Enhancing Mobile Money Transfer Business With Knowledge Management And E-Commerce

Benefits of Knowledge Management and E-commerce Utilization in Mobile Money Transfer Business

Knowledge Management Defines a Process Of Creating Using And Sharing Information And Knowledge Of An Organization Each And Every Company Use Knowledge Management to bring the improvement in the performance of the organization (Hislop, 2013). Along with the improvement in the performance Company Knowledge Management can help in improving the competitive advantage of the company, innovation, and integration among the team members. E-commerce is a process that includes the buying and selling online. Electronic commerce draws on technologies such as electronic fund transfer; online transaction processing, internet marketing, etc. knowledge management and e-commerce utilization help in enhancing the business practice of mobile money transfer (Laudon, & Traver, 2013).

The mobile money transfer company will operate in telecom industry or financial and banking service industry. The change in the century shows the change in the world. Most of the people use mobile money transfer to transfer the money instant across the world. Today increasing level of competition in the market enforces companies to maintain a competitive advantage in the market. To maintain a competitive advantage in the market is only possible because of the knowledge management. The company can maintain the knowledge in the organization with the help of which new and innovative ways of carrying the business can take place. HR should hire people who have enough knowledge and skills of managing the business of mobile money transfer. The efficiency of the employees in the organization increases when the employees get the motivation to show the innovative e ideas. A service like M-PESA is innovative by the employees with the use of the technology along with their skills. The organization should have the knowledge related to the technology that they are adopting in their business (Frodeman, R., Klein, & Pacheco, 2017). With the effective knowledge of technology company can make a right use of the technology in their business. This will enhance the performance of the business and will lead to the success of the company. In the telecommunication industry with the use of the technology; companies are introducing new apps that help the general public in the mobile money transfer (Muthee, 2014).

 Development of the different and unique apps of the mobile money transfer will bring a competitive advantage or the company in the market. Though, the innovation is only possible because of the adoption of latest technology. The adoption of the advanced technology needs huge investments. Doing investment at the initial stage of the business is one of the difficult tasks.  Knowledge management is not only implemented utilize by the telecommunication sector but also by the banking sector.  With the effective use of the technology banking sector introduced mobile banking considering the convenience to the customers. Nowadays people can do banking activities on mobile phones. Knowledge management implementation is not an easy for the new start up business (Kinyua, Muathe, & Kilika, 2015). For this business should form a strategy considering the corporate strategy or goals of the business. Knowledge management strategy will help the company in proper implantation in the business. Every company manages the organization culture in the business. This culture influence the employees or the members of the organization to interact and this will lead to the sharing of the knowledge among the members of the organization.

Innovative E-commerce Apps and Technologies in Mobile Money Transfer

Management of the knowledge management in the organization is only possible because of the proper leaders and managers. Leaders and managers play a vital role in the organization. Knowledge management requires experienced and competent leadership at all the levels of the organization. Implementation of successful and effective knowledge management in the organization is only possible because of the involvement of each and every member of the organization. Hence, the utilization of the knowledge management in the organization will enhance the business activities of the company (Liebowitz, & Frank, 2016).

Similar e-commerce utilization will also help in enhancing the business activities of the mobile money transfer business. In the e-commerce business, there is an availability of making an online payment that can be done through credit card, debit card or money transfer. Mobile money transfer is one of the common modes which can be used by the customers to pay the amount for goods and services (Laudon, & Laudon, 2016). There are different ways through which mobile payment can take place. It can be done through the app, IVR, data connection and even SMS. This will helps in reducing the cash dependency of the people. Though making the mobile money transfer is risky. Mobile wallets help the customers to store their details related to a bank account, credit card, etc. through which they can transfer the money. There are different e-commerce merchant who develops their own branded mobile wallets. In the e-commerce activities, these mobile wallets play a major role (Li, Li, Chen, & Xia, 2015). Customers like to do direct payment without mentioning details again and again. The company can try to introduce new apps through which money can easily be transferred. The company can do ties –ups with the e-commerce businesses.  This will enhance the demand for the services provided by the company (Dahlberg, 2015).

Today most of the people include youth including teenagers place an order on the website and they like to engage in the activities related to the mobile money transfer. Mobile money stages that empower cross-outskirt installments, as Direct Pay Online, give a truly necessary administration to shippers with clients in creating nations, where a large portion of the populace doesn't have financial balances. Portable cash empowers these clients to make online buys or to pay for travel appointments, even in neighboring nations, with bringing down change charges. This method is popular because of the e-commerce activities.

Challenges in Implementing Knowledge Management and E-commerce in Mobile Money Transfer Business

Mobile money transfer is not only utilized by customers to transfer money to friends or to a family member or to shop on e-commerce activities. There are some apps that provide extra benefits to the customers such as M-Pesa, Easypaise, the main feature of this app is P2P transfer, payment of school fee, electricity bills, goods, and services, etc. Similarly business can try to bring innovative features in their product. Stakeholders involved in the mobile money business found that their expectations are fulfilled by the companies who deal in the mobile money transfer. With the help of the e-commerce companies get in touch with the agents who can generate the new revenue streams for the businesses. To enhance the customer loyalty towards the company, a company uses different and innovative technologies that attract the customers (Gupta, 2013). E-commerce website helps in enhancing the traffic of the mobile money transfer. Traffic will get attracted towards the services of the company ones they found that company is providing different and unique services (Chebyshev, & Unuchek, 2014). Apart from this over here the mobile money transfer company also need to give some safety related to the security of the transaction.  

Mobile money transfer also includes some of the risks that can hamper the activities and brand image of the company. The company should try to use some of the technologies that can provide safety to the transactions related to the mobile money transfer. SMS, SKT, USSD and WAP (wireless application protocol) are main technologies that can be used by the company for mobile money transfers. Out of these technologies, SMS is the most commonly used application in money transfers in developed countries for low-value payments. The well-known app M-PESA makes the use of the STK to secure the application. WAP implementation in the company may lead to the better security of the transaction. The company should try to apply these technologies to establish a secure application (Shrimali, 2014). Seeing the secure application customer will attract towards the brand and the activities of the companies will increase. This is the only way to win the trust of the customers and make them loyal towards the brand.

An e-commerce website can also be effective of online advertisement. Online advertisement of the services may lead to the awareness of the brand among the customers. This awareness will enhance the usage of the application by the customers. Though, for doing online advertisement company need to invest huge amount on this which is again a challenge for the new start-up businesses. To invest in the online advertisement company need to get involved in financial loan facilities. The company needs to take the loan on the activities that company needs to perform.

The above paper shows the role of the e-commerce and knowledge management in enhancing the business activities of the company. Though, a company faces some of the challenges while implementing the e-commerce and knowledge management. The company needs to deal with the challenges that company faces. The challenges include the needs of the amount for the investment; requirement of the skilled labor, etc. company can take a loan from the financial institutions. To fulfill the requirement of the skilled labor company HR team can hire employees who can develop the applications. For hiring any candidate with certain skills company needs to offer attractive salary packages to the candidate.  This how a company can manage and will be able to achieve the strategic goals of the company. This will also lead to the success of the company.

References

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