Application of Knowledge Management in the start-up business

Discuss about the Knowledge Management And E-Commerce.

Application of the knowledge Management in the start up business would be quite effective. To run a small business it is important to know about the situations and the background which would lead to the completion of the challenging task and therefore, for the Youth Fashion Clothing Store, it is important to discuss the main components that would bring profit to the start up company with the help of the Knowledge Management (Hislop, 2013). Hence, it is important to discuss the importance of the  in terms of partnership and the how the workings of the organization would flourish with the application of the effective contextual factor of the Knowledge management. It is the process of creating and sharing information of the organization. It is an approach based on the objectives of the multidisciplinary to understand the working of the organization. There are certain prescribed models for the company, which would lead to the successful working of the company, if the application is properly managed (Fuller, 2012).

The purpose of the topic is to discuss about the set up a new business of a fashion industry which would be set up for the younger generation from the age of 14- 26 and to select a strategic position for the industry with the help of the partnership deal and also the operations of the industry which would bring benefit to the start up industry as a whole. To create the business, with the help of the knowledge management it is important to understand the external factors of the business and also the analysis of the challenges and risk that are needed to be taken care of with the proper implementation of the management of Knowledge, therefore, in this context it is important to judge how the implementation of the knowledge management would help the company to flourish more in its area and how it also would going to affect the business practices which is in further incorporating marketing, finance and Human resources. 

The aim of the topic is to evaluate the importance of Knowledge Management and e-commerce in context of the Youth Fashion clothing store which would be situated in the Pitt St.Mall in Sydney (Fuller, 2012).Knowledge Management

The scope of the study is to seek justification about how the fashion Industry would implement the Knowledge management in their sector to make it a successful business practices in order to gain a successful business practices. The scope of the study is to reveal the importance of the knowledge management and how it would be practiced further to enlarge the wings of the company in the other parts of Australia and the further implementation of the challenges while building the store in the country. Therefore, from this perspective, it is important to discuss the importance of knowledge management and its significance which would determine the scope of the success of the business with the perfect plan of management of knowledge.

Scope and aim of the study

Different authors have come up with various forms of suggestions regarding knowledge management for the start up business. The owner with the help of KM strategies formed a business model. It would be inexpensive to outsource the resources than the resources which would cost more in the country itself (Jones & Salis, 2013; Dalkir & Bidan, 2013). Therefore, the owner must concentrate upon the to achieve the knowledge management which is related to the ontological and epistemological perspectives of the knowledge. By taking into account the ontological part, a knowledge which should be shared among the members of the organization and this would contribute to the process of start up through the process of creating, storing and transferring of the knowledge with the other members who would also looking forward to help out in the start up business. The KM strategies are also needed to be aligned with the nature of the business as the start ups (Jones & Salis, 2013; Evans, Dalkir & Bidan, 2013).

The strategies of KM are divided into four important stages. Firstly, the management would allocate the knowledge’s sources. Then the owner should need to assess the strength of the firm and its weaknesses to determine its relevance and it capability to re use (Holsapple, 2013).  This is then followed by the scope of socializing where the different techniques can be used to share the knowledge about the organization who ever would be required in the firm and then the knowledge is being used through this process (Rao, 2012). The model of  process of Knowledge Management by Botha had suggested that  to create a business, the human must first create knowledge and sensing, followed by Human then capture the management of knowledge, organize it further and personalize it and after that, the sharing of knowledge and dissemination would occur through the focus made on the technology on the basis of collaboration and access. Similarly, the owner before opening the fashion industry would gather more knowledge and implement the knowledge in terms of sharing partnership and to point out the targeted customer who would be the buyers from the industry. The implication of the knowledge is being determined with the successful thinking  about the process of the business set up and giving a structure of the organization having a manager, marketing finance, HRM has to be there to give a proper shape to the workings of the organization (Rao, 2012).

Strategies of KM: Allocation, Assessment, Socializing, and Implementation

After setting up of the organization, to judge the success of the organization from the internal structure in terms of Knowledge Management in terms of understanding and learning about how the fashion design would be made and what are the important trends which are needed to be popular as it is being already mentioned that the new products of the fashion changes in the rapid mode and to keep pace with this rapid change, for the start up industry it becomes difficult to learn about the changing pace of the fashion trends and how they are going to cop up with the implementation of the knowledge management skill (Groff & Jones, 2012).

