THE IMPACT OF KNOWLEDGE MANAGEMENT IN THE PERFORMANCE OF COMMERCIAL BANKS IN NIGERIA A CASE STUDY OF GUARANTY TRUST BANK

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ABSTRACT

The impact of Knowledge Management in the performance of commercial banks can be seen as an integrated approach to achieving organizational goals by placing particular focus on “knowledge”, now considered as the new factor for production. The transfer of knowledge is, in fact, the essence of knowledge management. This  research  work  looked  into  the  impact of knowledge   management   in   performance   of   commercial activities  of Guaranty Trust Bank Plc, how it harnesses the huge knowledge deposits residing in its tacit environment (the minds of her staff) to create a synergy which in-turn transforms the bank. The main source of data used in this research is both primary and secondary data. Secondary data consisted of data from already published materials such as; text books, journals, the internet, academic dissertations, workshop papers and annual reports. Primary data was collected through the means of questionnaires. This consists of data collected from the field survey. This source of data formed the basis of analysis in this study. The research established the importance of knowledge management practices within Guaranty Trust Bank Plc. It confirmed the support given to knowledge management by the top management of the bank. It also emphasised the benefits of knowledge management practice in the banking industry.

CHAPTER ONE INTRODUCTION

1.1           BACKGROUND OF STUDY

Knowledge is increasingly being recognized as the new strategic imperative of organizations. The most established paradigm is that knowledge is power. Therefore, one has to hoard it, keep it to oneself to maintain an advantage. The common  attitude  of  most  people  is  to  hold  on  to  one’s knowledge since it is what makes him or her an asset to the organization. Today, knowledge is still considered power – an enormous power in fact – but the understanding has changed considerably, particularly from the perspective of organizations. The new paradigm is that within the organization knowledge must be shared in order for it to grow. It has been shown that the  organization  that  shares  knowledge  among  its management and staff grows stronger and becomes more competitive. This is the core of knowledge management – the sharing of knowledge.

Most organizations are beginning to realize that their singular most important asset is the intellectual capital of their staff and as such are finding new ways to manage this asset. This  is  derived  from  the  paradigm  that  effective  business

strategy in today’s business climate can only be achieved by a synergy of knowledge applied to create innovation, whilst reducing cost and increasing productivity. These organizations have also realized that the huge funds invested in Information Technology  can  only  be  harnessed  when  they  serve  as enablers to creating, capturing, storing, processing and sharing knowledge. Thus the real stock they have is their knowledge. This  has  given  rise  to  the  search  for  ways  to  manage knowledge and the eventual emergence of the term Knowledge Management.

The  impact  of  Knowledge  Management  in  the performance   of   commercial   banks   can   be   seen   as   an integrated  approach  to  achieving  organizational  goals  by placing particular focus on “knowledge”, now considered as the new factor for production. The transfer of knowledge is, in fact, the essence of knowledge management.

Knowledge management can be broadly defined as the identification and management of processes for leveraging the intellectual  capital of organizations over time  and  place. As such, it applies to every job function and process and seeks to capture institutional learning and share best practices for the benefit of the entire firm and its clients.

The  impact  of  Knowledge  management  in  the performance of commercial banks is increasingly an important element of organizational strategy. Organizations, whether they are  in  the  private  sector or  whether  they  are  in  the  public sector,  must  develop  strategies  for  the  collection, dissemination, and protection of information required by employees, clients, and external partners if the organizations are to succeed in their missions. Knowledge management involves the management of data in a way that transforms data into   useful   knowledge   (Lim,   Ahmed,   and   Zairi,   2000). Structuring knowledge management into an organization’s strategy assures that knowledge management will be an ongoing, coordinated process within the organization that will benefit the organization, it employees, clients, and external partners over the long-term (Drew, 2001). The key to the implementation of an effective and efficient knowledge management strategy is the integration of knowledge management and information into organisational process.

Knowledge   Management   supports   and   coordinates the creation, transfer and application of individual knowledge in value creation processes. This can only be realized in a corporate culture that promotes Knowledge Management and

actively supports the information and documentation processes (i.e.  through  the  systematic  application  of  innovation  and quality management tools and methods).

In this research work we look at the impact of knowledge management in performance of commercial activities of Guaranty   Trust   Bank   Plc,   how   it   harnesses   the   huge knowledge deposits residing in its tacit environment (the minds of her staff) to create a synergy which in-turn transforms the bank to learning bank with Knowledge Workers in various Knowledge   Departments   within   a Knowledge   based   bank which gave them an advantageous competitive edge Morik, Huppe, and Unterstein, (2002).

