Describe about the Knowledge Audit for Business Analysis of Business World.
Knowledge Audit for Business Analysis
Knowledge auditing is one of the fundamental areas while trying to understand what is required of an entrepreneur in the business world. There are great business analysts who are equipped with rich knowledge in explaining special concepts concerning what ought to be done by the company in order to realize on the business objectives. The success of the business depends on how the company handles different issues such as the employees’ related problems and the perception of the customers (Weetman, 2006, p. 23). Special areas in knowledge audit include; financial capital, intellectual capital, natural capital and social and relationship capital.
Stakeholders’ analysis and management
Stakeholders’ analysis entails finding of the information from different categories of people affected by business. This information is important in the decision-making process in the company. They are the most important persons while running of the business. They play an integral part in the growth of any firm since their role is outstanding as they are majorly concerned with the market scope of the product and efficacy of the enterprise. There are two types of stakeholders. One of them is the primary or generic stakeholders. These stakeholders are affected by the running of the business directly. Their effect is felt either positively or negatively in the association. The owners of the company fall under this category of primary stakeholders. They are classified in this because of their directly engagement in the business (Rego, Pinho, Pedrosa& E Cunha, 2008, p. 14). For instance, they are the ones who are affected by the law in case there business collides with the requirement of the law. On the other hand, secondary stakeholders are those who are affected indirectly by the actions of the organization. These are case of the security exchange market where the company is reserved. Both of them ought to strategize in order to create a portfolio in their company and lead to profit maximization in the firm.
Stakeholders are mostly involved extensively during the preparation phase of the company. Understanding of the benefits of the analysis of this group is very necessary. One of the main reasons is to provide clear understanding of the stakeholders’ interest in the association. This will assist the assist the management in the development of the impetus of change in order to meet the substantial need of the stakeholders. Moreover, it helps in the understanding of potential risks, which might be experienced in the line of business. These risks include change of tastes and preferences of the customers in the company. This will help the management to change the tactics to avoid such mess. Additionally, their scrutiny helps in creating of the awareness of the work or the products produced by the company. This can be concerning the quality, the codes of ethics in the company among many others. (Jespersen, 2006, p. 33). They are based on a basic formula, which clearly defines their role. This formula is abbreviated (WTCAOE) it stands for; Worldview, Transformation, Customers, Actor, Owners, Environment. According to the worldview, they are perceived are ones who can either make the business to grow or fall. The entire business fraternity should treat this category of people in a special way. They help in the transformation setup of the business. Through crucial analysis, one finds that the stakeholders influenced the customers of different companies either frankly or ultimately.
The management of the companies relies fully on the work of the stakeholders in promoting of the business activities in the firm (Khan, Ganguly & Gupta, 2008, p. 36). They are the threshold since they finance and obtains full rights on the operation of the entity. Social media and Information Technology systems are used as the spectrum in analysis of the stakeholders’ views on business concerns. Most of them present their views and ideas to the radios and the television in order to be aired. They can also post their feelings through mail and forth. Despite the fact that they are very important in the growth and development of the business, this group also as its own setbacks (Faber, Schiazza& Megna, 2015, p. 6). They can easily be swayed and thus give analysis about the business inappropriately. It is therefore prudent for the organization to analyzeothersorts of specialists in business in order to find the truth behind the running of their business. According to views, they can bring down the business since some do not have quality knowledge on business productivity techniques. This thus leads to biasness in the presentation of the information on the dos and don’ts of the company (Stadnicka& Ratnayake, 2015, p. 92).
A business analyst is a person who provides information and techniques to be executed in the running of the business activities. One under this school is considered an expert in the business sector. Most companies need their services in order to help in the production and maintenance of the business related activities in the world today. They offer complete description of the processes of business in solving of the problems which affects the company’s’ flaws. They are filled with tips, tricks, techniques, and guerrilla tactics, which help in the executing of the development in the face of critical moments in the sector (Folinas et al, 2010, p. 29).
The forecaster plays different roles in the line of duty (Gao, Dai & Hei, 2015, p. 1542). Firstly, one undertakes the role of intermediately for the company. The business analyst helps in linking the business with the potential client by sampling clients to ascertain the problem emanated from which part. After that, one is expected to relay the information on the findings and thus provision of the perfect rubric to be taken in the administration of business. Moreover, one links the management and the owners of the company through meetings entailed to provide solutions on the issues pulling down the business (Mohammadi, Khanlari & Sohrabi, 2010, p. 36). Secondly, business analyst provides quality assurance to the firm. This is done through giving out of the mechanism, which the company ought to follow in order to sprout in the economical standards of the enterprise. Many have actually helped even the fallen and hopeless company to stand and retain their earlier forms in the industry. Thirdly, one acts as the filter for the company. This role is exercised through guiding of the organization on what they ought to concentrate upon in order to avoid failure, which might have been brought about by the inefficiencies experienced earlier on (Osan et al, 2010, p. 34). Fourthly, this person acts as the diplomat for the company. One helps in the analysis of certain views, which are fundamental for the business.
