Last week my MIS students are learning about the importance of artificial intelligence and machine learning in business. We are reviewing the role and types of knowledge management systems along with how they provide value to a firm.
What is Knowledge Management? – it refers to the set of business processes developed in an organization to creat, store, transfer, and apply knowledge. Intelligence techniques that are used to find patterns are data mining, neural networks, expert systems, machine learning, natural language processing, computer vision systems, robotics, genetic algorithms, and intelligent agents. Enterprise Knowledge management systems role is to integrate work, to create and find new data trends, and to help disseminate digital data and content.
Students are also discovering how managers use business intelligence to help their company or department run more efficient and effective. One way is by taking raw data and transforming it via MS-Excel pivot tables. Other way are by specifically analyzing statistics, budgeting, and forecasting numbers for the future and comparing to last year numbers to see the company’s return on investment. Balanced Scorecards are frequently used to ensure key per indicators are met and balanced with firm’s objectives.