Abstract
Knowledge Management and the Increase of SME Competitiveness: a Case Study
Highlights
To ensure a correct understanding of the research area, it is necessary to consider several basic notions that are usually used as synonyms but have significant differences
The results of the study into knowledge management at the region’s small and medium enterprises are in line with the findings of other influential studies into the impact of knowledge management on an enterprise’s efficiency
The process of using of and benefitting from knowledge depends to the organisation of the storage of knowledge obtained in the previous processes for further use and aimed at value added increase [39; 40], which has been proved in the study
Summary
To ensure a correct understanding of the research area, it is necessary to consider several basic notions that are usually used as synonyms but have significant differences. Data is an aggregate of facts stored on a certain medium and ready for processing. Information is a result of processing and. Knowledge is practically verified processed information that was used and can be used in decision making; it is intellectual capital. Formal and informal knowledge is necessary for decision making. The results of decisions contribute to knowledge as acquired and accumulated experience. Knowledge is a result of intellectual activities: “Knowledge is the ability to turn information and data into effective action” [1]. “knowledge is the combination of data and information, to which are added expert opinion, skills, and experience, to result in a valuable asset which can be used to aid decision making” [3]. Drucker’s book The Landmarks of Tomorrow (1956), where he defined a new type of activity — „knowledge work” [4, р. 248]
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