Knowledge Management in Today’s Organisations

KNOWLEDGE MANAGEMENT IN TODAY’S ORGANISATIONS

Executive Summary

Knowledge management refers to the creating, sharing, and using information in changing them into potential knowledge’s so that all the organisation and industries can use them as their reliable sources. This report is mainly focused on the importance of knowledge management and its applications. Paradigm Biopharm is a pharmaceutical company, which is facing significant issues reading their knowledge management. It also helps to understand the ethical breaches, which may occur due to the improper implementation of a knowledge management system between organisations. This report also provides a few drawbacks related to the proper implementation of knowledge management system.

Introduction

Knowledge management refers to the structuring, defining, sharing and retaining knowledge and experience from various sources, and it helps implement that acquired knowledge in multiple practical filed. This report will help understand the importance of the knowledge management system and its applications (Iqbal et al., 2019). Paradigm Biopharma is a pharmaceutical company that faces significant impacts due to their improper application of knowledge management system. Additionally, this report provides a comprehensive idea of the knowledge management system. The study also provides few recommendations for the organisation so that they can improve their profitability.

Organisation Background

Paradigm Biopharm is a pharmaceutical company of Australia, which is very focused on producing drug pentosan polysulfate sodium (PPS), and it helps patients suffering from the inflammation. Moreover, the company is very focused on bone marrow injuries and its treatments. The primary approach of this company is to use the existing drugs and chemicals in a new unique way so that they can treat their patients in a better way. The company was founded in 2014, and headquarter is in Australia. It has various subsidiaries brand such as Xosoma Pty Ltd and Paradigm Health Sciences Pty Ltd (paradigmbiopharma.com, 2020).

Description of the event and its impact on the organisation

All the pharmaceutical companies face tremendous problems in this coronavirus pandemic situation, and Paradigm Biopharma is facing severe problems. The company is very committed towards the implementation and the research of various futuristic medical aspects by which they can serve humans in a better way in between Australia. However, in between this coronavirus pandemic situation, the entire market is facing tremendous loss, which has significant impacts on both the company’s profitability and productivity level. Australian market Capital Company announced that they faced around AU$12m on 30th June 2020 (Wall St, 2021). Investors of paradigm biopharmaceuticals face significant issues because the company is facing many troubles due to the enormous loss.

LO1: Analyse the effectiveness and implementation of technology-based knowledge management systems

Theories based on knowledge management

Knowledge management theories help to create, participate, identify, knowledge management practices in between an organisation. It provides evidence-based examples to Paradigm Biopharm so that they can effectively mitigate their problems, and they can extend their portability based on their knowledge management. Theory of knowledge management enhances the ontological levels in multiple groups to an organisation. The SECI model helps to understand the knowledge management theories and its different applications and importance based on their effectiveness (Farnese et al., 2019). This conceptual framework explains all the organisational learning modules, information systems and business administrations. This SECI means socialisation, externalisation, combination, and internalisation, all these aspects are very important for the knowledge creation in between an organisation. Paradigm Biopharmaceutical needs to implement proper knowledge management strategies in between their organisation so that they can mitigate all the issues that are being faced by this company. By implementing this theory, company can enhance their profitability and productivity based on which they can create a better market extend. SECI model helps Paradigm Biopharmaceutical company in a very unique way so that they can create loyalty between their customers.

Figure 1: The SECI model

(Source: As influenced by Farnese et al., 2019)

Discussion on the current problem and challenges

All the pharmaceutical companies are facing a tremendous level of issues due to the difficulties in reimbursement process and many circumstances that are more difficult. In between this coronavirus pandemic situation, all companies have to change their business strategies and working procedures. These difficult circumstances may reason for delayed access in medicines. In between this situation, the rules, regulations and the access of the pharmaceutical companies is the primary issue for Australian companies (Moss et al., 2020). The entire supply chain of all kinds of chemical and medicinal import and export facilities are disrupted due to this pandemic situation. Moreover, Paradigm Biopharmaceutical company is focusing on the online businesses in between this situation so that they can enhance profitability and market adaptability. However, paradigm pharmaceutical facing significant issues due to their market interruption, supply chain interruption and more problems (Sinha et al., 2020). This is a pharmaceutical company; all the pharmaceutical companies are facing a tremendous level of issues due to their supply chain management, and delivery-related issues. In this coronavirus pandemic situation, all the operation teams are stuck due to the lockdown situation. They are not able to move the urgent requirements in this situation, which has significant negative impacts on the entire operating system of the organisation.

