September 18, 2021
Rekha Shah

Ever since the industrial revolution and globalisation the world has been on a rapid change. It is going through a transformation. Especially the world economies have seen a drastic change in the past 2 decades. The economies today are becoming more and more knowledge driven. So, what is a knowledge-based economy? The K-economy is when the country grows towards the attainment of knowledge for which the need is increasing rapidly. Knowledge based incentive activities are expanding which help in the economic growth and development of a country. Along with the growth in the economy massive changes are experienced in the field of technology. With the growth in technology today, achieving a knowledge-based economy is the need of the hour.

The Employment infrastructure is switching as well, the jobs today is not just pertaining to a specific sector or domain, it is highly integrated making use of various disciples. The long-term job employment opportunities are changing and the recruitment processes are also seeing a huge transpose. Why is this happening? With the changes in the external environment, advancements in technology and globalisation, every organisation aims to excel at every point. For excelling the right team with right knowledge is essential. Rightly said, Knowledge has become an important factor for businesses to survive and grow.

The nations today are highly dependent on knowledge which creates intellectual and innovative capital and ideas. Training the personnel largely in their domain as well as other important aspects such as technological advancements, soft-skills have seen a big leap. In a knowledge-based economy, the growth can only be seen when there is optimum utilisation of the manpower present. They need to be trained viciously in order for the attainment of economic or organisational objectives. The workforce needs to be prepared to face new challenges, accept new opportunities and fight threats. An organisation is said to have a competitive advantage when it’s mobilised its workforce, mixed knowledge and skills to come up with perfect solutions to meet the changing and complicating environments.

In order to skill the manpower various tools can be used. It can start right at the primary level of education and build its way through. Research has become crucial for advancements. Research on components like study of human behaviour, trend analysis, semiotics etc. can be done in order to gain knowledge and use it for the benefit of the organisation and then the benefit of the economy at large.

So let us understand few of these tools in detail. Human behaviour in simple terms is the study of the way humans interact, think and respond to their environments. But if seen minutely human behaviour studies include study of biology, psychology and physiology. This shows that a particular tool becomes knowledgeable as it consists of information and education from separate major domains. The know-how of Human behaviour is indispensable for an organisation wanting to create solutions for customer problems. Human behaviour is deeply rooted with culture, biology and experience. Many societies are witnessing change with the introduction of digital technologies, mobile devices etc. Organisations need to be well versed with this in order to create an experience for their targeted demographics.

Another important component becomes semiotics, it is the study of signs and symbols. Signs and symbols are interpreted in different ways. They mean different things. The signs can be derived from two sources, natural and cultural. Natural sources include the immediate environment we are a part of like the natural resources, flora fauna etc. Cultural resources are interpreted differently by different societies depending on their beliefs, values, ethnicities etc. The study of semiotics is essential to provide robust solutions to serve different markets. For an example, at a place where gold is in high regard by the people the solutions and product innovation will be different as compared to a place or culture where diamonds are regarded higher. Applied semiotics helps us understand the “trends” around different symbols and signs. This helps in the growth of knowledge based economic sectors and promote innovative thinking.

This brings us to the study of trend analysis, a major component to acknowledge the changing complex needs of the global citizens. Trend analysis helps in predicting the shifts and changes which a business organisation is going to face in the future. It gives a basic idea about the past and the future.

The study of these components become essential for organisations to gain knowledge and fuel creativity in every sector. The manpower becomes acquired with these skills which results in the development of K-economies with robust solutions. Innovative thinking is the way forward for progress. In the times we live in today creation is needed every step of the way.