The knowledge-driven economy
A Department of Trade and Industry case study

Page 1: Introduction

There are many examples of business organisations which, because they have previously been successful, have continued to follow previous strategies without considering the circumstances they are in. In the short-term they succeed and progress. However, because they do not consider circumstances, and change their direction, they court disaster. This case study focuses upon the findings of the...
Read full page

Page 2: The knowledge-driven economy

A knowledge-driven economy is one in which the generation and use of knowledge will come to play the major part in the creation of wealth. It is not simply about pushing back the frontiers of knowledge; it is also about the effective use and exploitation of different types of knowledge in all manner of economic activity. Types of knowledge We all have knowledge that we think about in terms of...
Read full page

Page 3: The importance of knowledge

The four key reasons why knowledge is becoming more important are as follows: 1. Information and Communications Technology (ICT) Today information spins around the world quicker than ever before with entirely new products and services such as digital TV, laptop computers and global positioning systems. Production methods have also been transformed. Electronic commerce and the information highway...
Read full page

Page 4: Business organisations and change

The movement towards a knowledge-driven economy has changed the way in which organisations compete, all of which has accelerated the pace of change for stakeholders: Managers seek competitive advantages by maintaining or further developing knowledge assets.Employees require skills supported by a culture within the workplace which enables them to be creative. Investors witness more risk and...
Read full page

Page 5: People and skills

The intellect and creativity of people are at the heart of the knowledge-driven revolution with a growth of service sector knowledge intensive businesses. Within all sectors workers have to be more highly educated and more must be able to work with customers as part of their daily work as well as participate in teamwork. People today are also required to work flexibly across a range of job roles...
Read full page

Page 6: Conclusion

The knowledge-driven society will create higher expectations amongst consumers, who will be more discerning and expect higher standards of products and services. Consumers will be more likely to buy products and services where traders give clear, accurate and understandable information. Companies who use knowledge in order to provide consumers with what they want in terms of information and back...
Read full page