Knowledge Management Plan For Scotiabank

Knowledge Management Vision and Guiding Principles

“Identifying and developing talent globally is the strength that makes leadership a competitive advantage for Scotiabank.” (Scotiabank, 2019) First and foremost, Scotiabank is extremely dedicated to helping develop leaders. Ultimately, strong leadership within any business is a competitive advantage that can help deliver positive results. Scotiabank has operations in over 50 countries, and these platforms help identify and develop necessary talent from around the world. This is the particular strength that helps Scotiabank develop a competitive advantage.

Globally, we strive to equip our Scotiabank family with the knowledge and tools to access any necessary information and data. Working with our global partners, we are able to harness onto a vast amount of potential information and knowledge being shared by our partners worldwide. Using our collaborative knowledge, we can assure that our employees, clients, shareholders and the community as a whole, is treated with integrity, respect, and insight into their financials. Finance is an essential part of our everyday lives, and being able to put across complicated information and data in a simple and understandable way, is our ultimate goal. This way, our customer and employees are not frustrated with the complex knowledge being fed into our company. This is efficient and effective and can overall help solve any problems and provide both our clients and employees with the best customer service solutions.

Knowledge Management and Organizational Culture

Scotiabank is committed to helping our clients. We value diversity, inclusion and network. This means that any visitors will feel like they belong. Scotiabank is dedicated to sharing knowledge and providing financial services. With our highly trained employees, you will quickly gain knowledge and guidance you need to succeed. Our culture believes in empowerment, accountability and openness. We also invest in others, actively contributing to the communities in which we work. We value all information that is brought forward, shared, collected.

Gruber and Duxbury (Duxbury & Gruber, 1999) concluded that an environment that supports knowledge sharing has characteristics of rewards structure, recognition for knowledge sharing with peers, openness/transparency, trust, and communication. Within Scotiabank, we strive to maintain a healthy relationship with both our employees and clients. We don’t hoard information but share it with those most interested. We can not have any resistance within out company, or else this stall any new knowledge from entering and being retained. We must be transparent and open to knowledge sharing.

Knowledge Management Strategies

Scotiabank’s goal is to apply, distribute, and store knowledge. Our company depends on the effectiveness of knowledge sharing. We want to make knowledge more visible and easily accessible to both our employees and clients. We’re striving to create a more two-way exchange of knowledge between both the individuals and as a collective, with an interactive social aspect of creating and sharing data and knowledge. We will use local network and internet to collect information and dismiss any information that is not useful. That we do not experience a system overload of information. Our banking operations globally, are trying with all our capacity to capture, manage and construct suitable information within our organizational knowledge, in order to help improve the quality of our management and operations. Our strategies will address any issues and find solutions to encourage prompt decision making both suitable for our staff and clients. Our culture strongly supports our knowledge management tools and methods. Our company provides training and opportunities to gain further knowledge. We encourage our staff and even our clients to gather as much information as possible, in order to have a clear view of their financial future.

Knowledge Management Tools

In order to ensure that our knowledge management is working, we will use specific tools to help simplify and deliver information in a timely and effective manner. This will help our company plan, control and formulate strategic activities in the best way to achieve our companies desired objectives. Our tools derive from the Knowledge Management Tools and Techniques Manual ( (Asian Productivity Organization, 2010)

Document Libraries Leading to a Document Management System

The purpose for this tool is to ensure efficient and effective access to information. This way it can make it easy to recognize key knowledge and develop appropriate information assets to support them. Our Knowledge Library systems will be easily backed up and regularly updated. Documents contained will be organized through many categories, but easily and quickly accessed and used by our employees. Public records for client’s interests will be documented and statistically recorded by number of views. Components within this tool includes spreadsheets, text documents, calendars, links, search engines, excel documents with any financials.

Knowledge Bases

Scotiabank and our employees hold an abundance of two specific types of knowledge: tacit knowledge and explicit knowledge. We strive to hire as many employees that hold incredible tacit knowledge, that being “personal” knowledge. This valuable knowledge is only attained through verbal communication with the person holding the specific information. Our staff are incredibly knowledgeable, and we create an atmosphere where clients are not afraid to ask for advice or guidance in relation to their financials. This helps create new knowledge and encourage knowledge sharing among our staff and cliental.

Social Network Services

Social networking is an extraordinary way to build our network and business. Scotiabank’s social networking services help find people who are looking for the appropriate financial tools and guidance they are seeking. If they have a need that Scotiabank can help with, being able to reach out through of social networking tools come in handy. It makes communication quick and easy. Our social networks also make it easy to quickly share valuable information that we know our clients would like to know. We would be able to share content like links and relevant resources that not only reach our clients, but future clients as well.

Advanced Search Tools

Visiting our website can sometimes feel intimidating with the amount of information being thrown out at the forefront. However, using an advanced search tool, we can make it very easy for our employees and clients to search for specific information they seek. Using specific phrases and words can make it easy to quickly find the information you are looking for.

Collaborative Virtual Workspaces

The purpose of a collaborative virtual workspace is to make it easy to communicate and share knowledge with our global partners. Scotiabank has partner around the world and being able to network in a collaborative, virtual way, makes it easy to access the best skills and acquire knowledge anywhere in the world. This significantly reduces any travel costs and allows our employees to work wherever is most effective for them, as well as giving them access to information whenever they need it. Overall, these easily implemented tools give us an edge and can help us with balancing our financial business process and our knowledge management methods. These tools ultimately help us generate new ideas within our company and gives us a competitive advantage over out financial competitors,