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FEATURED ARTICLE — April 18th, 2018
What is Knowledge Commerce? Why it’s Important for Me to Know About It
The digital age is transforming our civilization and taking it towards the knowledge economy. The term ‘knowledge economy’ was first used in 1960 and represents a shift where the production and use of knowledge are imperative.
Unlike the traditional economy where wealth generation depended on natural and physical resources, in this new economy, wealth is created from information and knowledge. In this knowledge-based economy, a majority of the workers of developed countries are involved in knowledge-related work. In other words, they use their brains more than their muscles.
The knowledge economy is being fuelled by the power of technology and the penetration of the internet. Some of the essential characteristics of the knowledge economy are the prevalence of ‘smart products,’ the increasing value of intangibles, and the growth of knowledge industries such as software, education, management consultancy, online information services, etc.
As the world shifts at a mindboggling pace, the importance of knowledge for businesses is increasing exponentially. It allows companies to sail turbulent times and facilitates them in decision making and innovation. The fortune 500 companies, for example, incur a loss of around $31.5 billion per year because they fail to share knowledge.
Some of the ways the internet is helping knowledge commercialization is in the form of online communities, e-learning, online events etc. The importance and demand for knowledge has created an opportunity for knowledge commercialization, which means packaging knowledge and selling it.
Established knowledge markets such as publishing and broadcasting as well as management consultancy are already present. Today, knowledge commerce is the combination of... Read More
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