Adoption of Knowledge and Innovation Management: A Strategic Approach

Knowledge and Innovation management is treated as the driving force behind some of the world's largest and most successful organization. Knowledge is recognized as a vital strategic resource that ensures the organization to have continuing growth and competitive advantage. Knowledge Management has not been researched in SMEs as intensely as business and industrial organizations in India have practiced. Innovation provides originality and creativity, and uses a new method for design and recreation to add value. Innovative management becomes an organizational tool to replace quality control and organization reproduction. This paper presents an understanding of knowledge and innovation management and how it is helpful in creating value as well as intellectual capital for the organization. It focuses on the technology aspects in facilitating knowledge and innovation in SMEs. Integration of Knowledge Management and Innovation tools with the Internet can create a Knowledge & Innovation (KI) network which can be leveraged by SMEs in achieving their strategic competitiveness. Small and Medium sized enterprises (SMEs) are responding to the challenges presented by the new economy. SMEs can apply knowledge sharing practices with strong intranet and portal technologies to enhance productivity and the ability to do business.