Key Features of a Good Knowledge Management Strategy for an SME to Achieve a Competitive Advantage Objectives of the study
➢ To establish the concentration of small and medium enterprises in the U.K ➢ To identify the knowledge management strategies available for small and medium enterprises in the U.K ➢ To critically evaluate the most effective knowledge management strategies that small and medium enterprises in the U.K can adopt to achieve a competitive advantage. ➢ To critically review the features of an affective knowledge management capable of giving small and medium enterprises across the U.K a competitive advantage in the SME market Literature Review
Small and medium enterprises, commonly referred to as SMEs are essential elements in, not only the United Kingdom but also to the different economies across the world (Weick 2003). The SMEs are commonly described as institutions sitting on pletiful of knowledge that is entailed within the head of individuals. Moreover, according so several research studies, this knowledge is usually contained but scattered through a number of information systems that are entailed within the organization (Weick 2003). As such, these systems of informations are useful to any business as they host a number of important notions, which an organization can not function without. These aspects includde; databases, procedures, policies, articulated expertise as well as well as a great deal of expertise entailed in the employees of that institution (Weick 2003). For a small and Medium Enterprise to acess the scattered knoweledge, it requires technology. As Such, technology is greatly essential as it tends to consolidae the information systems. With a consolidated information system, the employees within the SME are not only motivated but also encouraged to utilize this kind of system and thereby sharing knowledge. In The U.K, the English as well as the Scottish economies have been regarded small and medium enterprises highly as the vast majority of new job opportunities are attributable top them in regard to the past couple of years (Beijerse, R.P., 2007). For instance, in 1996, small and medium businesses across the U.K made a great contribution to gross national product, that is, 50 percent of the total G.NP. In addition to this, Small and medium enterprises was found to have employed 55 percent of the total employment in the U.K (Beijerse, R.P., 2007). The Gvernments across these two countries have therefore come to see the need to safeguard these SMEs and as such, it encourages them to adopt a nowledge management strategy that will increase their importance to the economies (Handzic and Agahari, 2004). Contemporarily, the Small and Medium enterprises are striving to outdo eah other in an effort towards becoming a market leader. As such, it has necessaitred them to adopt the most effective knowledge management strategies that will give them an upperhand in the market (Beijerse, R.P., 2007). Before applying any knowledge management strategy in the snmall and medium enterprise, it is essential that the conerned management take a keen insight on the feature that make up the knowledge Handzic and Agahari (2004). In its context, it is perceived that knowledge contain some essential and fundamental features which are; Tacit as well as explicit features (Lim and Klobas, 2000). As such, knowledge can either be constituted of either feature. According to Handzic and Agahari (2004), the explicit feature attributabe to knowledge is that makes knowledge become not only transfarable but also codified as well as articulated in an easy way. An example of the explicit knowledge includes; diagrams, manuals, chart, pictures as well as...