Posted on : 2023-11-19 20:06:56
Article : 20th Nov 2023-Good Morning Monday Management solution for TASK 268- Qian Hu corporation adaption to Knowledge management so valuable to become high-fin loach as Qian Hu's mascot.
Qian Hu Corporation Limited Singapore was established in 1985 and is a leading exporter of ornamental fish, exporting to more than 70 countries worldwide; together with other local farms it supplies more than 30% of the world’s aquarium fish. As a home-grown company, Qian Hu has significantly helped Singapore to become the world’s leading ornamental fish exporter and to be recognized as the world’s ornamental fish capital.
Qian Hu’s mission is to create a premium lifestyle experience in ornamental fish-keeping by providing a one-stop aquatic shop for both local and international wholesalers, retailers, and consumers. Its vision is to be the world's biggest ornamental fish, aquarium, and pet accessories service provider. The organization’s foundation is built around the core values of integrity, value creation, entrepreneurship, and teamwork. Its four strategic thrusts, which it considers as its drivers to success are customer focus, people excellence, quality excellence, and financial strength.
Qian Hu’s were in the pig farming business. Mr. Yap Tik Huay is the father of the Group's Executive Chairman, Mr. Kenny Yap. In 1985, their pig farm was eradicated due to the government's move to halt pollution and free up more land for residential development.
Tik Huay's three sons joined the family business and they converted the old pig pens into concrete ponds and started breeding guppies for the local fish exporters however, in 1989, during a heavy thunderstorm; their entire stock of guppies was washed away, not deterred by the misfortune they were determined to rebuild the company. The new name of the company is “Qian Hu,” which means “thousand lakes” in Chinese. After their failure in rearing guppies, they went on to farm high-fin loaches despite knowing very little about this particular variety of fish. Little did they realize that they were in for another disaster, their entire stock of 4,000 loaches died. They lost almost everything, except for their resolve and drive to succeed. It is this spirit of determination that helped Qian Hu to grow into a successful and leading exporter of ornamental fish.
They learned their lesson from these misfortunes. Their mistake was not diversifying risks and not knowing enough about their products. In fact, this lesson was so valuable to them that the high-fin loach became Qian Hu's mascot, to serve as a daily reminder of “where they were—and where they never want to be again”. Qian Hu recognized the importance of knowledge in its early days, when the entire stock of guppies and loaches was lost. Knowledge is integral to improving the organization’s operational efficiency, enterprise planning, and decision-making and to creating value for stakeholders.
As a knowledge-based company, Qian Hu has continuously embarked on KM (Knowledge Management) initiatives that provide an appropriate balance between short-term and long-term improvements to achieve its performance goals and create the greatest savings and efficiencies. In doing so, it optimized the organizational, cultural, and technological aspects of knowledge based business processes. Various KM tools and techniques are utilized in line with its mission, vision, values, and strategic thrusts which revolve around customer focus, people excellence, quality excellence, and financial strength. All tools are customized and adapted to suit Qian Hu’s business model, especially with its positioning as a one-stop shop for its customers.
One of the key lessons that can be learned from the success of the KM initiative in Qian Hu is the requirement for top management support and commitment. The Executive Chairman, firmly believed in KM and was the key driver of KM in Qian Hu. Senior management served as role models through their demonstration and reinforcement of the desired values and behaviors. br>
Technology was an important enabler for KM in Qian Hu. The management invested in technology to facilitate the capturing and dissemination of the organization’s intellectual capital. The web-based KM system allowed Qian Hu’s highly mobile and global workforce to have instant access to information and encouraged continuous learning and skills upgrading as well as maintaining a culture of transparency, openness, and innovation thus inculcating knowledge-sharing culture. In essence, Qian Hu Corporation is an excellent example of an SME that has achieved organizational success and effectiveness through the adoption of strategic knowledge management.
End point--Leadership, technology, people, and processes represent the key drivers and enablers of KM. Customer knowledge is an important aspect of knowledge asset. Learning and collaborating with external parties such as knowledge-intensive R&D organizations are essential elements for any organization’s KM implementation approach. In doing so entrepreneurs should look beyond their internal resources to acquire valuable knowledge from all relevant sources to enhance organizational effectiveness. The story of Qian Hu demonstrates how KM can make a difference for SMEs in their growth and globalization strategy.
Log on to www.wingsofmanagement.com to know more about our Management consultancy’s versatile capabilities, clients and as well you can read our previous posts and our projects.