Knowledge management is the process in which professionals in an organization collaborate in producing and sharing knowledge and experiences that can be useful for those working in the organization as well as for market participants, stakeholders, ultimate users, and learning establishments. On the other hand, business analytics is the process of creating a detailed business analysis, outlining problems, opportunities, and solutions for a business. These practices are essential to bringing efficiency and consistency to the overall performance of any institution or sector. JoPACC works both internally through the company and externally with the company’s stakeholders to maximize the impact of knowledge management and business analytics on the performance of the financial sector.
JoPACC endeavors to enhance knowledge in DFS and conduct business and data analyses related to digital payments, and strives to provide insights that help the decision-making process. This contributes to fostering and maintaining a culture of knowledge and information sharing both within and outside of JoPACC, and ensuring that the expertise gained in the company is not localized or centralized in separate resources. This extensive focus on knowledge production and dissemination positions JoPACC as a knowledge hub in digital financial services, for its stakeholders’ benefit.
There are three focus areas under the knowledge management and business analytics pillar of JoPACC’s work, which entail the below activities and interventions:
1. Business Analytics and Research
- Conduct in-depth market research and business analysis on the latest digital financial services, best practices, technologies, and consumer behavior.
- Track and analyze developments in the financial sector and study their impact on the performance of the sector, such as digital transformation, the impact of COVID-19, etc.
- Monitor and evaluate the overall DFS knowledge environment, and DFS knowledge programs and initiatives, and support efforts to enhance such programs and initiatives.
- Perform financial and operational modeling to underpin sound business decisions.
- Digital Experiments: digital experiments are interventions in the current business, awareness or communication strategies governing digital financial services. To ensure that strategic or development decisions are as well- informed as possible, it is critical to put our claims and theories to the test before making those decisions. JoPACC conducts surveys, observational and experimental studies in partnership with providers of digital financial services, aiming to achieve the major goal of promoting digital financial inclusion and digital financial services. JoPACC employs lessons learned from experiments in providing recommendations to the financial sector and spreads these educational results to the local community for public benefit.
2. Knowledge Dissemination
- Produce awareness content on digital financial services and make it accessible to the whole market. This includes booklets and monthly reports among others.
- Develop digital payments training and awareness programs and modules for our stakeholders.
- Disseminate gained knowledge and general knowledge on financial concepts and financial technology through all available channels and tools; including social media, newsletters, blog posts, and awareness videos.
3. Collaboration and Partnerships
- Support national efforts in digitizing payments, and collaborate with governmental entities to introduce digital payment channels to their operations.
- Partner with local - private and non-governmental - entities to facilitate their transition to the digital payment arena, and provide needed support in awareness and access to information.
- Collaborate with international organizations and experts to bring expert knowledge to practices in Jordan and ensure maximum benefit of partner interventions in the country.