Discuss about the Knowledge Management And Internet Technology.
In the current business scenario, knowledge management and internet technology play a significant role in business strategy. Hence, several organizations use knowledge management because it is a key source of getting sustainable advantages. In addition, the organization has required obtaining and modernizing their basic knowledge in order to keep away from competitive approaches with respect to discount on price because rational resources in the operation of a business are hard to imitate. Apart from this, there is a number of companies which use e-commerce to directly communicate with the bulk of customer at one time in across the world. In this way, while e-commerce has linked with business process and standard of the company then it aids the business to enhance their strategic growth. Consequently, it will lead to making improvement in the performance. This essay discusses the certain factors named knowledge management and e-commerce that has a positive impact on the business performance of Foodmart Restaurant.
According to Hislop (2013), knowledge management is a process of acquiring, distributing and significantly utilizing the knowledge. Furthermore, KM is a discipline that leads to integrate the strategy in order to detain, access, repossess and shares the information regarding resources of the company. This information can be related to records, process, past un-captured data, credentials, and learning of the individuals.
It is argued that workforce can improve the superiority and decision power by creating understanding with respect to management. Moreover, teamwork approach allows the Foodmart Restaurant to identify the experience and opinion of the high amount of customers and also provides extra concepts regarding preference of customers. It encourages the organization to implement creativity and modern culture in their business environment. Along with this, KM leads the Foodmart restaurant to spread its data and access the current information in the business perspectives. As a result, it can be opined that KM is an inter-disciplinary approach which directs the Foodmart restaurant to execute the innovation and cultural changes (Liebowitz, and Frank, 2016). Since, it can meet the organization’s requirement and get the competitive benefits in the Australian restaurant industry.
This argument is supported by different authors who explained that KM can enhance the efficiency and effectiveness of the business operation. Additionally, KM helps the company to take rapid action by developing understanding about foodmart’s resources. It can also conduct a survey on the bulk of individual and can choose the knowledgeable person because it will facilitate the organization to improve their business performance (Holsapple, 2013).
According to the Holtshouse (2013), KM is beneficial to enhance the level of customer’s satisfaction. The cross-alliance and sharing knowledge is significant to deliver the added value to customers. Foodmart Restaurant could be essential to offer prompt response consequently it will increase the demand of customer with respect to products and services that are offered by the company.
It can be evaluated that prompt response delivery is significant for each company. Therefore, foodmart restaurant can exercise the KM approach to deliver prompt responses and build significant judgment with respect to the growth of the business. This approach facilitates the individual to conduct directly access about required information and tools. Consequently, it can be stated that KM strategy is effective to get competitive advantages in the restaurant industry of Australia (Jones, and Sallis, 2013).
It is argued that knowledge management is beneficial to enhance the features of product and services of the organization. KM also improves the competencies of the workforces and encourages them for teamwork by spreading the understanding in physical and fundamental business environment. Consequently, it can be stated that foodmart restaurant can improve their business performance. Along with this, the company can be more innovative by exercising the knowledge management resources because it helps to access more current information (Becerra-Fernandez, and Sabherwal, 2014). Together with, foodmart restaurant can facilitate the superior quality of food and services by using the KM.
In favored to this argument, it can be stated that foodmart restaurant can deliver the superior services and discover the new information through KM process. As a result, it would be effective to enhance the business operation and obtain competitive benefits in restaurant industry of Australia. Along with this, knowledge should be strategically managed because it will facilitate foodmart restaurant to gain their profitability and provides added value to customers. The company should implement pre-arranged and mutual set of business standard and policies because it will enable foodmart restaurant to minimize the errors and wastages from operations (Jiménez-Jiménez, et al., 2014). Therefore, it can be stated that company can be more innovative, disciplined and productive by using the KM because it helps to avoid the hurdles from a business process.
According to the Alegre, et al., (2013), radical cost cutting is significant for each company. Foodmart restaurant can use the knowledge management infrastructure and logically reuse the information by using the integrated system because it will provide benefits to both customers and business. Furthermore, knowledge management enables the company to manage their data more effectively and efficiently. It also reduces the redundancy and wastages from production. As a result, KM would be beneficial for foodmart restaurant to save the fundamental expenses in both short and long term. It also helps the business to identify what could be done in business improvement and what is required for growth, and where is a requirement of using their knowledge.
It is argued that electronic commerce is a significant component in modern business due to addressing the needs of the company, vendors, and customers. It is also beneficial for foodmart restaurant to reduce the expenses and creates superiority in products and services as well as increase the prompt service delivery. E-commerce activities should be exercised by foodmart restaurant in order to share paperless information with the customers (Laudon, and Traver, 2013). It can be done by using different tools named electronic bulletin board, electronic fund transfer, other network based technologies, and electronic data exchange. In the current business scenario, e-commerce is used to standardize the business operation. By using the electronic channels such as emails, the internet, mobile phone and computer network, foodmart restaurant can share the information about its product and services with the customers (Chiu, et al., 2014).
This argument is supported by different authors who stated that a large number of opportunities are facilitated by the internet for a company such as endorsement of product and services. With the help of e-commerce practices, foodmart restaurant can create a positive image in the customer’s mind. Further, it can create a company’s websites to spread the information and create awareness among the bulk of customers (Fang, et al., 2014). It also facilitates the customers to check the inventories detail and product’s characteristics and release the online press for companies.
