APPLICATION OF KNOWLEDGE MANAGEMENT TOOL FOR IMPROVEMENT IN GUARANTY TRUST BANK PLC
1.1 BACKGROUND OF THE STUDY
Knowledge management was scientific discipline in earlier 1990s, supported solely by practitioners after sometime Leif Eduinsson of Sweden, the world’s first chief knowledge officer (CKO) became interested in not only practical but also theoretical aspects of knowledge management.
Knowledge management (km) comprises ranges of strategies and practices used in an organization to identify, create, represent, distribute and enable adoption of insights and experiences, such insight and experience comprises knowledge either embodies in individuals or embedded in organization as a practice or process.
Knowledge management includes courses taught in the field of business administration, information system, management and library and information sciences but more recently other fields have started contributing to knowledge management research. These include information and media, computer science and public policy.
Knowledge management focuses on organizations objectives such as to improve performance, competitive advantages, innovation etc. however, knowledge management has a lot to challenges in accessing relevant knogwledge due to lack of skills in using various technologies tools and difficulties in implementing knowledge management within organization due to language usage e.t.c.
The reason for this study to see if organizations apply knowledge management and how well it has improved their organization and even employees.
HISTORICAL OF GTBANK
Guaranty Trust Bank is one of the best banks in Nigeria. Its started it formal banking in 1991. It has many branches in Nigeria and also has in Gambia, Liberia, Ghana, United Kingdom etc. it has received best bank and customer friendly awards. Guaranty Trust Bank’s license was approved on the 1st of August, 1990, and six months after its doors was opened to the public for business at 8.00am on Monday, the 11th of February, 1991. At it new redesigned head office building christened the plaza, at No. 6 Adeyemo Alakija, Victoria Island.
Fola Adeola and Tayo Aderinokun are the main founder of Guaranty Trust Bank plc. Both resigned from a merchant bank after seeing that the bank was collapsing due to management problems.
“Fola Adeola initiated the suggestion of the name “Guarantee Trust” due to the acronym that it could be easily remembered: Along the line a suggestion came from Gbolade Osibodu, the word “Guarantee” was change to “Guaranty” to further underscore the defining ethics of the new venture. Adeola and Aderinokun came from both NAL merchant bank and continental merchant bank and the consensus was that the new venture should be a commercial bank.
The bank has operating since 1991 till date, and have tried to overcome a lot of issues, and even though one of the founders is dead “Tayo Aderinokun the bank is till moving on strong as it can.
1.2 STATEMENT OF PROBLEM
Knowledge is a limited organizational value if it is not shared. Knowledge management helps in creating, sharing and using of collective knowledge but many organizations are just realizing its usefulness and organization that have applied it are facing or have some challenges. These challenges are:
– Problems of knowledge transfer
– Lack of expertise to identify the key knowledge source within the organization.
– Also the organization does not have knowledge leaders who are able to promote knowledge management.
– Lack of understanding of information at hand
– Lack of fund for organization to fund and invest to embark on current and future knowledge management activities.
1.3 OBJECTIVES OF THE STUDY
1. To find out if the organization has a formulated systematic process and strategies with regard to the acquisition, sharing and evaluation knowledge available within the organization.
2. To examine the style of management within the organization to stimulate the acquisition, sharing and evaluating of knowledge between employees.
3. To find out whether the organization has a vision of implementing knowledge management.
4. To find out if the organization is committed and participative towards implementing knowledge base environment.
1.4 SIGNIFICANCE OF THE STUDY
The result of this research will be a great use when concluded. It has attempted to open the mind of the organization.
Firstly, it will be of great use to organization both public and private sectors e.g. Guaranty Trust Bank plc.
Secondly, organizations will know how to transform to add value to process and operation of the business to accelerate growth and innovation.
Thirdly, for the organizations to know how to use knowledge management as competitive advantage for business.
Lastly, students and other researchers will use the research work as a reference material.
1.5 RESEARCH QUESTIONS
1. Do organization have a formulated systematic process and strategies, with regarded to the acquisition sharing and evaluation of knowledge available within the organization?
2. Does the style of management within the organization stimulate the acquisition, sharing and evaluation of knowledge between the employees?
3. Do organizations have a vision of implementing knowledge management?
4. Have organizations been highly committed and participative towards implementing a knowledge base environment?
1.6 SCOPE OF THE STUDY
The scope of this research is limited to the problems and findings of solution to application of knowledge management for improvement. It is also limited to Guaranty Trust Bank plc as a reference organization.
1.7 LIMITATION OF THE STUDY
In every research work, one is bound to encounter some problems in the course of writing. This problem is necessary for the researcher to encounter it for it project or research to be valuable.
The research have open the researcher mind to a lot of things, never knew about. The problems encounter was getting adequate information as quick and easily as possible.
1.8 DEFINITION OF TERMS
K M – Knowledge Management
K M S – Knowledge Management System
K L – Knowledge Leader
GTB – Guaranty Trust Bank