Managerial Economics class discussion wk9 - Essay Example

The Importance of Knowledge Economy Affiliation The Importance of Knowledge Economy Knowledge workers and knowledge economy have been existent for years. Their role in organizations have remained similar but there has been changes at the level at which their roles are required. In the modern century, excess pressure has been put on knowledge workers to increase their output (Reinhardt et.al, 2011). The same could be said of knowledge economy as organizations have massively invested in the vice.

The need to increase development of knowledge approaches to problems has been created by the changing world in regards to advancement and innovation. The rate of the change is too fast hence participation of knowledge workers in organization is required intensively. Organizations strive to ensure their retain relevance and remain significant in the fast changing markets. For this reason, knowledge workers and knowledge economy have been mandatory requirements (Reinhardt et.al, 2011). Considering that change, innovation and adaptability are important aspects in the modern century, firms need to address problems that may hinder effective transition.

Firstly, the knowledge of the crowd requires harnessing (Reinhardt et.al, 2011). Increasing the quantity of knowledge workers is an important strategy. Firms should then update their innovation requirements. This can be done by understanding the market requirements as demanded by innovation and change. Placing a knowledgeable crowd to work on these changes increases the suitability of the form to adapt to the market changes. In addition, internal approaches to develop ICT infrastructures may increase the suitability of the firm to compete effectively in a technologically advanced market (Reinhardt et.al, 2011). ReferenceReinhardt, W.

, Schmidt, B., Sloep, P. & Drachsler, H. (2011). "Knowledge Worker Roles and Actions – Results of Two Empirical Studies". Knowledge and Process Management, 18, (3): 150–174.