Every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others, which are thought of as seasoned growth industries, have actually stopped growing. In every case the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is because there has been a failure of management.
Tools for the Knowledge Economy and appearing on the horizon..... a Networked Economy
The experts tell us that "we have to recognise that to become knowledge driven, we must learn how to recognise changes in intellectual capital and worth within our businesses and ultimately in our balance sheets. A company's intellectual capital, that is, its employees' knowledge, brainpower, know-how, experience and processes, and the ability to continuously improve those processes - is a source of competitive advantage."
The newly launched Knowledge Village in Dubai - www.kv.ae - is one such entity that is preparing the global community for a knowledge-driven economy.
But first, what is a knowledge-driven economy?
The UK Department of Trade and Industry defines it as: "An economy in which the generation and exploitation of knowledge play the predominant part in the creation of wealth."
In the World Development Report of 1999 it says: "For countries in the vanguard of the world economy, the balance between knowledge and resources has shifted so far towards the former that knowledge has become perhaps the most important factor determining the standard of living - more than land, than tools, than labour. Today's most technologically advanced economies are truly knowledge-based."
The launch of the Business Centre at the Knowledge Village in Dubai
Knowledge Village (KV), the third component of the Dubai Technology, E-Commerce and Media Free Zone Authority, has launched its Business Centre in advance of its opening later this year. The business centre will act as an incubator, assisting small companies and freelancers to grow and develop into successful enterprises that continue to benefit the KV community.
KV is a centre of excellence for learning, innovation, education and training for the region. The vibrant learning community of international academic institutes, service providers, professional training and management development centres, and eLearning content providers, will combine to support the development of the region's talent pool and accelerate its move to the knowledge economy. For more information visit their website - www.kv.ae
Know-why and know-who matters more than know-what
Stanford economist Paul Romer says that: "There are different kinds of knowledge that can usefully be distinguished.
- Know-what, or knowledge about facts, is nowadays diminishing in relevance.
- Know-why is knowledge about the natural world, society and the human mind.
- Know-who refers to the world of social relations and is knowledge of who knows what and who can do what. Knowing key people is sometimes more important to innovation than knowing scientific principles.
- Know-where and know-when are becoming increasingly important in a flexible and dynamic economy.
- Know-how refers to skills, the ability to do things on a practical level."
Overall, the implication of the knowledge economy is that there is no alternative way to prosperity than to make learning and knowledge-creation of prime importance.
From the many enquiries and questions that we receive on a daily basis through our communication mediums, we have become increasingly aware that "knowledge is the basic form of capital and that economic growth is driven by the accumulation of knowledge."
These forgotten vendors, sometimes more correctly called 'providers,' often bear the brunt of a campaign planner's bad planning or miscommunication.
Audits are being done all the time within many companies across most departments to identify problems, opportunities and in some instances, the irresponsible or 'not accountable' behaviour of management and their staff.
We are often asked how we survive the hubbub of our every day business activities, the changing economy and building a balanced life. Simple! It is through our business model of 'collaboration' and support, building trusted partnerships with all our valuable customers, service providers, business colleagues, friends and family. And keeping an 'open door' policy - you never know who will walk in.
Companies now have to deal with many more Customer Contact Points (CCP's) and channels than they did just 5 years ago. While this creates more opportunities to reach your customers, it also makes it easier for them to defect, increasing the pressure on marketers to build relationships that last. It is important to know that each point of contact with your customer is a 'Moment of Truth.'