Based on the case above, identify FIVE (5) mistakes in strategic knowledge management

plan. Propose FIVE (5) ways to correct the mistakes.

HISME STRATEGIE KNOWLEDGE MANAGEMENT OCT 2014 SECTION A: Biggest Strategy Mistakes the Company Make Even if you have had a great last year and business seems to be booming, there is no excuse for serving up the same strategic plan all over again. Even if your overarching objectives remain exactly the same, you still need to assess those in the wider context of what is happening around your business. A well-thought-out strategic knowledge management plan is the best way to ensure your company does not mis getting lett behind Nothing could be further from the truth. Business strategy does not need to be complicated - it needs to be effective. And, when it comes to length, the best business strategy should be succinct. In fact, it's possible, and desirable, to keep it short. This ensures that as many people in the company as possible can read understand and implementit The key to a good business Strategy is to start with your customers and their needs. What is your target market? Are you planning to appeal to a particular segment! Are you targeting a particular geographic region or specific demograph of what do you already know and what do you need to know about those potential customers to improve the likelihood of success! Then think about their needs as it relates to your value proposition: what unmet needs can you help to address? Whar problems can you solve? How can you make things better, casier, tastier, more luxurious, fasterete? Having defined your customers and their needs, you should then consider your competitors and market trends. Who are your key competitors who has moved into the field in the last year? How does their offering differ from yoursWhat do they do better than you? How do they interact with their customers (forcuample, ce social media)? In addition, analysing wider market trends will help you spot key themes, changing expectations, and new opportunities How can you expect others in your company to get behind your strategic plan when they have had no input in its development? It may seem obvious, but too many strategie knowledge management plans are developed by only we person sometimes even an extemal consultant), without engaging critical stakeholders elsewhere in the company. then simply handed down from the leadership team like a decree from the heavens. When creating your plan, ask key departments like sales, marketing, finance and so on for their input. Not only will you create a more rounded plan as a result, you'll be securing their buy-in early on making implementation for casier further down the line You need to ensure you can deliver on your strategic knowledge management plan. This means you must look inside the business and assess the core skills and capabilities you have and which ones are missing. Then think about how you will plug the holes in your skills and capabilities. How difficult or easy will it be to fill these saps? Do you need to Y H4 STRATIKOWE MANAGEMENT RECOR hire new talent? Should you partner with othen? Will you need to build or arture relationships, for example, with suppliers, partners, or distributors! Continued... When engaging in strategic knowledge management planning, you absolutely must get the financials straight up front. Map out your goals for revenue and profits and ensure there is enough cash flow to cover your ongoing costs. Make sure you have a plan in place to find the business and attract the capital that will allow you to grow. This might involve venture capital and loans. Another important aspect of knowing your numbers is being sure that you have the budget or funding to deliver on your plan, including hining new talent and investing in new systems. The last thing you want is to end up with a half- implemented plan because the funds ran out Every business strategy needs clear goals and milestones measured by actualmetries and data. Without these navigation tools, you are sailing a ship without knowing where you are. You should therefore take the time to define your key performance indicates and set up the systems, dashboards, and processes to monitor them really. A surprising amount of good business Strategy can actually be reduced to knowing and paying attention to the right numbers. Without that, how can you know you're on the right course? We now live in a big data world where more data is available than ever before, but many businesses fail to capitalise on this when creating their plan. You need to build your strategy on as many facts as you can get your hands on, not assumptions of gut feeling When just starting out, you can use free tools such as Google Trends or publicly available data, but more established companies should consider investing in the tools and mechanisms to capture and analyse the very best data for them and using the insights derived from that data to shape their plan The most successful companies cam to iterate quickly and not get to attached to any one idea. You therefore need to put processes in place that let you learn and fail fast. When you launch a new strategy, it is key to monitor how things are going and listen to feedback and what your data is telling you. If things aren't working figure out why and change it fast. For example, you can experiment with new product and nice features and focus on the ones customers value - getting rid of these they don't quickly Remember, if an idea isn't working for your business, the amount of loving it will make it work By avoiding these common pitfalls, you can create a business Strategy that's simple. effective and valuable - something that everyone in the company can understand and work towards Adapted from: Bernard, Marr & Co (2021). Biggest Strategy Miakes the Company Make https:/bernardimart.com/the-10-biggest-strategy-mistakes-companies-make Continued... YYY BISSEME STRATEGIC KNOWLEDGEMASAN TECHNO