Relevance of Disruptive Technologies Led Knowledge Management System and Practices for MSME

Abstract

AbstractIn today’s dynamic and hyper-competitive era, knowledge is the backbone of an organization and provides unflagging support in inclusive growth including financial and non-financial terms to the organization. It is essential for organizations including MSME firms to cultivate and nurture knowledge-enriching system within organizations to extract knowledge from external stakeholders, internal stakeholders (like employees), and customers through organization learning ecosystem to understand the essence of past, administer the present, and envision the future roadmap. In recent times, knowledge management practice garners significant attention at leadership level and being considered as strategic initiative in organization which helps in achieving competitive advantage and propel inclusive growth. It also highlights on various factors which are being positively influenced by adopting knowledge management practices in day-to-day operations such as organization’s performance, innovation capability, improve products and services, and job satisfaction. Therefore, organization needs to define a standard practice to acquire, retain, and leverage the knowledge through “knowledge management” initiative constituting creation, acquisition, transfer, storage, and sharing of tacit and external knowledge to reap the benefits across business value chain. To promote the growth of knowledge management in organization’s setting, knowledge management system (KMS) and practice play paramount role with the support of disruptive technologies. Additionally, disruptive technologies arm not only simplify activities to manage knowledge but also enhance experience of the business users. Ubiquitous penetration of disruptive technologies, primarily accelerated by rapid adoption of digital channels (accelerated through COVID), advent of FinTech and InsurTech and adjacencies that many players are getting into with their scale. The small, medium, and micro-sized firms must explore digital technologies to improve customer experience, time to market and reduce costs by honing organizational knowledge. Also, they had to find additional dollars to invest in Next-Gen Technologies-led platforms including Cloud, API, Agile, DevOps, AI/ML, intelligent automation to stay relevant for their customers. Precisely in MSME context, knowledge management is one of the most important factors to secure sustainable growth, create unique offerings (products and services), accelerate business performance and attain inclusive growth. Whether MSME firms are ready to take up the challenge to marry existing knowledge management system and practice with new age disruptive technologies to secure first mover advantage and set an example to Industry and nation for radical growth?KeywordsKnowledge managementDisruptive technologiesMachine learningMicro-smallMedium-sized enterprise (MSME)