The effects of knowledge management practices on performance of Consolidated Bank of Kenya.

Abstract

Most organizations are adopting knowledge management in their strategy as a tool of sustaining competitive advantage in the market. In the modern world the business environment is that of a cut throat competition, not only has the technology changed, but equally the consumer is too demanding of most services from one central Point. This has made most business organizations to change their focus from the off the shelf products to consumer needs products. This brings about the need for knowledge management practices as one way of stay true to the consumer needs and survival in the competitive business environment. The objective of the study was to determine the effects of knowledge management practices on the performance of the Consolidated Bank. The research study relied on a case study since it focused on observing the situation of the design. The research targeted to administer the interviews to 10 top Senior Management of Consolidated Bank who are the management in different business units’ including the CEO. Data was analyzed using content analysis. The study concluded that knowledge management helps in delivery of quality service, informed employees who are effective and efficient thus enhanced performance. Without sufficient product knowledge organization staff cannot be able to effectively satisfy their customers. Implementation of knowledge management trainings for employees in an organization helps to improve the performance of the organization. The study also concluded that allowing staff to make their own decision helps to improve the employee productivity. This in the long run boosts the organization performance. The study recommends that organizations need to ensure that all their employees are provided for with sufficient software and hardware. An informed employee is a critical success factor that contributes to enhanced perfomance.In addition organizations should also implement knowledge management trainings for employees so as to boost their performance.