Knowledge Management Strategy as a Chance of Small and Medium-Sized Enterprises

Knowledge Management Strategy as a Chance of Small and Medium-Sized Enterprises

Andrea Bencsik, Tímea Juhász
Copyright: © 2017 |Pages: 31
DOI: 10.4018/978-1-5225-1913-3.ch028
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Abstract

This chapter shows how SMEs can compete with multinational companies. This chapter was written on the basis of practical research results. In this research, Hungarian and Slovakian SMEs were investigated from the view of a knowledge-based economy. The question was how they can face future challenges. The researchers wanted to know how SMEs handle their chance which is hidden in their way of thinking about a knowledge strategy. As a result, these companies seem to be afraid, uncertain, and think their success is only luck or a current incident. They live a “fly by night” existence, and they do not feel the importance of development, of studying, of knowledge; they run after work and money. These enterprises feel that they have to survive, and to this, they need money and financial capital. Therefore, knowledge and studying fall behind.
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Revaluation Of Human Knowledge

As fast as knowledge as a productive factor is being re-valued, it loses its validity at the same pace. For this reason, it is the task of the management to replace it and maintain its value. The greater value the novelty-creating knowledge has, the more difficult it is to acquire it, and the quicker it loses its value and the more hidden it is, the greater significance it has to maintain competitive operation. Integration, handling and turning this individual (and hidden) precious knowledge into added value can only be achieved with the inventory and methodology of value management.

By the present days, value management with its conscious and system-level handling of knowledge has become a tool to enhance organizational competitiveness. Its

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    Aim: Business development.

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    Basic Condition: Full operation of the HR value chain. (recruiting, selection, performance management, teaching/learning, knowledge sharing and integration, motivation, layoff etc.)

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    Natural Medium: The network.

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    Base for Existence: A partnership (supporting organizational culture).

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    Technical Background for Institutionalization: Information technology (Nutt, 1987).

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