Financial Service Leaders' Incorporation of Knowledge Management Systems in Overall Organizational Strategy
Financial service industry leaders successfully incorporating a knowledge management system (KMS) into the overall organizational strategy experience several benefits over firms that do not implement an effective KMS. This multiple case study was an exploration of the strategies financial service industry leaders use to incorporate a KMS in organizational strategy. The case population consisted of 5 leaders from 4 financial services organizations with successful experience implementing a KMS into their overall organizational strategy. The conceptual framework for this study was knowledge conversion theory. The data collection process included semistructured interviews, interview notes, and review of company documents. Data were compiled and organized, disassembled into fragments, reassembled into a sequence of groups, and interpreted for meaning. Methodological triangulation and member checking validated the trustworthiness of those interpretations. Three themes emerged from the 5 interviews: a continuous improvement environment facilitated KMS incorporation, supportive leadership facilitated KMS incorporation, and a learning organization environment improved KMS incorporation. Financial services leaders could use these themes to increase knowledge-sharing capabilities and the potential for innovation and creative capabilities of their organizations to ensure long-term organizational sustainability. The implications for positive social change include the potential for increased revenue that leaders could use to make charitable contributions to further the development of local communities. In addition, leaders' use of lean processing could reduce environmental waste, which would benefit the local community because its residents could enjoy a cleaner environment.