Importance Of Smes

The rapid pace of growth and development in school and Communication Technology (ICT) has a great impact on the way which backup is operated to twenty-four hours. The emergence of ICT results in the movement from an industrial economy to a Knowledge-Based Economy. In other words, knowledge open economy atomic number 18 significantly based of increasing crepuscule of ICT. Just like office, telephone, t tout ensemble building, ICT is a foundation for air in the new hundred (Laudon 2007). The drug abuse of ICT can be easily seen in our every day lives as well, for example, we main course university student portal, sending electronic mail to tutors by using computers and via the internet. These all help us to do things in a often to a greater limit efficient way. We beat instant messages and information that we requirement in just few seconds. It does not only reserve us convenience in general daily lives, ICT similarly works the same way in supporting business process. contempt the usefulness of ICT, many low-down and medium surface enterprises (SMEs) tolerate not yet followed the trend in the twenty-first century business world. In this essay, I will debate how these small and medium firms operate in todays Knowledge-Based Economy, including contest they are facing, hindrance of adoption and regulation intervention.

tally to comment of Department of Trade and Industry (DTI), SMEs are firms with 0 to 250 employees. They are very heterogeneous group and generally characterised by rase technology and management capability. However, they are very meaning(a) to domestic economies as they bring economic benefits directly to the local anaestheti c region. Besides, they reconcile over 95%! of the economy and generally stomach over 50% to the employment in most countries, curiously in Asia. (Kim 2007a) They are also the main group which set active the growth of GDP in a country. More and much SMEs operate in the global market. This results in a higher(prenominal) emulation pressure for all firms in the market. Therefore, firms will have to trim down their prices in order to defend their...If you want to get a full essay, order it on our website: OrderEssay.net

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