IndexBenefits to the OrganizationAssociated CostsA Prioritized List of InitiativesKnowledge Management SolutionsProposed SolutionsSound RecommendationsKnowledge Management (KM) is the structured management of a company's knowledge assets a company to generate value and satisfy skillful and strategic conditions. It includes strategies, initiatives, procedures and structures that support and nurture the refinement, storage, sharing, evaluation and initiation of knowledge. The following discussion clearly outlines the benefits, associated costs, how it can be used to solve problems, and sound recommendations from the Bobco company. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Benefits to the Organization Improves a company's agility by having improved and faster decision making. Strengthens their ability to solve problems. The innovation indicator increases. It also leads to more sustained worker growth and development. It improves communication and nourishes business operations. There is also the sharing of expert skills. This, in turn, will lead to better products and services, increase profitability and develop better business plans. This will, in the long term, allow the Bobco Company to increase its profits and acquire the skills to be able to reuse knowledge and skills. There will be increased procedural productivity and staff efficiency. This will allow Bobco Company to fully utilize their collective intellectual capital and help them stay one step ahead of their competitors. The company will also be able to realize market trends quite early, thus having an additional advantage over competitors. KM will help Bobco Company to avoid repeated efforts and will also help to avoid repetition of mistakes made. Meet your business needs by providing techniques, templates, and tools, as well as examples. It also provides hard-to-find and widely available expertise through community discussion forums, questioning specialist systems, podcasts, recorded presentations, videos and white papers. It also speeds up delivery to customers, leading to higher win rates, new customers and additional business. A company's ability to leverage scale. Associated costs Knowledge management involves different costs which mainly include personnel, necessary material, equipment, systems and other costs originating externally; travel, seminars, office equipment, training and value of supplies, as well as other costs for the knowledge management program. A list of priority initiatives Before starting a knowledge management initiative, the company should know more about its field. To get started, read books, periodicals, websites, and blogs; participate in training conferences; participate in professional communities to deepen your understanding of the knowledge management field. Putting into practice what a company encourages will allow it to learn from the experiences of others, reuse the best ideas and avoid the usual problems." Available resources include books, blogs, communities, consultants, conferences, thought leaders, tweeters, sites, and training. The list of initiatives to increase competitive advantage includes a cost management initiative where the company must offer to attract prices to attract customers. It can also implement an innovative initiative where a company does things in a different and new way. The company can also use the technology-based initiativewhere workers use updated technologies to improve their products. It can also implement the competitive advantage of adaptability by being open to change and adapting effectively. This is done by implementing technology-based knowledge where needed. Knowledge Management Solutions Solves the customer relationship problem by tracking the number of calls, questions issued and AS responses as well as emails. Therefore improving customer-company interaction which creates room for improvement. It also improves customer satisfaction by leveraging customer satisfaction capabilities. It also improves customer feedback tools, so an organization can know the areas to work on or what to take advantage of. Proposed Solutions The Bobco (metals) company may face a number of challenges and, in the long term, want to achieve better results such as increased orders by improving collaboration between sales, back-office tasks and services. Improve revenue by rolling out a continuous series of innovations for the latest products and new services. Increase profits by distributing and reusing lessons learned. Knowledge Management solutions will implement this by defining initiatives that motivate paid collaboration, offering up-to-date ideas, and distributing and reusing lessons learned. Additionally, it will network allowing for multi-purpose collaboration. Third, KM will code by classifying and citing particular lessons learned and proposed. It will also analyze by selecting the best lessons acquired and proposed. It will also invent by developing updated products and services and business and fruity ideas. It will provide improvements by implementing professional systems for new product construction, design and engineering. It will also disseminate lessons learned via email messages and publish blog posts on updated ideas. Sound Advice Knowledge management is the best course of action to provide the above solutions to Bobco company. It puts in place measures to motivate by offering users incentives and rewards to inspire desired behaviors, hence more customers and therefore more profits. It will also motivate employees by improving communication and training, establishing objectives included in each performance plan and observing and providing feedback on the development of company objectives. An example includes when senior executives at Bobco Company hold regular coffee meetings or meetings with employees that bring systematized performance goals, reusable information, monthly progress reviews, and employee rewards that set a good example for others to follow by sharing your own knowledge. It also puts specific measures in place for networking as it improves knowledge sharing by connecting those who could be of help and also provides communication across organizational silos, so really good, up-to-date ideas are exchanged. This is implemented by building and expanding social networks which in turn create valuable connections between various individuals and groups. Up-to-date software and social platforms support these networks by allowing you to add friends, tag resources and realize common interests. Leading conversations is an important way to develop trust, gain understanding, and find new and surprising ideas that help the company. They also improve communication with the local community, thus allowing members to gain knowledge together, this is done through team spaces, community spaces and threaded discussions. These solutions are justified and strongly recommended as KM clearly works with the organization (Bobco) shown when they improve the knowledge offering with strategies such as