Knowledge acquisition Essay Example
Knowledge acquisition Essay Example

Knowledge acquisition Essay Example

Available Only on StudyHippo
  • Pages: 5 (1168 words)
  • Published: October 2, 2017
  • Type: Case Study
View Entire Sample
Text preview

Jegrins Insurance Company, one of the largest insurance companies, consists of six specialized companies in life insurance, belongings insurance, insurance exchange, and direction. It also provides casualty and belongings insurance policies. To maintain a competitive advantage and ensure growth, Jegrins must meet the needs of its policy holders like other insurance companies. The company has a stable financial status and is committed to achieving superior marks and providing excellent services. The dedicated employees work towards the success and growth of the company. Policy holders set goals for Jegrins, which agents strive to exceed as a challenge. Capitalization's hazard adjustment is one strategy used by the company to remain competitive in the market while ensuring growth. Jegrins highly values its solid operating performance system and a well-established regional market that contributes to its high standing among other insurers. The strong work ethic of employees,


ability to adapt to risk capitalization, and adherence to company policies also contribute to Jegrins' competitive advantage.
The company's success is influenced by factors such as technological advancements, low operating costs, strong investment returns, improved pricing strategies, and efficient underwriting processes. However, the company acknowledges the importance of continuous learning and knowledge management to enhance its competitive edge. To gain insights from external sources like other companies and competitors, measures have been implemented. The director recognized the significance of internal cognition for overall growth and decided to implement cognition schemes that keep them well-informed about competitive advantage issues. A cognition scheme refers to how a company utilizes its knowledge capabilities and resources to achieve goals by increasing internal or external knowledge in specific areas. Jegrins Company chose a cognition scheme that combines both

View entire sample
Join StudyHippo to see entire essay

internal and external knowledge sources. Internal knowledge sources include employees' knowledge, behaviors, responsibilities, procedures, equipment, software, as well as various documents, databases, and online repositories within the company.Jegrins utilizes various external knowledge sources, such as consultants, experts, universities, publications, personal relationships, and professional associations. The company's director recognizes the importance of internal cognition in preventing imitation by competitors and maintaining strategic execution. To avoid being outperformed by knowledgeable rivals, the director has decided to seek external sources of knowledge. Narrowing the knowledge gap with competitors is crucial for Jegrins to stay competitive. Additionally, the company actively generates new knowledge to maintain its advantage and position in the market. The director believes that this additional knowledge will give Jegrins a better standing compared to others. By actively seeking relevant information, Jegrins leverages its knowledge effectively. Internal knowledge management and acquisition are prioritized at Jegrins Insurance Company as it understands that without a solid knowledge strategy, its success could be jeopardized. To facilitate deeper understanding about the company among employees, Jegrins has made its knowledge accessible from the beginning through various processes.Jegrins values the importance of employees in knowledge management initiatives. The company encourages its employees to acquire knowledge about the company and fulfill their responsibilities based on this acquired knowledge. This internal knowledge is obtained from employees' experiences, company software, and other documents.

Since Jegrins already possesses these resources, it was easy for the director to proceed with acquiring this knowledge as the employees are already familiar with the company's software and have gained experience in different areas of the company. Considering that Jegrins is a large company with various policies and services provided to members, it

has a significant amount of internal knowledge.

Therefore, it is crucial to develop a long-term plan to ensure continuous acquisition of knowledge beyond a short period. This decision was made by Jegrins based on the nature of its business, as it does not shut down for days. The director chose long-term plans to prevent future operational failures.

In addition to utilizing readily available company knowledge, the director also implemented measures to encourage employees to share their experiences and discuss organizational issues. This serves as a way to improve the company's operational system.By implementing his external cognition approach, Jegrin promotes experiential learning to acquire knowledge aligned with the company's goals. The director seeks advice from experts and values audience input when necessary. Jegrin's has evolved by studying successful methods of other companies in order to bridge the gap with its rivals. This process reveals that other companies have similar levels of knowledge, reinforcing the importance of maintaining a competitive advantage through leveraging information about competitors. Understanding the market is emphasized as Jegrin's core purpose is serving a specific market. Researching and staying updated on market trends are encouraged for the company's benefit. Seeking knowledge and information has always been part of the company culture, even before implementing the knowledge scheme introduced by the director who recognized the need for gathering more relevant information for development.To ensure the company's success and maintain a competitive edge, Jegrins Insurance Company conducted information gathering to stay ahead of others. They sought external sources such as universities, publications about successful insurance companies, and other professional sources. To facilitate easy retrieval, valuable information was stored in an organized manner through an implemented system for

information distribution.

Additionally, the director established a system of sharing information among employees based on their ranks and areas of work. This allowed for open discussions and problem-solving to reach conclusions. The director deems this knowledge management strategy as successful.

By acquiring, distributing, storing, and reading knowledge, the company's knowledge management can be further explored. The director effectively employed cognition management strategies resulting in noticeable improvements from the previous state of the company.

Despite being at a high level already, the director strived for continuous improvement rather than settling at one level that may eventually become obsolete. Consequently, implementing a knowledge management strategy became essential to enhance company performance and maintain competitiveness.Throughout the knowledge management process, the director ensured effective strategic knowledge creation. This involved making both short-term and long-term decisions to maintain a balance. For example, considering long-term strategies for maintaining competitive advantage and taking into account the future of the company. Implementing this strategy has made it clear that knowledge is crucial in terms of competition. The company remains aware of competitor actions to avoid being surpassed and acquiring additional knowledge elevates them to a higher level with improvements based on gained knowledge.

Internal cognition has been highly beneficial as it encourages employees to share their thoughts on the director-created system, allowing for necessary adjustments and improvements. These steps have had a significant impact on maintaining a competitive advantage, noticeable growth, and increased status compared to other companies. Being well-informed in terms of knowledge is critical for success.

The Jegrins Director believes that applying knowledge strategies applicable to multiple companies is essential for maintaining a competitive advantage in the insurance industry since knowledge is fundamental for competition and

improvement.The director states that acquiring knowledge from both the external and internal environment is key to improving and maintaining a competitive advantage. External knowledge brings in new information, while internal knowledge relies on employees' daily responsibilities and experiences to drive company success.

Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds