As technology expands it not only open doors to business across borders but also de-emphasises the role of physical capital. Intellectual capital now spearheads most of the decision making & policies are made keeping in mind the best use & expansion of intellectual capital. For this, the skills, knowledge & ability (ska) that an SME has is irreplaceable. Right from sharing insights on business trends, best practices & engaging in detailed strategic discourses which help in differentiating between a good solution from the best one.
The in-depth knowledge that SMEs possess is indispensable. Manufacturing companies, especially, have come to realise the value of SMEs as the drivers of the new economic wave which centres around intellectual capital. Companies can leverage the ingenuity, innovativeness and creativity to make the most of the market or even when launching a new product.
SMEs are your walking-talking knowledge management systems. Maintaining & managing documents are of course done through top-class software but SMEs are the ones who actually know how this knowledge can be streamlined & analysed for better decision making. They are also great advisors on how best the software can be used for knowledge management, which today is one of the fastest growing & most integral sectors in business.
Knowledge transfer too is significant for the company’s growth. The question remains, how do you get SMEs to enlighten their peers in the company. These are what SMEs can do
- Deliver classroom training,
- Create knowledge management databases
- Write standard operating procedures,
- Create apprenticeships, and mentor and cross-train others.
Companies must start streamlining their budgets to include assets like SMEs and gain maximum competitive advantage.
