Knowledge Based Economy
Over the course of the school cycle, the phrase ‘Knowledge is Power’ was used to emphasise Knowledge as an important factor in building and polishing a learner.
The statement carries even greater significance in the perspective of a company with the offset of the modern information age.
During the traditional industrial age, production was key to success with the largest producer getting the biggest piece of the economic pie. However, a knowledge-based economy has emerged in the recent decades that is built around the creation & conveyance of accurate information to validate & conduct transactions. The tide has therefore turned towards firms with the most relevant & valid bodies of knowledge.
Knowledge?
Knowledge refers to a body of information gathered by a firm/company to inform its resource allocation & decision making, improve awareness of the firm, package its offerings & effectively market its goods & services in an economy of informed consumers.
Information is therefore the currency of this new age with a modern firm required to continuously build a strong body of knowledge.
A company should not limit itself to a narrow scope. It should embark on generating diverse & unique forms of knowledge to fully tap into the enhanced marketability & decision-making ability of knowledge in the information age. A few examples of knowledge in the context of a company include;
| Company accounts & financials | Product descriptions |
| Project reports | Case study |
| Proposals & Bids | Annual report |
| Industry Certification | Newsletter |
| Company Profile | Blog Articles |
Outcomes
A strong body of business knowledge provides the following positive outcomes;
- A “Smarter” firm.
A firm is smarter through better & informed decision making from financial, sales & marketing information. - An “Articulate” firm
A firm articulates itself better through well defined & accurate information on a firm’s offerings & core abilities. This greatly improves sales & marketing cycles.
Ideation256 