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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.

Source: hitps:$//$bloomfire$.$com$/$blog$/$knowledge$-$management$-$in$-$retaill

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

QUESTION $1$

$(25$ 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 knowledae resources." Suadest a suitable knowledae manaaement