Components of Knowledge Management for Organizations in the Knowledge Economy :- Amogu Uma K.

ABSTRACT

We live in a time when knowledge is the most vital human resource. It is a time when knowledge is replacing other resources as the main driver of economic growth. Interestingly, what is isolated as the new knowledge economy is global. Chandler and Monday (2011) refers to knowledge economy as "the production and management of knowledge as a product or service". A knowledge economy is one in which growth is dependent on the quantity, quality and accessibility of the information available, rather than the means of production. It is a system of consumption and production based on intellectual capital. In a knowledge economy, a significant part of a company's value may consist of intangible assets, such as the value of its workers' knowledge (intellectual capital). Lesser developed countries tend to have agriculture or agriculture and manufacturing-based economies, while developing countries tend to have manufacturing and servicebased economies. Examples of knowledge economy activities include research, technical support and consulting (Investopedia, 2015).