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Knowledge Management

Essay by   •  April 24, 2019  •  Research Paper  •  2,243 Words (9 Pages)  •  445 Views

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1. Introduction

Knowledge management system actually defines any or every kind of system related to IT that uses to retrieve and store knowledge, improves communication and collaboration, locates the sources of knowledge and uses to capture and utilize knowledge. On a precise note it enhances the effectiveness of the knowledge management process. The knowledge management system uses to be made up of various software modules permitted by the user interface. Most of the features of this system supports data mining regarding customer histories with the scope for sharing electronic documents. This system can actually serve the purpose of better sales, helping decision making and business growth. This report has presented a view of how the company Baker Botts has improved its business effectiveness and growth by implying the iManage cloud system.

2. Part A

2.1. Overview and ownership of the organization

Baker Botts is one of the famous and renowned law firms based on United States that is consisted of 725 lawyers and holds a well reputed background of important political connection and a large number of client database. The company has its headquarters at Downtown Houston in Texas along with 15 branches all over the world. The entity specifically has client related to energy and has been considered one of the oldest law firms of West Mississippi. The firm has been in existence since 1840 and counted among the best leading law firms of the world. They have been serving the influential industries, entities and organizations with their unique services from a long period of time. Andrew M. Baker is the current managing director of the company. They are associated with a prestigious group named Lex Mundi which is comprised of 160 different and renowned law firms internationally. The association with the group has helped them to serve their clients better and more profoundly by giving them the immediate and required access to several of the law firms globally. Baker botts actually serves the Lex Mundi group for Texas. It has been associated with a council as well namely “The Pacific Rim advisory” which is also an association of global law firm having exclusive strategic alliance in the international legal community that provides the exchange related to professional information within its top 30 tier members of law firm.

2.2. Service provided

As a law firm Baker Botts commits their talents and energies to be the most trusted and valued advisors to their clients by presenting them effectively in the market all over the world. They define a continuous effective and unremitting effort of the lofty professional standards for the service provided to the clients. They mainly deal in the industrial area of finance and banking, Natural resources and energy, technology and manufacturing. In the context of Brexit negotiations going developed this company provides potential impacts and services to the clients of UK as well. They deal in the area of intellectual property, real estate, tax, regulatory, litigation, corporate, competition and antitrust law and in many more functional segments.

2.3. Financial Performance

As one of the leading global law firms Baker botts has been able to generate an exceptional revenue by every year end. In the year 2016 the gross revenue of the firm had been increased with a 20% profit that is exactly of 846.5 million dollars. The net income has been risen to 434.8 million dollars that counts the increase of approximately 44.5%. The profits regarding the sphere of the partners has been increased by almost 37% as 2.465 million dollars per head. The revenue has been risen up to 18% in the year of 2016 which has made it topped the million marks of $1.0.

2.4. Mission, Vision and strategies and Main Competitors

The main motto of the company Baker Botts is to serve their clients with the best advices. The firm holds a vision of treating its client with utmost care in advising proper solution to them. The primary mission of the company is to develop an extensive network regarding correspondent council.[1] On a deeper note they are very keen in keeping their associations with some of the global groups that have enabled them to provide best services to the clients they have.

Nowadays in such a competitive world everyone has competitors. In this case Baker Botts has some parallel and similar companies that challenge them a good competition. “Sullivan & Cromwell”, “Davis Polk Wardwell”, “Simpson Thacher Barlette” are some of such companies that use to promise a gruesome threat to the company with their services.

2.5. Major market trends and Stakeholder requirements

The market trend is said to be a tendency in financial market to grow in a specific direction. These kinds of trends have been classified into two categories such as frame of long time and frame of short time. By using every tool Baker Botts has also strategies their plan and market trend which signifies a definite growth for them. As Baker Botts has been considered one of the best law firms therefore, it establishes an obvious market position in the business market of law firms. The needs of stakeholders and the requirements actually demonstrates the picture of the people of business operations level. It includes users, customers and some other stakeholders in the regard of relating to the same opportunity or the problems well. For the proposed solution a bunch of requirements get set that can promise the service that is needed by the stakeholders in a told situation or environment. A guidance of analyzing tools and other cycles stakeholders use to frame a structured procedure to eradicate the problem. In some of the casers chances are high that these actions needed by the stakeholders can be transformed into another redefined structure of documented requirements that are used to be called as a model on the specific zone or sphere. In the section of stakeholders’ requirement it focuses on the matter of addictive manufacturer of diesel fuel with Texas commission about the environmental quality as the treatment of the fuel should meet requirements of low emission program of Texas. The stakeholders in this matter should meet the needed achievements and desired goals.

3. Part B

3.1. IT KM solution selected by Baker Botts

A development has been noticed by the company Baker Botts in the sphere of knowledge management solution. The company has developed a system of iManage cloud and deployed it to the employees of their 15 branches all over the world. The [primary and starting feedback for the development has been proven positive. It does not take even24 hours to transit a weekend. The iManage cloud has served them the best opportunity to increase the agility of the organization and to randomly deliver the modern and innovative ideas to the stakeholders of the company. The cloud has been developed by the assistance of iManage professionals and their services. The process of the implementation has not taken much time and was not complicated at all. The journey from implementing the system to go live with it just has taken a short period of time of 90 days. The system was user-friendly in a great extent and that was why it did not require any training program or session for the workers to adopt it. The IT department of the company has analyzed every aspect of it at declared its quantifiable benefits in the sphere of its getting associated with the cloud system. An example can be served here about the firm that it has reduced almost 20 servers from the bank that actually needed much time and effort to the routine task such as datacenter maintenance. By implementing this system of iManage cloud Baker Botts has managed to give the professionals a great and powerful functionality and to deliver an unmatched agility, higher scale of performance and reliability. In analyzing every aspect of these outcomes, they have been sure of the benefits that have been provided with the implementation of iManage cloud system in Baker Botts.

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