Why a knowledge-based economy is the way of the future

Companies worldwide have already realised that knowledge is the way forward and are tapping into this growing trend.

There is no doubt that a knowledge-based economy is the way of the future. Companies worldwide have already realised that knowledge is the way forward and are tapping into this growing trend.

The United States, Australia, the UK, Qatar and Hungary are already focusing their efforts on building a knowledge-based economy alongside their already thriving base economy. In the Middle East, for example, Qatar, Saudi Arabia and the UAE have all concluded that their main economic driver – oil and gas – is not sustainable in the long-term, therefore building a knowledge-based economy is key to securing future success.

According to The Institute for Work and Technology in Germany, the transition from an industrial to a knowledge society means that the economy becomes more dependent on knowledge and capacity to innovate. The planet is evolving and so are we with it.

For Managers asks whether companies are ready and prepared for a knowledge-based economy, “a new era” as they call it. Over the past decade, knowledge which was once only available to the privileged few is now accessible to almost everyone, via the internet. Not only does this make the gig economy a highly competitive marketplace, but can also help build never before seen successes in business.

  1. Learning methods

Not only are we in the age of a knowledge-based economy, but learning what to do with this knowledge is key. The way in which we learn has changed. No longer are we expected to memorise and retain useless information, but required instead to figure out what to do with the information presented to us. Experts are no longer measured by their education and training, but by their skillsets – their ability to work well within a team and to find the best solutions. This in effect creates a fair market and provides equal opportunities for all.

  1. Technology

Technology is the key to business success. According to PWC, automation and “thinking machines” are replacing human tasks, and changing the skills that organisations are looking for in people. It’s therefore not only important for companies to adapt to this change, but to skill workers in the latest technological advances that will help businesses get ahead. The knowledge-based economy is helping professions in all guises – tech, law, medicine, engineering, finance, etc. – experience profound change and to reap the rewards of this growing economy.

  1. Competition

Globalisation – mainly through the power of the internet – has brought about an expert economy rich in competition. Not only are companies able to hire workers living in the same city, but can pick the best talent half-way around the world. A shortage of skilled experts and demographic changes have forced organisations to seek out the best talent for any job, from anywhere. Hiring managers are continuously looking at new ways to seek out highly-skilled and vetted talent in a competitive marketplace. Online freelancing platforms – like Upwork, Freelancer or Alifery – are proving effective in supplying companies with highly-skilled and vetted talent.

  1. Flexibility

Companies are reaping the rewards of a growing expert economy, simply by becoming flexible. Mixed work teams not only help diversify the knowledge base but can take companies to new heights. By optimising a workforce, a company can improve productivity and increase engagement at the same time. The growing knowledge-based economy not only encourages greater flexibility and creativity, but will give any business a leg up in a highly competitive marketplace.

One way to help your business stand out is by taking advantage of online freelancing platforms that provide the best freelance experts in any given industry.

Alifery Freelance Experts is one of the leading online platforms worldwide that connects businesses with experts in the legal, finance and consultancy sectors.

Alifery has devised three important steps to ensure businesses make the best of the freelance marketplace. They provide access to skilled and vetted talent, tailor work to meet business needs and reduce overheads.

Leave a Reply

Your email address will not be published. Required fields are marked *