FORMATIVE ASSESSMENT $1[100$ MARKS$]$

Read the article below and answer questions ALL questions that follow

The Role of Knowledge Management in the Retail Industry

All retailers have an extensive database of knowledge resources. Discovering, organizing, and leveraging them requires a

combination of the right processes, company culture, and technology. Understanding the role of knowledge management is

the first step toward streamlining your operations.

Retail is the largest private sector in the world. To rise above the vast competition, retailers must have well$-$trained staff,

provide an exceptional customer experience, and continually monitor evolving customer preferences and behaviors. A

smart approach to knowledge management can provide that competitive edge.

Among other benefits, knowledge management allows leaders to:

$-$ Improve staff training

$-$ Centralize and deliver customer insights to business decision$-$makers

$-$ Provide accurate and up$-$to$-$date information to frontline employees

Retail businesses can use a knowledge management platform to centralize and democratize knowledge, making it available

across their corporate offices, contact centers, and stores so that everyone can access the same up$-$to$-$date information.

Note: All answers to be based on a chosen retail company$/$business

$(25$ Marks$)$

$$Retail businesses can use a knowledge management platform to centralize and democratize knowledge, making it

available across their corporate offices, contact centers, and stores so that everyone can access the same up$-$to$-$date

information.$$ Based on a retail company of your choice, analyse the factors the chosen retail company$/$business should

consider when implementing a knowledge management system.

QUESTION $2(25$ Marks$)$

$$All retailers have an extensive database of knowledge resources.$$ Suggest a suitable knowledge management

system$/$platform for the chosen retail business. Elaborate on why the suggested knowledge management system$/$platform is

suitable for the chosen retail business.

QUESTION $3(25$ Marks$)$

$$Discovering$,$ organizing, and leveraging them requires a combination of the right processes, company culture, and

technology.$$ Critically analyse relevant artificial intelligence knowledge management$-$powered tools$/$systems for the chosen

retail company$/$business$.$ Include in your analysis the beneficial aspects of the AI knowledge management$-$powered

tool$/$system for the retail company$/$business$.$

QUESTION $4(25$ Marks$)$

$$Understanding the role of knowledge management is the first step toward streamlining your operations.$$ Provide

recommendations on building an effective knowledge management system for the chosen retail company$/$business$.$

Suggest features you will include in the knowledge management system and provide reasons on why the features would be

beneficial to the retail company$/$business$.$