The knowledge economy: What it means for your Career and Business
“Empires of the future are empires of the mind” — sir Winston Churchill- Harvard Speech (1943). In my previous article, I mentioned that South Africa is an emerging economy and in order to remain competitive on a global scale knowledge management is key as knowledge has become a major production factor in the modern age, also known as the digital age.
What is the knowledge economy?
Knowledge has always been a key component in any successful economy or business model from the earliest agricultural developments all the way to the first computer or the first cellphone. Today, its use is ever more prevalent in our day-to-day life. According to a research paper by Walter Powell and Kaisa Snellman, the knowledge economy is defined as production and services based on knowledge-intensive activities. The key component of the knowledge economy is a greater reliance on intellectual capabilities than on physical and natural resources.
What does it mean for my career and future career?
Gone are the days where just a bachelor's degree will open doors for a decent and steady job. Today, skill more than anything is extremely important and it is quite obvious in my industry (IT sector) than any other industry. To be able to remain competitive and relevant in the job market one has to be willing to acquire new skills and do so at a rapid pace since the internet has liberated access to information and knowledge.
An article by the Harvard business review states that “It makes sense that knowledge workers should spend so much time absorbing and disseminating information. Finding data, facts, information, and insights, and then sharing it with others”. Constant learning and the ability to adapt to new industry best practices are therefore essential to ensure a long-term career.
What does it mean for my business?
To compete in today’s global market you will need a talented team of individuals who are both dynamic and ambitious. A strong Knowledge base, then in today’s economy creates a competitive advantage through both the ability to innovate and find creative ways to current societal problems. For business today, the landscape is changing and a shift from processes to people will need to start to happen where employees are no longer viewed as inputs in a production process but are rather viewed as active participants in the process itself. In a nutshell, for businesses to thrive in today’s environment your human and intellectual assets are your most prized assets as such guard those with utmost care.
Thanks for taking your time to read this, hope you got something out of it, have a great week. As for me let me get back to coding ;).