Effectiveness and implementation of technology-based knowledge management systems

The knowledge management system is very important for all organisations because based on this; they can complete various operations and services, which are very required to run the entire organisation smoothly. Information technology has significant impacts on knowledge management strategies because it enables all the important aspects of this, and it helps the entire program to achieve their final goal. In an organisation all the process are required proper technology so that they can run properly all of their activities (Raudeli?nien? et al., 2018). Companies have to build their goals first, and then they have to develop management strategies, under which all other factors such as leadership establishment, core capabilities enabling are going to develop. Information technology is playing a key role in between the organisation based on which the entire organisation is going to manage its knowledge management factors.

In the present scenario of coronavirus pandemic situation, all the companies are trying to expand their market in online medium. All the transportation system stuck due to the lockdown situation, and companies are facing severe problems regarding their logistics. It is main reason why they start implementing online facilities such as online delivery system and online services (Samimi, 2020). Paradigm pharmaceutical is facing tremendous level of loss due to their technological gap, which is very required to improve their profitability (Boysen et al., 2019). E-commerce, information technology and knowledge management all are co relative with each other, and proper implementation of these factors can enhance the organisational profitability.

Demonstration of the critical link between the internal and external organisational environments

External organisational factors are the outer conditions such as operational activities and influencing factors of the organisation based on which organisation can improve their productivity and profitability level. Moreover, the internal factors are the forces and working conditions within the organisation. Both the factors are significantly influenced by each other that are the main reason why all the companies need to be very accurate about their internal and external factors (Rojo et al., 2018). Paradigm pharmaceutical needs to manage both the internal and external factor of the organisation because based on this, only they can improve its profit level. This Paradigm Biopharmaceutical Company is using older technology and supply chain management system for their organisation, which has significant negative impacts. All the employees need to be trained with modern technologies so that they can enhance their capabilities. It also helps to improve the technical aspects and knowledge management system of the organisation.

LO2: Analyse ethical breaches that arise in the absence of knowledge management systems and how these are alleviated in knowledge- rich environments

Ethical breaches that arise in the absence of knowledge management systems

Proper knowledge management can improve the organisational efficiency; however, improper implementation can result as significant negative impacts upon the entire organisation. Due to multiple numbers of ethical breaches, the company may face multiple problems in the implementation of the knowledge management system. Unethical leadership, improper workplace, discrimination these are the important factors as ethical breaches, and all the companies have to very aware so that they can mitigate all of these issues from their organisation (Ganesan and Thambusamy, 2020).

Paradigm pharmaceutical is also facing ethical breaches in between their organisation because of their organisational mismanagement. This company is facing significant amount of loss due to this situation. Moreover, the coronavirus pandemic situation also has massive impacts on this organisation. The entire supply chain management system, import, export and delivery facilities interrupted this pandemic situation. All the operational activities have to be very transparent so that they can make an effective result for the entire Paradigm Biopharmaceutical company. Conflict may occur due to the miscommunication in between all the teams that are working for the organisational growth. Paradigm pharmaceutical needs to be very aware of these factors so that they can make an effective market for themselves. It also helps to enhance the profitability of the organisation. This company is facing significant amount of loss due to their organisational management, and improper implementation of knowledge management system.

Alleviation of absence of knowledge management in organisation environment

Proper knowledge management is very important for every organisation because based on this, all the organisations can enhance their profitability and market adaptability. However, Paradigm pharmaceutical is facing massive issues due to their organisational mismanagement and improper implementation of the knowledge management system. This company is facing issues related to their supply chain management system, import and exportation of chemical and medicines, delivery related issues (Bolisani and Bratianu, 2017). Not all the employees have that technological skill, which is required to handle modern technological equipments. That is another most important reason why this company is facing significant issues in its profitability and knowledge management system. Both the internal and external activities of the organisation are being affected because of this alleviation of absence of knowledge management system.

