Knowledge Economy

Understanding the driving forces and characteristics of knowledge economy provides motivation for the organization to be serious about knowledge management. After all, if nothing but knowledge can sustain competitiveness, where is the room for putting off activities of knowledge accumulation and knowledge application?

It's clear that smart product and service impress customers. It's also clear that smart products and services are only delivered by smart people through smart business process and smart management. It's less clear, however, how to create a smart organization that is characterized by extraordinary value-creating power. The field of knowledge management represents an attempt to systematically deal with this challenge.

I learn, I know, I grow, and I rejoice

Knowledge is an outcome of learning. Learning feeds innovation. Innovation creates value, value for all stakeholders. Learning is an essential skill in the knowledge economy. One of the best things a business manager can do and should do is to develop and nurture a culture of organizational learning in the organization. Technological tools are great. But, ultimately, it's people that make the greatest difference. The same people may perform very differently under different leaderships and management styles. Besides, not all types of knowledge ought to be treated in the same way. How to best synchronize application domain, people, technology, process, and measurement still remains a major challenge for managers today. Is it analytic or holistic in nature? Both, I'd say. Is it more important for some sectors than the others. I'd be tempted to quickly say Yes. But a little more thinking pulled me back to say "Well, not quite." Nobody can solely rely on his muscle to perform excellently at work. Brain power has to be drawn upon and utilized in order to produce innovative value and sometimes even just to get by in today's business environment.