Tata Steel Company Essay
Tata Steel Limited is an Indian multinational company renowned for steel manufacturing. It was formerly known as Tata Iron and Steel Company (TISCO) and its current headquarter is in Mumbai, India. What was then known as Dorabji Tata established TISCO on 25th August, 1907. In about three decades, while India was still under the colonial rule, it became the biggest steel plant in the British Empire. In this time the company had made various policies to improve the conditions of employees. One was the 8-hour day, a very useful addition to their set of rules, which standardized the length of a working day. Another was leave with pay. This policy was also met with great approval. It was quite a rare thing in those times, so TISCO’s adoption of …show more content…
The concept of knowledge management entails, but is not restricted to, capturing & managing knowledge as a key strategic asset with the emphasis on sharing of …show more content…
It goes on to explain that harnessing knowledge aptly is not only the need of the hour for the organizations, but also is a major contributor to the competitiveness of the organization. It is absolutely necessary for organizations to turn inaccessible, partially available data into information and market intelligence – to be used as working knowledge (working capital of information).
Forbes [Quast, 2012] highlights that there exists an overload of data today, which makes knowledge management increasingly more important. It also elucidates three key reasons why knowledge management is essential for a company’s success:
1. Enabling Decision Making:
Both, excess of data as well as paucity of it can be very challenging when it comes to decision making. Not only does the process become slow, but the quality of the output (decisions), too, declines. Therefore, it is absolutely necessary to have a knowledge management system in place, which captures & stores all the relevant information, eliminates the noise & makes available the information to all, across the organization.
2. Enhances Learning Curve of organizations:
It is essential, not only for individuals but also for organizations as a whole, to capture learning from experiences. Suck knowledge, if captured & harnessed efficiently, can be used as an ongoing mechanism to streamline operations & improve business
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