Knowledge Management in Small and Medium Enterprises

Today, success and worth of a business depend more on intellectual capital than physical capital. Hence, knowledge that exists within an organization is a sustainable source of competitive advantage, which makes Knowledge Management (KM) a critical input in the growth of any organization and more so in the case of Small and Medium Enterprises (SMEs). Even though much has been researched and written on the subject of knowledge management in large and multinational organizations, very little focus and research has been done on KM in SMEs. Globalization of supply chains, rapid technological advances, superior returns on intellectual capital, and the growing importance of knowledge-intensive industries make KM a strategic tool in the growth and success of all businesses. Access and integration of SMEs with regional, national, and international supply chains require bridging the gaps between the requirements of supply chains and efficiency of SMEs' KM systems. KM-enabled SMEs are essential for competitive and sustainable growth. Hence, a judicious approach for KM in SMEs is a must in the current scenario. The overall mission of this chapter is to aid researchers in recognizing and understanding the knowledge management spectrum for small and medium enterprises in a globalized world. This would be indispensable for successful goal attainment and sustainable business in a contemporary complex economy.