A study of knowledge management application in property management in Kenya

Abstract

The business environment is constantly evolving, and this was especially evident in the late zo" century. The new business environment included changes like globalisation, increased use of technology, cultural and gender diversity; and demands for power and control by employees. In the fast changing business environment, knowledge is recognized as a major asset in the firm. Any business organization or firm's competitive leverage is reliant on its knowledge assets. The value of the knowledge assets can exceed that of all the firm's physical assets. Knowledge assets may be packaged as experienced staff, patents, licenses and even manuals, reports and minutes of meeting's. Knowledge is information in use or action. This results in a wealth of knowledge being created through experience, and integrated with cultural beliefs. Knowledge enables firms to make decisions for an uncertain future. In addition, knowledge allows firms to predict future events and discern certain trends that can provide future opportunities. Wealth of knowledge also enables the firm to operate efficiently. This study was prompted by an observation that the property management firms are trying to survive in an increasingly competitive business environment. Knowledge is the lifeline for the property management firm's business processes, as each department relies heavily on the knowledge of other departments, so as to function efficiently. The main research objective for the study was to establish the nature and extent of knowledge management practices in Kenyan property management firms. As this was an exploratory study, it attempted to identify the extent to which the core processes of knowledge management (creation of new knowledge, storage of knowledge, distribution of knowledge, and the application of knowledge), were implemented. The research was conducted by surveying private property management firms in Nairobi. A Study of Knowledge Management Application in Property Management in Kenya Data was collected through personal interviews and a structured questionnaire (Appendix I). The study revealed that knowledge management practices are limited in property management firms. However, it also revealed that relevant knowledge management expertise is lacking, and may deter the right type of knowledge from being gathered, stored or distributed within the property management firms. In conclusion, it was found that there was a need for increased awareness on the practice of knowledge management within the property management firms. It is recommended that specialized training in knowledge management for Property Management firms is necessary.