Key Characteristics of Knowledge (Report‪)‬

1. INTRODUCTION We live in a globalised world where markets, products, technology, competitors, regulations, and even societies change rapidly. In such a world, continuous innovation, together with the knowledge that enables it, has become an important source of the highest-quality power. The ability to understand, process, and generate advanced knowledge is crucial for the success of organisations at all levels. Endowments of natural resources such as minerals, coal, and oil or other tangible assets, no longer determine the fortunes of economies (Huggins & Izushi, 2007). Firms rely heavily on the production and use of advanced knowledge as a key source of their market and overall success. Bearing all this in mind, it is justified to conclude that we are living in a 'knowledge-based society'.