archivesof documents, project databases and skills inventories. The contributory side of knowledge management involves collecting documents and combining files, obtaining information and work products, as well as storing these forms of complete knowledge in archives, for example, in the Bobco Company when aiming to improve the offering, presentations and conversations should be recorded and story collection should be done for future reference and re-use of the content. The contents obtained are precisely the raw materials that must be recovered, analysed, researched, codified, disseminated, questioned and reused. The Knowledge Management Team also analyzes the resulting knowledge offering, then implements it in useful ways. Before reaching a conclusion using what has been obtained, we speculate in depth on the information to verify its validity. Confidential information must be carefully examined and ultimately protected. The analysis of the information obtained can reveal patterns, tendencies or trends that can be corrected, explained and exploited. Processing data to surface the vital parts can lead to discovering completely new ideas and gaining skills on how to improve results. Knowledge comes in various forms such as rules of thumb, lessons learned, and proven methods. Dave Snowden describes technologies that process large volumes of data with a view to weak signal detection and pattern recognition through naturalistic sense-making, derived from understanding the cognitive processes that underlie human decision-making as resourceful and in capable of nourishing businesses. In the Bobco company, measures put in place to improve data analytics include social network analytics maps that synchronize relationships and movements between organizations, people or groups, thus nurturing communities, realizing missing connections and better links between groups. The Positive Deviance method can also be implemented thus helping to identify those vital practices and behaviors and therefore the ability to get better ways used to deal with problems that occur more frequently than adjacent competitors with similar access to equal resources. After analyzing the data, KM codifies the collected knowledge to produce standard methodologies, repeatable processes and standard methodologies. You can combine data, collect content, and merge processes to produce better business outcomes. Knowledge codification also includes discovering the value of intellectual property and adding metadata to information held in archives to ensure its ease of availability during research. It also involves tagging content to make it easier for users to find collections, useful views, and connections. Bobco Company can implement these measures by selecting important files in terms of quality knowledge, recognizing demonstrated procedures and practices, as well as publishing a list of formal methods. After obtaining the knowledge, one should clarify it, thus making it easily available for reuse, thus providing it in a worthy state. After analyzing and codifying the knowledge obtained, it still does not have much value unless likely users of the information are informed of its availability. So its existence needs to be distributed widely to create awareness to all probable users and to narrowly make its existence known to the targeted customers. Communication vehicles are used in knowledge distribution. Email messages, newsletters and websites are used to create understanding and awareness. Podcasts, blogs and wikis available online canbe searched via feed. Content can be disseminated by association and collected through assemblages, including the ability to create customized sites to display specifically useful knowledge. Bobco Company can implement the following strategies to facilitate diffusion. This includes sending personalized notifications of new or changed content, weekly newsletters showing updated submissions to the archives, and a KM section on the company's home intranet that manages the ten most visited documents for that particular month. Podcasts containing discussions with supposed leaders should be uploaded weekly. Weekly phone calls with conversations about acquired skills and emails that should be shared are obvious practices and also better ways to improve awareness. Knowledge management also focuses on demand which is on the opposite state of supply. This includes user and information research, obtaining information, asking questions and asking questions. Question-driven information has the merit of coding, connections, analysis and distribution. Therefore encouraged by the distribution and the ability to make obtaining the necessary resources simple. Bobco Company can implement some measures to resolve this problem. These include demand strategies such as skill locators, search engines, and skilled process inquiries. Particular tools and methods that enable the request for more knowledge consist of threaded discussions and e-learning structures. The knowledge we consider knowledge is demonstrated in action. What we mean by knowledge today is information in action, information focused on results. The results achieved in disseminating, providing, codifying, analyzing, networking, motivating and requesting information are rewarded through action'. Therefore the KM program will help Bobco company to include knowledge in the planned workflow and use procedures and various processes to be carried out through coding. The distribution of acquired skills allows them to be applied to new emerging situations. Reusing and using information, responding to requests, and responding to questions asked are demand-driven actions. A particular type of action is invention. This includes developing brand new products and services and developing updated ideas to examine and propose innovative techniques and procedures that can help transform a business, company or even a country. Generating updated roots regarding a consumer's demand, restoring personal and organizational nourishment, and rebuilding the existing set of rules can help a company nourish itself, thrive, and weather difficult times. Intelligence computing can cause the human thought process to mimic the functioning of the brain, thus addressing complex problems that contain ambiguity as well as being uncertain. Artificial Intelligence performs functions comparable to skill acquisition and decision making in humans. Intelligent personal assistants can recognize voice commands and questions, respond with information or perform desired actions quickly, efficiently and effectively. Using these approaches can enhance the capabilities of humans by increasing their powers of observation, analysis, decision making, processing, and response to other people and routine difficult situations. Cognitive computing techniques, such as IBM Watson, intelligent assistant techniques including Amazon Echo, Microsoft Cortana, Apple Siri, and Google Now, as well as artificial intelligence techniques, such as expert systems,,.