Knowledge Asset Strengthening for Sustainable Development & Growth

Increased competition around the globe in today's competitive scenario is the outcome of process of globalization. The cost of capital and productivity has made organization to realize the significance of managing costs for business efficiency. Thus they required tailor-made solutions for specific issues like cycle time efficiency, market research and demand-based management, this demand for management of knowledge asset. Accountant defines an assets as a stock from which a number of future services are expected to flow. Accordingly, knowledge assets are defined as “stock of knowledge from which services are expected to flow for a period that may be hard to specify in advance.” In contrast to physical assets that may have limited life because of depreciation, knowledge asset may in theory last forever. Basic reason behind poor performance of the developing nation is unutilisation of skilled labour and availability of capital while develop nation in turn utilize their resources properly. The efficient utilization of the existing intangible, knowledge-related resources available in every sector of the economy would be responsible for enhancing the productivity of all factors of production. Thus today’s corporate world in the developing countries needs to focus on the factors that systematically enable effective knowledge management. These enablers include transparency, political will, enhancement of educational institutions, a comprehensive database, and greater connections between the public and private sectors. Knowledge is critical for development. In the current thinking on sustainable development, the importance of knowledge and information as an asset for development is perhaps insufficiently recognized. For making the most effective use of limited assets, access to knowledge and information is very crucial as it mitigate the risk. There has been growing concern that research and development efforts have failed to achieve their full potential because they have overlooked the need to work with and strengthen the Knowledge and Information Systems.