Managing the Knowledge Economy

Managing the Knowledge Economy

In my previous articles, I mentioned that a knowledge economy is an economy in which knowledge resources such as research, creative skills, talent of all kinds, and technical expertise, are critical, and a priority for other economic resources, which are at the forefront of this as an alternative to the manufacturing economy, or the industrial economy. According to the British definition, the vitality of the knowledge economy lies in the expertise and distinctive management of competitive knowledge services and products.

Many countries have worked hard to deduce a clear meaning about the knowledge economy, including that the knowledge economy is closely linked to higher education, and a partial measure of the economy was made by measuring high-tech industries and university institutions, supported in part by the financing of higher education, through the creation of “knowledge cities” or “knowledge centres” and through what they call “knowledge transfer”; all this, however, was in fact only to encourage the marketing of university research.

It is true to say that technological development and the flourishing of AI products have spurred every country in the world towards a knowledge economy, but what is being taken on with these trends has always been a failure to invest in knowledge management.

The big issue to be understood is that the orientation towards a knowledge economy requires that knowledge be treated as a commercial product, a product asset, and to say that it is a productive asset that benefits because it knows that the economy is based only on productive assets, and that in order for the knowledge economy to function effectively, this productive asset must be carefully addressed, nurtured and developed, in other words, knowledge needs to be managed, because the role of Governments has always been, for the prosperity of their economy, to ensure that productivity assets are well managed.

Knowledge Management is the technology, tools and human resources used to collect, manage, disseminate, and invest in knowledge within an organization, and it is seen as managing individuals’ knowledge-based skills, not just what is documented in enterprise documents, the purpose of which is linked to the decision-making process in institutions.

The field of knowledge management has been independent since 1991 and includes instruction and courses taught in the areas of business administration, information systems, public administration, library management and information sciences.

More recently, other areas have begun to contribute to knowledge management research, including various media, computer science, public health, and public policy; large companies and organizations with resources are dedicated to internal knowledge-management efforts, often part of the business strategy, information technology management or of human resource management.

In contrast, many strategic consulting firms provide advice on knowledge management for organizations, and organizational knowledge management efforts typically focus on objectives such as improving performance, competitive advantage, innovation, sharing lessons learned, integrating plus continuing to improve organizations, and knowledge management is seen as possible to access organizational learning and a more realistic mechanism than previous abstract research.

The emphasis on the role of knowledge management in the knowledge economy can be reinforced by the realization that the prosperity of the knowledge economy is based on the development and support of these trends and businesses in the field of knowledge management, as well as contributing to a definition of what good knowledge management means for all organizations seeking a knowledge economy or wishing to work in its fields, as well as providing education in the future for all institutions on “learning how to learn” in knowledge management.

The other thing is to focus on critical knowledge topics, develop knowledge groups in these topics and knowledge cities, rather than “high-tech” groups, i.e. a regional approach facilitated by the government to establish overlapping networks with a soft strategy, and this can be brought closer to the concept of creating realistic networks for people to share knowledge and to build, and here comes the role of governments in encouraging people to move out of their four walls into face-to-face knowledge communication, whether through those networks, or through workshops, seminars, international cafés and so on.

Thus, a conclusion about knowledge management can be summed up that, if we want a knowledge economy, this economy must be based on productive assets and knowledge, as we have said, a product asset, and then prosper with good management of these assets, and here it generates awareness of knowledge management and its necessity. And to talk the rest.

Author : Manahel Thabet
Published December 04, 2017
Al Bayan Newspaper

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