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Reply to JERU 1

Just as the Industrial Age gave way to the Information Age, the Information Age is being transformed into the Knowledge Age. Drucker’s “knowledge society” and quote describe how the meaning of knowledge has evolved from being a resource that is developed and stored in various mediums into being a resource that when utilized, can incite action. Enabling the power to take action is what differentiates knowledge from information (Yakubu, 2014).

Knowledge is no longer a specific product created by individuals, it is now a collaborative effort that includes creation, sharing, storage, and refinement that is enhanced by technological advancement; whereby value is created and pertinent information is made available to the appropriate person at the right time to meet the goals of an organization (Frost, 2010a). Given this, it is clear that the commodity that is knowledge, and its cultivation and management are crucial to staying competitive in 21st century business. Additionally, organizational learning is built upon knowledge management activities, but it is maximized when more complex forms of knowledge including lessons learned and best practices are incorporated (“Introduction to Knowledge Management,” n.d.).

Types of knowledge include explicit, tacit, and embedded. Explicit knowledge is easily handled by knowledge management systems and can be easily stored, retrieved, and passed on; tacit knowledge proves extremely difficult to manage because it is based on personal experience and context; and embedded knowledge is classified as being either formally or informally ingrained in procedures, culture, conduct, rules, etc., and as such, is difficult to understand and manage (Frost, 2010b).

Successful managers support knowledge management efforts in addition to retaining employees who are anxious to apply their knowledge because they know that 90 percent of corporate knowledge is stored in the minds of these individuals and that the tacit knowledge that impacts the bottom line is lost through terminations, retirements, mergers, and outsourcing (Smith, 2001). The challenges of knowledge management are demonstrated by the fact that employees spend 7 percent to 20 percent of their time replicating other’s solutions and that 44 percent of employees are not effective at transferring knowledge (Stringfellow, 2016). These statistics reflect the importance of not only tapping information from a variety of sources, but also organizing it in a way that is understandable and accessible to employees. Additionally, to overcome the leadership challenges associated with knowledge management, it must be tied to organizational strategy, the processes and technologies implemented must be properly designed and maintained, leaders at all levels must be experienced and competent, they must create and sustain an open learning culture, support the sustainability of knowledge management initiatives, and ensure there is a focus on and balance of explicit, tacit, and embedded knowledge included in their knowledge management systems (Frost, 2010a).

Reply to ABWI 1

The quote explains how the locus of the factors of production has shifted from the so-called capitalist form of resources such as labor and capital to knowledge. According to Drucker, the knowledge has become the primary resource necessary for a business to produce output effectively. All other resources will follow knowledge. In other words, if a company become able to gather knowledge, it can acquire other forms of resources as well. Effective management thus means an effective application of knowledge in order to obtain other resources such as labor and capital which are basically 'restraints'. When the organization and its management finds knowledge as the key resource, it also applies the knowledge and realizes the need for continuous change in the changing assumptions of the environment. The organization's shift of the focus gradually changes the form of society and its dynamics, economic dynamics, and politics. (Drucker, 1993)

Knowledge management, however, is a challenging task. Following are few challenges associated with it.

•When knowledge is the primary resource, we need to keep it safe and secure. Otherwise, we will not be realizing it as a resource which is valuable, rare, inimitable, and non-substitutable. It will fail to secure a sustainable competitive advantage.

•Knowledge is enriched when we share it across the level. This requires cultural changes in the organizations. Leadership's one of the primary challenges is to foster such culture to promote barrier-free knowledge transfer in the organization.

•Anything that can't be measured, can't be managed. So measuring knowledge becomes crucial. But it is very difficult to conceptualize and implement measurement for knowledge. For example, a manager may find it troublesome to determine the content of the 'knowledge inventory.

•Technological challenges are also prominent as the concept of knowledge management is still emerging and the vendors are not equipped with integrated solution which can facilitate knowledge management from end to end. (Myatt, 2011)

Reply to VIGU 2

Businesses types of the 20th century were mostly corporations. The businesses concentrated on hiring lots of people to achieve the set goals. A corporation is a group of people authorized to act as a single entity or recognized legally as a person. The corporations were either for profit or for stock. In the 20th century, there were also limited liability companies (LLC) and limited liability partnership (LLP). However, in the 21st century, business types became diverse from franchise businesses to self-owned (sole proprietorship), associations, not-for-profit corporations or non-governmental organizations, and online businesses. However, in the 21st century, there are corporations of the 20th century which have adapted to the business changes in the 21st century (sba.gov).

The ways of doing business in the 20th century relied on achieving a finite goal by delivering goods and services to gain profit. However in 21st C, the manner of doing business is centered on achieving infinite goal which is to satisfy the customers so as to make money but not as the main goal. The finite goal of delivering goods and services did not delight the people doing the work because of frustrations when the delivery failed leading to inherently unsustainable goal. But in the 21st C, the infinite goal to satisfy customers inspires the people doing the work and making the customers happy hence the goal becomes inherently sustainable.

In the 20th Century, a leader was responsible for giving business directives. In other words, the leader was the sole decision-maker. Senior employees at the top were the only ones allowed to participate in business operations. Employees were not involved in operations of the business. All they had to do was to follow instructions without questions or suggestions (Gayle. 2011). Additionally, leaders were mostly visionaries and charismatic (business.net). They focused more on achieving their business’s visions. However, in the 21st C, the way that the top leadership related with the employees changed. Decision-making involved everyone in the business. This is done through consultations to get opinions and suggestions. Leaders can easily consult with their employees to find out what they think and to include their ideas in the final decisions. Additionally, employees are made to understand the importance of achieving the set goals unlike in the 20thcentury where employees followed instructions without questions.

In conclusion, businesses of the 20th century focused more in delivering goods and services to customers without finding out whether the customers were satisfied or not. But in the 21st century, customers are the driving force of businesses. When their needs are not satisfied translates to failed businesses. Additionally, leadership of businesses in the 20th century was concentrated at the top unlike in the 21st century where leadership is for the senior employees and management for the employees. Employees are also involved in decision-making unlike in the 20th century where decision-making was for the senior managers.

Reply to JEVI 2

20th Century Expectations for Leaders – hierarchal organizational structure; top down, authoritative manager; reserved; dislikes change; learns via traditional instructor-led courses or self-learning tools; results driven, gives maximum effort

21st Century Expectations for Leaders – flat organizational structure, coach; collaborative, interactive; views change as opportunistic challenges; tech-savvy/tech-dependent/tech-centric; informal, learns quickly, seeks work-life balance, embraces diversity

The business leader of tomorrow, whether that is a Millenial or an iGen (Dorsey, 2015), it appears society expects this person to be even better than the last, and at a faster rate than our previous generations adapted. The advances in technology played a key role in speeding that up. Above are a list of expectations from our 20th and 21st century leaders – with our ever-evolving society, change is always expected, constant, and non-stop. Information and knowledge is so rich and abundant, continuous self-improvement is at an all-time high. Is there an end in sight? We are knowledge managers whose tanks shall never get full. Leaders to the newer working generations are expected to conform to what is needed in the workplace for all groups to be successful and productive. All of these expectations put a great deal of pressure on tomorrow’s leader to be transformational and bridge these very different generations we have combined in today’s workforce.