1.2     STATEMENT OF THE PROBLEM

This research project presents a business survey on the impact of knowledge management (KM) in the performance of commercials banks in Nigeria, Guaranty Trust Bank is used as a  case  study.  It  offers  managers  and  individual  decision makers a framework for analysis, and provides a set of tools to evaluate the benefits of knowledge sharing.

Therefore the following problems would be considered in this study:

1.      What is the level of awareness and employee attitude towards the impact of knowledge management in performance of commercial activities of Guaranty Trust Bank Plc?

2.      What impact is the use of Knowledge Management in recruitment has within the Bank?

3.      Is there a specific unit or structural support for knowledge management within Guaranty Trust Bank Plc that measures its impact on the banks commercial activities?

4.      What  is  the  top  management’s  attitude  towards  the impact of knowledge management in the performance of the Banks commercial activities?

These are but a few questions Guaranty Trust Bank Plc must answer in order to strengthen its strategies in a dynamic knowledge-driven business environment.

1.3       OBJECTIVES OF THE STUDY

The main objective of this study is to provide insight into the impact of knowledge management in the performance of commercial activities of Guaranty Trust Bank. The aim is to know the strategies employed by Guaranty Trust Bank Plc in exploiting  its  knowledge  management  as  a  measure  of  its

performance. This requires the achievement of four specific objectives.

1.      What is the level of awareness and employee attitude towards the impact of knowledge management in performance of commercial activities of Guaranty Trust Bank Plc?

2.      What impact is the use of Knowledge Management in recruitment has within the Bank?

3.      Is there a specific unit or structural support for knowledge management within Guaranty Trust Bank Plc that measures its impact on the banks commercial activities?

4.      What  is  the  top  management’s  attitude  towards  the impact of knowledge management in the performance of the Banks commercial activities?

1.4     RESEARCH QUESTIONS

1       What is the level of awareness and employee attitude towards the impact of knowledge management in performance of commercial activities of Guaranty Trust Bank Plc?

2       What impact is the use of Knowledge Management in recruitment has within the Bank?

3       Is there a specific unit or structural support for knowledge management within Guaranty Trust Bank Plc that measures its impact on the banks commercial activities?

4       What  is  the  top  management’s  attitude  towards  the impact of knowledge management in the performance of the Banks commercial activities?

1.5    SIGNIFICANCE OF THE STUDY

The result of this study will demonstrate the impact of knowledge management in the performance of commercial activities in adopted by Guaranty Trust Bank Plc.

It will also aid scholars who might want to research more on the strategies adopted by Guaranty Trust Bank Plc.

Finally this is a pioneer work in the field of “Knowledge Management” with a focus on the impact of knowledge management in  the  performance  of commercial activities  of Guaranty Trust Bank and is a partial requirement for the award of   MBA   (Business   Administration)   to   the   researcher   in University of Nigeria, Enugu Campus.

1.6    SCOPE OF THE STUDY

The research project is, however, limited in scope to the assessment of the impact of Knowledge Management in performance of commercial activities in Guaranty Trust bank Plc.   Secondly, it will not discuss other aspects of the bank’s management, like Legal and insurance policies, card and international services, organisational structure and resource allocation,  financial position  and  customer  relationship.  This therefore  narrows  this  research study only to  the  impact of knowledge   management   in   performance   of   commercial activities in Guaranty Trust Bank Plc.

Guaranty Trust Bank Plc was used as a case study; therefore the study may not apply for non- Nigerian commercial banks or other industries, factories or organisations suffice also to mention that same results obtained might not be equally obtained from other Nigerian commercial banks as a measure of their performance.

Thirdly,  the  data  used  in  the  analysis  is  generated through   opinion   survey,   which   can   be   very   subjective

depending  on  the  time  and  circumstances  surrounding  the respondent who generated such opinion.

1.7    DEFINITION OF TERMS

        Competitive Advantage

Occurs when an organization acquires or develops an attribute or combination of attributes that allows it to outperform its competitors.

        Knowledge Creation

The generation and making of information readily available   for   use.   It   is   also   the   formation of new ideas through     interactions     between     explicit and tacit knowledge in individual human minds.

     Knowledge Management (KM)

Comprises a range of practices used in an organisation  to  identify,  create,  represent,  distribute and    enable    adoption    of insights and experiences. Such  insights and experiences comprise knowledge, either embodied in individuals or embedded in organisational processes or practice.

        Knowledge Transfer

The transfer and sharing of information between two people

        Top Management Attitude

This is the disposition of top management to support or oppose the creation, application and transfer of knowledge company- wide.



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THE IMPACT OF KNOWLEDGE MANAGEMENT IN THE PERFORMANCE OF COMMERCIAL BANKS IN NIGERIA A CASE STUDY OF GUARANTY TRUST BANK

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