Moreover, one is entitled to travel to different destinations in search of answers for the problems affecting the market scope of the company. The fifth point is that, the business analyst helps in facilitating of the business (Sharma, Tan & Cheng, 2010, p. 23). This is done through providing of lectures and tutorials to the stakeholders of the company. Through this, one provides the best mechanism each should follow in different sectors they are entitled to work for. It is prudent for the company to bring about collaboration with the business analyst. This is because it is the only way they can understand each problem affecting the business and bring forth the success of the institution. The corporation ought to fully follow the instructions as given by the analyst without failing. This is because in case of fall short of the requirements, the company will be subjected to malfunctioning problems. Despite the great work done by this specialists, they also exhibit some challenges in the company (Andriessen & Fahlbruch, 2004, p. 40). Some of them are affected by political tyrannies and thus the delivery of up to date advice on business success is affected. This is due to pressure imposed upon by the ruling party. Additionally, they also face the challenges brought about by corruption cases. Some of this analysts work for different companies. The companies, which deal with same line of product, can easily bribe the analyst to provide vague advice to the competitor. This will lead to the collapse of the other company in the name of love for money. In my critic, the company should solely have internal analyses in order to combat predicaments caused by those who are hired from specified companies. The firm can also engage in extensive research on success of the company on their own.
What is the real problem?
Business analysts as the main or the sole problem, which as continuously pulled down or cause malfunctioning of the business enterprises, have defined real problem. They are the portfolio risks, which are, ought to be researched seriously in order to help the business to recuperate. Most companies during their recession period waste a lot of capital in trying to solve the problem which in real sense they maybe not the actually be the ones affecting the company (El Kharbili, 20009, p. 37). They go ahead and solve vague and ambiguous misleading problems without focusing on what actually is the matter affecting the company. It is thus prudent for them to determine the problem. Moreover, they ought to define the impetus to bring about the efforts, which will help in the solving of the problem they have researched upon. One finds that their exits different perceptions, which ought to by, delve upon in order to bring to book what is the real problem paralyzing the business. This can the problem does not actually exist. This is an assumption point of view from the management to the association (LoÌpez-NicolaÌs & MeronÌƒo-CerdaÌn, 2010, p. 18). This will thus lead to continuous failure of the firm.
Through the usage of what people such as the customers and the analyst will help the management to fight the mess living in the enterprise. This people have full knowledge on the business and thus been keen on their advice can help the firm to understand where the problem is and subsequently work towards finding of the solution to the issues affecting the association. Doing critical investigation is also very dynamic in finding one pulls down the company (Chakrabarty, 2010, p. 28). The management should be very keen while trying to find the real problems. They ought to consider on a number of factors before concentrating their mind on the opinions from the stakeholders of the group. This is because most of them do not have sufficient knowledge on the business (Guo, 2010, p. 45). This will thus lead to uncertain solutions, which can lead to solving of the problem, which is not affecting the running of the association. To add on this, the stakeholders bring about conflicting solution in the company. This is because majority of them are swayed by the structure of the association and the previous success without counting on rows the company is facing in the present time (Yoke, Yatim & Wee, 2014, p. 14). In determining of the problem, one ought to gather information from different stakeholder and doing research through the information technology system. One should also consider focusing on the vision and mission statement of the company. This is because it gives out the guidelines to be followed and what is mandated to be reaped from the company.
Knowledge management audit
Different scholars have defined knowledge management audit as the management of the capability and the understanding of different people in the business field (Borgianni, Cascini& Rotini, 2010, p. 23). It is very important since one ought to have clear concept of one’s performance to avoid problems brought about by the doing work in which one does not understand. It is meant to aid in reduction of risks. One of the main areas of concern in this subtopic is the capital knowledge. Capital is defined as the total assets and the liabilities of the company. The stakeholders should have the knowledge concerning this in order to bring about balance of work in the business during their course of delivery. This is entailed in preventing the sinking of the business through ensuring that liabilities do not exceed the asset capacity in the firm (Moeller & Brink, 2009, p. 34) Moreover, it is meant to aid in maintain the core objectives of the firm. Besides, intellectual capital is also cognitive in the running of the business enterprise.
The way employees and the management understand on the capital requirement can either build or destroy the association. This is because in the event where people do not understand what their core capital requirement is, the morale for its growth and development will never be realized and thus probability of closure the company is inevitable. Understanding of the natural capital is also very decisive (Andriessen & Fahlbruch, 2004, p. 12). This is because it will help the corporation in working towards its improvement rather than destroying it. An example of the natural capital is the atmosphere. The company ought to take care of it through preventing it from contaminations brought about by pollution activities. They should ensure that dumping is done appropriately. They are also entitled to do practices such as planting of trees to protect the ecosystem and subsequently the human and animal life whose life depends on it. To add on that, manufacturing capital is also very essential. Companies should concentrate on manufacturing on quality products. This is because outputs, which are very quality, sell themselves and thus reduction on the wastage. The audit will be based on the quantity of the blend used in the production. It will ensure that it is the right one and follows the requirement of the law. The core functions and the cultural assessment should be put in consideration while performing such tasks (Paquette et al, 2010, p. 20).
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