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The first wave was the Agricultural Age with wealth defined as ownership of land. In the second wave, the Industrial Age, wealth was based on ownership of Capital, i.e. factories. In the Knowledge Age, wealth is based upon the ownership of knowledge and the ability to use that knowledge to create or improve goods and services.
A knowledge-based system (KBS) is a computer program that reasons and uses a knowledge base to solve complex problems. Knowledge-based systems were the focus of early artificial intelligence researchers in the 1980s. The term can refer to a broad range of systems.
Knowledge industries are those industries which are based on their intensive use of technology and/or human capital. [1] While most industries are dependent in some way on knowledge as inputs, knowledge industries are particularly dependent on knowledge and technology to generate revenue.
This can have a profound effect on both the quality of the service delivered as well as the client's ultimate satisfaction with the knowledge-based service solution. By strategically managing client co-production, service providers can improve operational efficiency, develop more optimal solutions [ sic ], and generate a sustainable competitive ...
Knowledge-intensive services can be described as activities that are based on knowledge and know-how resources and are service oriented. This is a more descriptive concept than a specific industry: the information creates value for different stakeholders.
A knowledge economy features a highly skilled workforce within the microeconomic and macroeconomic environment; institutions and industries create jobs that demand specialized skills to meet the needs of the global market. [3] Knowledge is viewed as an additional input to labour, and capital. [4]
These issues led to the second approach to knowledge engineering: the development of custom methodologies specifically designed to build expert systems. [1] One of the first and most popular of such methodologies custom designed for expert systems was the Knowledge Acquisition and Documentation Structuring (KADS) methodology developed in Europe.
Reasons behind KPO include an increase in specialized knowledge and expertise, [1] additional value creation, [3] the potential for cost reductions, and a shortage of skilled labor. [1] Regions which are particularly prominent in knowledge process outsourcing include India, Sri Lanka, and Europe, especially Poland, Romania, and the Baltic States.