Topic: The roles of Strategy, Technology and Learning in a Knowledge Economy.Task Details: Discuss the following statement by reflecting on the challenges of leadership in a learning organisation.“To...

KNOWLEDGE ECONOMY
Table of Contents
Introduction    3
Role of Strategy    3
Role of Technology    4
Role of Learning    4
Challenges    5
Conclusion    6
References    7
Introduction
Knowledge economy can be referred to as an economy, in which the economic growth depends on the quality, quantity and accessibility of available information. The means of production do not matter and both consumption and production depend on the availability of intellectual capital. It plays an important role in the Strategy, technology and learning ability play an important role in development of knowledge and that directly affects an economy based on knowledge.
Role of Strategy
Multiple themes differentiate a new / knowledge economy from an old economy. Such themes involve digitalised economy, importance of network and human capital, elimination of intermediaries and others. With the advent of globalisation, the competition across the globe has been increasing at a tremendous pace. Knowledge has an impact on the products, workforce and organisations. In a knowledge based economy, the workforce use their minds rather than application of physical labour only. While evaluation of the value of an organisation, human capital is also an important part. Previously the focus was on capital assets, which involved land, machinery and others. However, in organisations such as Netscape and others, the most meaningful assets are contained in the minds of the employees and the managers (Ragulina, 2019).
Strategy plays an integral role in managing the new type assets of organisations. Managing workforce is not an easy task and when workforce is the most important assets, managers need to frame strategies for managing the same with utmost proficiency. The focus on knowledge development of workforce is increasing with the passage of time. Managers try to imbibe knowledge among the employees to ensure that they apply their minds while doing the jobs rather than just performing tasks like robots. In the development strategy, the framework of knowledge development can be applied effectively and efficiently. Innovation plays an integral role in the modern day organisation.
As noted by Bejinaru (2017), managers frame strategies to improve the knowledge of their human capital to ensure that they are able to offer the products as per the requirements of the customers. The consumption patter is moving from a standardised product to a customised product and in order to ensure the same, the managers develop strategies for the same. Strategies act as a road map for future as well as enable the managers in guiding the employees and develop an innovative culture for ensuring premium customer service to its customers.
Role of Technology
The new economy is moving towards a digital economy and the information is increasing at the fast pace. Huge amount of data is being generated and stored in a single day and data is the new oil in the modern times. As noted by May and Perry (2017), technology has changed the production process across the globe and with the passage of time, dependence on technology is increasing. Software is being exhaustively used by organisation to provide premium customer service and improve customer satisfaction. Previously organisations used to depend only on human labour. However, technology has changed the manufacturing setup across the globe.
With the use of technology, huge amount of information can be transferred at a speed of light and the core reason behind the global expansion of multinationals is...