Implications of Knowledge Management for Small & Medium Enterprises
This paper examines the role that Knowledge Management plays in the field of Small-to-Medium Enterprises. Normally one doesn’t associate Knowledge Management within the purview of Small & Medium Enterprises. Majority of the literature available related to the topic emphasizes upon large organisations who align the practices related to their businesses spanning diverse geological destinations. Owing to this, one can find literature aplenty with regard to the practices pertaining to knowledge management in the context of large organizations and there exist modest knowledge applicable on small-to-medium-sized enterprises (henceforth, SMEs). As a concept, knowledge management attracts a lot of attention thus generating tremendous business avenues at the disposal of its practitioners. It acts as a driving force which converts knowledge into something valuable for business. At the same time, when it comes to implementing the various tenets related to Knowledge Management in the context of the SMEs, the job is easier said than done. Traditionally, such companies which were known as technology-driven have now became synonymous with being knowledge-driven. In this highly competitive scenario it becomes imperative for the SMEs to board the Knowledge Management bandwagon. They would do themselves a favour if they change and be future-ready thus managing their day-to-day affairs in a manner that they reflect the application of Knowledge Management (henceforth, KM). This paper seeks to dispel the myth that KM is only for ‘big business’ and shows how SMEs can reap the benefits of knowledge sharing and how, in the process, KM is vital for the sustenance of SMEs in today’s ever-changing world.