Effects of Knowledge Management Practices in Financial Institutions: a Case of Icea Lion Asset Management Limited in Nairobi, Kenya

Abstract

Assess the effects of knowledge management practices at ICEA Lion Asset Management Limited in Nairobi, Kenya. Widely recognition of Knowledge Management and Knowledge Assets in the present years has been known as the organizational reformer. The purpose of the study was to investigate the outcomes of knowledge management practices on institutional performance at the selected branches of ICEA Lion Asset Management Limited. Examining the outcomes of knowledge sharing on institutional functioning was the main aim of the study at ICEA Lion Asset Management Limited, Propose formulation of knowledge management model on organizational performance at ICEA Lion Asset Management Limited, Define challenges of knowledge management performance on organizational performance at ICEA Lion Asset Management Limited. In a total of 150 members of staff, 100 respondents were selected through cluster and proportionately stratified sampling methods, descriptive research and a questionnaire survey with closed and open-ended questions and desk review analysis were used to collect data and information. The analysis was done by using Microsoft Excel, multiple correlations to the data that was collected and presented in form of frequencies, tables, charts and percentages. The finding of the study was knowledge management practices have a positive impact on organizational performance which include, enabling the organization to leverage its size, encouraging better and faster decision making, enlighten the beneficiaries on how information can be of help to them, promoting standardized, repeatable processes and procedures. Knowledge Management practices that were established included; knowledge sharing, knowledge reuse, knowledge creation and knowledge acquisition. In addition, ICEA Lion Asset Management Limited encountered challenges in relation to knowledge management practices which include hoarding of knowledge by members of staff and high staff turnover. Recommendation of the study is that knowledge management policy and other support knowledge management initiatives should be developed