External Knowledge management talks about the ideas and inspirations that comes from other actors both from the sources of the environment of the global fashion as well as from the local environment. In order to keep pace with the changing trend of the fashion industry, it is necessary for the start up company to wage interaction with the surroundings and they would update them with the emerging trends and the sources would provide them about the emerging trends or experiences that is hovering inside the fashion industry, which also depends upon the taste of the people (Lee, Gon & Kim, 2012). The sources such as international societies, actors, institutions and organizations can influence the fashion house appropriately. To keep up with the latest trend through the implementation of the knowledge management, it is important to keep track through the different fashion magazines and attending the fashion shows and fairs, accordingly the owner and team would develop a systematic knowledge about the ongoing changes which are taking place in the fashion world (Meihami & Meihami, 2014).

Through the process of Internal Knowledge Management, it is important to utilize the information through the proper working of the marketing strategy which would be need to share the knowledge in terms of waging interaction with the fashion house which would attract the customers in terms of buying new fashionable products (Becerra & Sabherwal, 2014). The designers need to understand the marketing strategies and also understand the important trends of today’s world. The managers in the fashion house must have the idea about the strategic location of the fashion industry and therefore, in this case, it is important to keep track of the stocks that are needed to be kept. The company must have the capacity to keep enough number of stocks so that it would not be difficult to give enough choices to the customers (Becerra & Sabherwal, 2014; Meihami & Meihami, 2014; Liebowitz & Frank, 2016). Also at the same time, the manager must have the knowledge that there is no excess amount of stock so that in the end of the day, the excess stock would be sold away at a cheaper price. The marketing strategy needs to be updated before starting a business. The pros and cons are needed to be checked properly before chalking out a plan (Wiig, 2012; Mehrabani & Shajari, 2012). The internal contextual factor can be vitalized with the help of the sources from outside and therefore in this context, it is important to take knowledge as well about the techniques of promotion of their products. The manager needs to understand the statistics of the population for the place where they have built the industry; therefore, such statistics would come in handy for making appropriate cloths for the targeted audience. Therefore, the knowledge management would finally affect the workers of the organization and giving them a best organizational culture through the proper understanding of the external and internal factors of the fashion industry (Wiig, 2012; Holthouse, 2013).

Therefore to conclude, it could be stated that the new fashion industry which has its target audience already fixed and now with the proper implementation of the knowledge management, the owner must start a business, which must have a perfect business set up and systematically it must follow the ideal perspectives of a fashion industry and what would make the growth of the fashion industry more unique and later on spreading its branches across the other parts of the nation.

References

Becerra-Fernandez, I., & Sabherwal, R. (2014). Knowledge management: Systems and processes. Routledge.

Fuller, S. (2012). Knowledge management foundations. Routledge.

Hislop, D. (2013). Knowledge management in organizations: A critical introduction. Oxford University Press.

Holsapple, C. (Ed.). (2013). Handbook on knowledge management 1: Knowledge matters (Vol. 1). Springer Science & Business Media.

Jones, G., & Sallis, E. (2013). Knowledge management in education: Enhancing learning & education. Routledge.

Lee, S., Gon Kim, B., & Kim, H. (2012). An integrated view of knowledge management for performance. Journal of Knowledge management, 16(2), 183-203.

Liebowitz, J., & Frank, M. (Eds.). (2016). Knowledge management and e-learning. CRC press.

Meihami, B., & Meihami, H. (2014). Knowledge Management a way to gain a competitive advantage in firms (evidence of manufacturing companies). International Letters of Social and Humanistic Sciences, 3, 80-91.

Rao, M. (2012). Knowledge management tools and techniques. Routledge.

Wiig, K. (2012). People-focused knowledge management. Routledge.

Holtshouse, D. K. (2013). Information technology for knowledge management. Springer Science & Business Media.

Mehrabani, S. E., & Shajari, M. (2012). Knowledge management and innovation capacity. Journal of Management Research, 4(2), 164.