What is a knowledge economy?

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One key thing that's clarified for me lately is the concept of a Knowledge Economy. Knowledge (ie what people know) is an asset that we need to manage and value. But putting in place a KM system (processes and systems) alone won't make it happen. You have to clarify to people at all levels how to stimulate this economy much like the UK's Chancellor of the Exchequer has to stimulate the UK economy. You have to assess the knowledge marketplace in the organisation and who the K suppliers and customers are. This language may jar with the non-profits out there but I've worked in the humanitarian aid sector and the concept is just as valid.

Thinking about this Knowledge Economy idea gives hugely powerful insights. Just the other day I was talking to a part of the company mentioned above where it is recognised that, in financial terms relatively little money comes in. But in Knowledge Economy terms it's fundamental and is a hub for the entire rest of the org. People now understand this so I now have permission to hold a 2 Day Knowledge Exchange in a few weeks which will help to bind the company much better in future, communicate knowledge where and when it needs to be and help it to perform better.

A last example from the company. An Engineer there has written to the Chief Engineer telling him that she learned more in 24 hours through KM about Engineering than she did in several months working on Engineering on a project! This to me says a lot about KM of course - it's because the people - people processes being installed are fantastic at a) emerging the knowledge that we didn't know we didn't know and b) getting it flowing round the org. Best to all, Paul.