Education & Training – Countries need well-educated, well-trained, and highly-skilled people to generate, distribute, and use information and knowledge.Let us zoom into the four pillars of a knowledge economy as described by the World Bank. Where organizations and people acquire, create, disseminate, and use knowledge more effectively for greater economic and social development.Īccording to the Organization for Economic Co-operation and Development (OECD), a “ knowledge-based economy” is an expression coined to describe trends in advanced economies towards greater dependence on knowledge, information, and high skill levels, and the increasing need for ready access to all of these by the business and public sectors.Įach country should pay utmost importance to ensure the four key pillars of the knowledge economy are nurtured, continuously revised, updated, and most importantly unconditionally supported if they want to be considered a knowledge-based economy country. Simply put, a knowledge economy is an economy where knowledge is the key asset. First thing first: what is a knowledge economy? This is how knowledge economies are developed. ![]() From these points, one may conclude that it is essential to be able to utilize all employees' knowledge and information, not just the "knowledge/information champions," quickly. In the present world, applying knowledge and information is just as crucial as creating it. However, a major problem has been academic excellence is not the only determinant of success in the information era. Perhaps we should also emphasize that knowing the value of tacit knowledge is essential to understanding how KM works and why it is so important for economic development. That is why nowadays a lot of businesses emphasize innovation and ongoing development, as well as the value of their personnel as knowledge and information resources. In recent years, there has been an increasing interest in how technologies are used both to increase internal knowledge sharing within a business and the development community as well as to capture and communicate tacit information outside. For us, knowledge management (KM) refers to a collection of methods and tools for identifying and leveraging information and knowledge assets, particularly tacit knowledge, to enhance internal and external communication and processes. Development professionals may make a smoother and quicker shift to the knowledge economy by utilizing the tools that KM can provide.īefore we go into the specifics, let us assume that you might be wondering what all the fuss is about KM. It is here that knowledge management (KM) helps in this situation. To state the obvious, utilizing the knowledge of society is essential for economic success, as is assisting both the public and private sectors in adapting to the changing business environment. Even more so than capital and equipment, information and knowledge assets are becoming increasingly important to productivity. This means that we are working and conducting business in ways that were unimaginable only a few decades ago. ![]() ![]() You would agree with us that the shift to a knowledge-based economy is occurring far too quickly.
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