Coming out of the dark ages, we lived in the Agrarian Age where wealth was created from the land and, therefore, a few landholders had the power and wealth of the nation. Battles were fought over land and the differing resources that the geography possessed, giving title deeds to the victor.
The Industrial Revolution changed this order. The era of capitalism was born with the creation of factories engaging workers through Adam Smith's division of labour principles and the production of mass market goods, provided ever-more cheaply through ever-greater size of operations and the economies of scale employed. This era started in the 17C and culminated with massive industrial complexes such as Henry Ford's car plants in Detroit.
In the Industrial Age, the ability to attain capital, own and run factories by organising workers and machinery led to wealth for the individual. There was a fundamental shift in financial power from the land to capital. On a global scale this became the age where America's industrial might showed itself and then latterly German engineering prowess and Japanese production efficiency rose to the fore. Within all this there was the creation of industrial magnates, tycoons and a new rich. It was also the birth of the middle classes.
In the latter half of the 20thC we witnessed the birth of the Information Age which has allowed rapid global communication and networking to shape modern society. Communication around the globe is now instantaneous through a multitude of channels, with access to information on any subject only one click of a button away.
The providers of these channels and sources have prospered on an unprecedented scale, benefitting from a global marketplace with seemingly no financial boundaries or constraints.
The Knowledge Age is now upon us and it has profound effects for business. Once you have access to all the information you may need on any subject, instantaneously available at no cost, then what next? Where's the competitive advantage?
It lies not in the information itself but how you assimilate it, using experiences, intellect and understanding to create added value to customers – and on a constant basis. The Knowledge Age is where ideas are paramount. In this era, knowing how to use the relevant information in a digestible, implementable form - and take it to market quickly - is the key to success. It has never been truer that it's not what you know it's what you do with what you know. A good depth of knowledge enables asking the right questions to get the right decisions to take the right actions and then – get the desired results.
To summarise: In the Knowledge Age business owners need to apply constant learning to their own development and seek out the best advice and ideas from knowledge-rich sources of business. In a competitive market those that choose to know more about their ever-changing marketplace and take action will win.
News supplied ActionCOACH Business Coaching.