver customer insights to business decision-makers
– Provide accurate and up-to-date information to frontline employees
Retail businesses can use a knowledge management platform to centralize and democratize knowledge, making it available across their corporate offices, contact centers, and stores so that everyone can access the same up-to-date information.
Source: https://bloomfire.com/blog/knowledge-management-in-retail/
Note: All answers to be based on a chosen retail company/business

QUESTION 1 (25 Marks)

“Retail businesses can use a knowledge management platform to centralize and democratize knowledge, making it available across their corporate offices, contact centers, and stores so that everyone can access the same up-to-date information.” Based on a retail company of your choice, analyse the factors the chosen retail company/business should consider when implementing a knowledge management system.

QUESTION 2 (25 Marks)

“All retailers have an extensive database of knowledge resources.” Suggest a suitable knowledge management system/platform for the chosen retail business. Elaborate on why the suggested knowledge management system/platform is suitable for the chosen retail business.

QUESTION 3 (25 Marks)

“Discovering, organizing, and leveraging them requires a combination of the right processes, company culture, and technology.” Critically analyse relevant artificial intelligence knowledge management-powered tools/systems for the chosen retail company/business. Include in your analysis the beneficial aspects of the AI knowledge management-powered tool/system for the retail company/business.
QUESTION 4 (25 Marks)

“Understanding the role of knowledge management is the first step toward streamlining your operations.” Provide recommendations on building an effective knowledge management system for the chosen retail company/business. Suggest features you will include in the knowledge management system and provide reasons on why the features would be beneficial to the retail company/business.

Answers to Above Questions on Knowledge Management

Answer 1: Knowledge management system is highly essential for every business in order to effectively collaborate between members across different departments. However the effective implementation of a knowledge management system requires the consideration of a large number of factors. In order to analyse the factors, the retail company that is selected is Shoprite holding. An analysis of the present technological infrastructure of Shoprite indicates that there are many factors that need to be considered by softwrite in order to effectively implement a knowledge management system.

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