LO3: Evaluate the knowledge management life cycle in a number of different contexts

Knowledge management life cycle

Figure 2: Knowledge Management Life Cycle

(Source: Rathore et al., 2017)

Nowadays, knowledge management is very much required for the entire organisation and industries because based on this all the companies can enhance their productivity level and profitability level. Knowledge management life cycle is divided into five important steps; those are knowledge creating, knowledge sharing, knowledge structuring, knowledge structuring and knowledge auditing (Rathore et al., 2017). It is process which helps to change the information into knowledge so that organisations can use those to create better and comprehensive strategies for their organisation. Paradigm pharmaceutical needs to use a proper knowledge management system for their organisation so that they can improve their profitability. Moreover, this knowledge management life cycle needs to be very precise so that they can improve their organisational activities. In the very first steps of the knowledge management life cycle, multiple forms of knowledge’s are acquired from different sources. In the second step, all of those knowledge’s are shared to the organisation through technical and social commutation mediums. In the third step, all the information is restructured through storing, and mapping (Pereira et al., 2021). In the fourth step, all the information and knowledge’s are used in services and works process. In the final stage, all the information is being audited to implement the proper strategies in between any organisation.

Evaluation

Based on the above discussion it can be observed that knowledge management life cycle is very important for every organisation because based on this organisations can evaluate the information technologies and implementation of those information technologies in terms of knowledge management (Gao and Bernard, 2018). Paradigm pharmaceutical company is facing significant issues in their profitability in between pandemic situation. That is the main reason why they need to be very precise in the implementation of an information and knowledge management system. This company has severe problems in their supply chain management system, import and export system of chemicals and medicines. Moreover, the company needs to be very precise in the implementation of the knowledge management life cycle so that they can follow all the five stages of this management life cycle as well they can enhance their profitability.

Recommendation

It is highly recommended that Paradigm pharmaceutical needs to very precise and accurate in their organisational activity and knowledge management system so that they can enhance their profitability as well as the productivity of the organisation. Moreover, this company needs to implement advance technologies in their organisational activity and supply chain management so that they can smoothly operate all the activities related to this field. In this COVID-19 pandemic situation all, the companies are operating online operations so that they can operate in an uninterrupted environment. However, this company is facing significant issues in this, which is another most important factor for the company. That is the main reason why they need to change or improve their working procedures and technologies. By implementing proper knowledge management system, and advanced technological features company can improve their performances and profit level.

Conclusion

Based on the above discussion, it can be concluded that this report is very focused on the knowledge management system and technological implementation in organisational sector, so that they can improve their organisational productivity and profitability. Paradigm pharmaceutical is an Australian company, which is significantly facing profitability issues. This report helps to understand the problems that are being faced by this company. Also, provide few recommendations for the company based on which they can improve their operations and profit level.

Reference List

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Farnese, M.L., Barbieri, B., Chirumbolo, A. and Patriotta, G., 2019. Managing knowledge in organisations: A Nonaka's SECI model operationalisation. Frontiers in psychology, 10, p.2730.

Ganesan, R.S. and Thambusamy, R.X., 2020. Ethics in Business: A Case Study of a Pharmaceutical Company. The European Journal of Social & Behavioural Sciences, 28(2), pp.3144-3149.

Gao, J. and Bernard, A., 2018. An overview of knowledge sharing in new product development. The International Journal of Advanced Manufacturing Technology, 94(5), pp.1545-1550.

Iqbal, A., Latif, F., Marimon, F., Sahibzada, U.F. and Hussain, S., 2019. From knowledge management to organisational performance. Journal of Enterprise Information Management.

Moss, R., Wood, J., Brown, D., Shearer, F., Black, A.J., Cheng, A., McCaw, J.M. and McVernon, J., 2020. Modelling the impact of COVID-19 in Australia to inform transmission reducing measures and health system preparedness. medRxiv.

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Pereira, L., Santos, J., Dias, Á. and Costa, R., 2021. Knowledge management in projects. International Journal of Knowledge Management (IJKM), 17(1), pp.1-14.

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Samimi, A., 2020. Risk Management in Information Technology. Progress in Chemical and Biochemical Research, pp.130-134.

Sinha, D., Bagodi, V. and Dey, D., 2020. The Supply Chain Disruption Framework Post COVID-19: A System Dynamics Model. Foreign Trade Review, 55(4), pp.511-534.

Wall St. S., 2021, Paradigm Biopharmaceuticals Limited's (ASX:PAR) Path To Profitability. [Online] Available at: https://finance.yahoo.com/news/paradigm-biopharmaceuticals-limiteds-asx-par-191834714.html [Accessed on 10^th February 2021]