Importance of KBD for Sustainable Success in a Digitized World
Added on 2021-05-31
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Importance of KBD for Sustainable Success in a Digitized World 1IMPORTANCE OF KBD FOR SUSTAINABLE SUCCESS IN A DIGITIZED WORLDBy [Name]Course Professor’s NameInstitutionLocation of InstitutionDate
Importance of KBD for Sustainable Success in a Digitized World 2AbstractThe global economy is changing and the application of human knowledge and creativity is becoming increasingly important. Wealth creation through the application of human knowledge, for instance, has already outpaced creation of wealth through extraction and processing of naturalresources which indicates that Knowledge-based development (KBD) has been vital for sustainable development. The concepts of knowledge city convey a collection of cultural, technological, scientific, academic and innovation potentials in cities and regions that foster economic growth. KBD has acted as a framework of collaborative development that offers guidelines to the public, academic, and private sectors in developing future strategies capable of attracting and retaining talent in addition to establishing knowledge intensive policies on urban and regional centers. KBD has made it possible to acquire the supporting framework and policiesthat leverage the process for improved development gains and act as a guide to a sustainable pattern. To sum it up, knowledge-based development has become vital to sustainable success in this digitized world where growth and productivity have come to be dependent on knowledge.
Importance of KBD for Sustainable Success in a Digitized World 3Importance of KBD for Sustainable Success in a Digitized WorldThe global economy is changing and the application of human knowledge and creativity is becoming increasingly important. Creation of wealth through the application of human knowledge, for instance, has already outpaced creation of wealth through extraction and processing of natural resources (Yigitcanlar and Bulu 2015, p.90). Book values in recent years have greatly been exceeded by market values of private corporations. Business corporations' capacity to earn now relies more on its intangible knowledge assets over tangible assets. With increased digitalization of the world, knowledge has become vital for sustainable development. Revolution in information and communication technology and globalization has created atomized economies and societies (Yigitcanlar and Bulu 2015, p.90). And with the behavior of information and knowledge as economic goods, dramatic changes are arising in the value creation modalities (Asongu 2017, p.13). Knowledge-based development has become vital to sustainable success in this digitized world where growth and productivity have come to be dependent on knowledge. This paper describes the significance of KBD for sustained success in a digitized world.Definition of Knowledge Based Development (KBD) at a Macro LevelKBD is a technical and theoretic field formed from a movement and a disciple. The discipline is the Growth Theory (GT) and the movement of origin is the Knowledge Management (KM) (Tchamyou 2017, p.1200). Growth Theory lays emphasis on the understanding of the principles of macroeconomic which defines upsurges in total production in regions and countries. Knowledge Management, on the other hand, arose in business as a response to the desire to identify, value, and capitalize knowledge-based factors of values (Tchamyou 2017, p.1200). A knowledge-based development (KBD) like knowledge
Importance of KBD for Sustainable Success in a Digitized World 4management has evolved considerably in its existence. KDB programs distinguish from KM approaches based on the focus of their actions of development that is on the understanding of knowledge. The basic understanding of knowledge is that it is an object or a capacity transfer in the age of knowledge management practice (Secundo et al, 2015). KBD approach can be definedbased on three levels which include social knowledge substructure, expansion of human capital, and social capital system expansion (Secundo et al. 2015, p.280). When these three approaches are combined, KBD can be defined as a substructure to enhance the social stock of knowledge, a strategy for economic development and a policy to satisfy the flow of knowledge.Knowledge Cities, And Innovation EnginesKnowledge-based development has been evident in the day to day growth at urban, regional, national, and supranational levels. However, evidence suggests that success comes at a cost much more than goodwill (Del Rosario González Ovalle et al, 2004, p.120). For business sustainability in urban centers, three pillars of corporate sustainability are essential. These are theenvironmental pillar, the social pillar, and the economic pillar. The three pillars are formally regarded as people, planet, and profits (Oiu and Wu, 2017). The pillar that often attains the most attention is the environmental pillar as the focus of most companies lies on carbon footprints reduction and waster packaging. The social pillar is defined by the concept of social license where a viable business needs to be supported and approved by employees and stakeholders. Theeconomic pillar of sustainability is where organizations believe they are on firm ground. This pillar is on the notion that for sustainability to be realized, profitability is necessary (Del Rosario González Ovalle et al, 2004, p.121). Other activities under this pillar include risk management, proper governance, and compliance.
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