APPLICATION OF KNOWLEDGE MANAGEMENT TOOL FOR IMPROVEMENT
IN GUARANTY TRUST BANK PLC
CHAPTER ONE
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 GTB
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