Mt3500 Lp7 Assignment: Knowledge Management

LP7 Assignment: Knowledge ManagementBinyam WorkuMT3500 - Managing Information SystemsNovember 4, 2016LP7 Assignment: Knowledge ManagementKnowledge management involves collecting information to know more about the customers, an important factor in today’s competitive economy. In fact, most businesses prioritize customer knowledge to other factors like finance and product as the top key to success. Data collection is important as it enables the business to make precautionary measures to make meaningful internal changes that maximize any emerging market chances. In addition, obtaining honest and critical data about the customers enables businesses gain a competitive advantage over rivals. Many companies have management systems in place. However, they all need to be searchable by customer service and the customers as well. This is because bulks of information can be hard to access, which causes frustration among customers. For example, Canon Information Technologies deal with a large number of customer base given their product line is sales of digital cameras, copiers, camcorders, and fax machines among others, products commonly associated with complications and misunderstandings. For such a company, establishing a searchable knowledge management system would be beneficiary as the