According to Wang et al. (2016), advertisement via online helps the company to contact with desired customers and proficient dealers for selling its product and services. Moreover, foodmart restaurant can deliver the wide categories of product and services through online channel as compared to selling it in physical stores due to the availability of customers are large in online stores. In addition, e-commerce facilitates the advantages to both prospective customers and business. For example, the customer can get wide categories of food from online channels as it would create demand towards it. As a result, it will have a favorable impact on the profitability and financial performance of the business.
It is argued that e-commerce enables foodmart restaurant to deliver a wide range of services through online channels like ordering food, feedback, complaint, rewards and discount offers, and online payment mode. However, it cannot deliver the physical goods hence it may use effective supply chain management system by which it can ship the product to the customers (Turban, et al., 2017). Along with this, it must choose the option of automated inventory management and online tracking to deliver the physical goods with the customers. Foodmart restaurant can provide different online payment mode for transaction named credit card payment processing, and electronic fund transfer (Huang, and Benyoucef, 2013). As a result, it would be beneficial to create a distinct image in customer’s mind as compared to its competitors in Australian restaurant industry.
This argument is supported by some authors who stated that company can increase the revenue of product and service by providing support to customers through online channels. In the initial phase, foodmart restaurant can share their electronic part of the products like sharing its product’s menu on websites of the company. At the same time, it can create a forum with respect to customers for overcoming their issues (Hartono, et al., 2014). Foodmart restaurant can also provide the online chat process with free of cost for their users in which they can communicate about buying process of goods and can get the support of employees.
According to Da Costa (2016), e-commerce is significant in modern business practices due to the availability of a wide category of products and services, high speed of accessing the information, reach at a large number of customers on a global level, and ease of use for customers and companies. However, it can be ineffective in some manner like sometimes customers are not able to see the product detail before purchase due to technical issues and waiting for delivery of the goods.
Conclusion
As per the above interpretation, it can be summarized that both knowledge management and e-commerce is a significant part to improve the business practices. KM is advantageous to enhance the efficiency of foodmart restaurant and also improves the business process. E-commerce is another factor that provides high satisfaction to customers due to ease of use. It also helps to communicate with the bulk of customers. Hence, it can be concluded that both KM and e-commerce are essential for Foodmart restaurant to improve their business performance and practices.
References
Alegre, J., Sengupta, K., & Lapiedra, R. (2013). Knowledge management and innovation performance in a high-tech SMEs industry. International Small Business Journal, 31(4), 454-470.
Becerra-Fernandez, I., & Sabherwal, R. (2014). Knowledge management: Systems and processes. UK: Routledge.
Chiu, C. M., Wang, E. T., Fang, Y. H., & Huang, H. Y. (2014). Understanding customers’ repeat purchase intentions in B2C e?commerce: the roles of utilitarian value, hedonic value, and perceived risk. Information Systems Journal, 24(1), 85-114.
Da Costa, E. (2016). Global e-commerce strategies for small businesses. UK: Mit Press.
Fang, Y., Qureshi, I., Sun, H., McCole, P., Ramsey, E., & Lim, K. H. (2014). Trust, Satisfaction, and Online Repurchase Intention: The Moderating Role of Perceived Effectiveness of E-Commerce Institutional Mechanisms. Mis Quarterly, 38(2).
Hartono, E., Holsapple, C. W., Kim, K. Y., Na, K. S., & Simpson, J. T. (2014). Measuring perceived security in B2C electronic commerce website usage: A respecification and validation. Decision Support Systems, 62, 11-21.
Hislop, D. (2013). Knowledge management in organizations: A critical introduction. USA: Oxford University Press.
Holsapple, C. (Ed.). (2013). Handbook on knowledge management 1: Knowledge matters (Vol. 1). Berlin: Springer Science & Business Media.
Holtshouse, D. K. (2013). Information technology for knowledge management. Berlin: Springer Science & Business Media.
Huang, Z., & Benyoucef, M. (2013). From e-commerce to social commerce: A close look at design features. Electronic Commerce Research and Applications, 12(4), 246-259.
Jiménez-Jiménez, D., Martínez-Costa, M., & Sanz-Valle, R. (2014). Knowledge management practices for innovation: a multinational corporation’s perspective. Journal of Knowledge Management, 18(5), 905-918.
Jones, G., & Sallis, E. (2013). Knowledge management in education: Enhancing learning & education. UK: Routledge.
Laudon, K. C., & Traver, C. G. (2013). E-commerce. UK: Pearson.
Liebowitz, J., & Frank, M. (Eds.). (2016). Knowledge management and e-learning. USA: CRC press.
Turban, E., Whiteside, J., King, D., & Outland, J. (2017). Marketing and Advertising in E-Commerce. In Introduction to Electronic Commerce and Social Commerce (pp. 261-291). Berlin: Springer International Publishing.
Wang, W. T., Wang, Y. S., & Liu, E. R. (2016). The stickiness intention of group-buying websites: The integration of the commitment–trust theory and e-commerce success model. Information & Management, 53(5), 625-642.
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