May 12, 2019 published by Keerthana
In the modern society, a knowledge economy can be attributed in three different developments. Firstly, the ubiquitous digital media and globally networked InfoComm Technology. Secondly, the economic, political and cultural phenomenon known as Globalisation. And lastly, the spread of the idea of the knowledge economy itself.
In business terms, it revolves around the production and consumption of intellectual capital. When it comes to intellectual capital, they consists of three types. The human capital which is the tangible value to businesses and companies. The relational capital which covers in areas such as the value of a business firm’s relationships with stakeholders, employees, buyers, vendors and consumers as they play an important role. The structural capital which is basically the assets of intellectual property estates commonly known as, inventions of artistic design works.
Intellectual capital is made possible through millions of people all around the world who are interconnected by global networking. How did this happen? Well, through the advancements of technology over the years. This knowledge economy is now being recognized in companies as it develops to take up large shares of all the economic activities.
A global economy is one that is highly driven by innovations and technology in developed countries through circulation and application of new ideas, products and services. It is no longer a world where the ICT industries are domain in such advancements in technological fields. Communication skills, digital media information and networking are the fundamentals. It has become mandatory for everyone to have the basic knowledge in order to be viable and be competent as it has become an essential these days for most companies around the globe.
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