The Coming of Knowledge-Based Business

The Coming of Knowledge-Based Business


The next phase that will boost economic activity is expected to be driven by knowledge-based companies. What will these businesses along with their goods look like? A tire that informs that the person driving it of their pressure and an item that heats up or cools as a result of temperature fluctuations are the earliest versions of knowledge-based or “smart,” products already available. Diapers that change color in the presence of water and tennis rackets that light up where they hit the ball could be smarter versions of the other items. These products are intelligent since they process and interpret data to help users to perform their tasks more efficiently. Smart products, developed by companies based on knowledge, are distinguished through a myriad of features such as being interactive, they are smarter as you utilize them, and they can be made to your specifications. We’ll be discussing these and other features however we are certain that there will be many more evident as the age of knowledge produces more smart products.

From Data to Information to Knowledge

Technology is changing and driving the future wave that will see economic expansion. To benefit from that increase, we’ll have to employ not only the latest technology , but also a new way of thinking. Most important will be our ability to recognize the transformation of the economy from data to information the realm of knowledge. Data are the fundamental building blocks in the modern information-based economy as well as of a knowledge-based company. In other words, as Robert Lucky, a former director at AT&T Bell Laboratories, says that they’re an “unorganized sludge” of the information age. In the beginning of the current economy, we primarily focused on the data that we received in four distinct formats: numbers, words sound, images, and words. The way we dealt with the data–how we stored, processed or altered them in any way–determined their significance. Information is information that has been structured into patterns that are meaningful. Data is data. A random table of numbers is information. Like sounds (converted to note) are information that can be organized in an endless number of systems to create music. The degree to which a piece of music is a source of knowledge–whether it is able to teach, or whether it helps those who hear it to acquire knowledge–depends not just on the composer as well as the skills and motivation of the person performing. For a beginner pianist an unsteady performance of a waltz may be an opportunity to learn. The same waltz played by a master can become an opportunity to impart knowledge to their audience.How can companies extract the value of knowledge from an item of clothing or a home mortgage or even a foreign exchange credit? The change from information to knowledge however, is leading to a new issue: the awareness of the value of knowledge is far beyond the capacity of many companies to take it away from the products and services into which it is contained. What can companies do to take, for instance, the value of knowledge from socks, a mortgage for a home or an electric bill or an exchange credit? Anyone who can find out the answer will be able to gain as much profit and power from data and information to the table. However, to achieve this they must comprehend the essential aspects of a knowledge-based business.

Six Elements of Knowledge-Based Business

The six traits of a knowledge-based enterprise. While they are all interconnected however, they do not mean that all are required to be present in one solution or item. They do provide the guidelines for how a company can transform into one that is based on knowledge by improving its offerings in a manner that makes information available for use.

1.The more you make use of information-based products, the more sophisticated they become.

If a guest staying at the Boston Ritz-Carlton requests six hypoallergenic pillows, the hotel’s know-how-based system will ensure that they’re there at the time she arrives at any Ritz across around the world.The Ritz-Carlton chain of hotels has rolled out the system based on knowledge that records the preferences of customers and their needs and instantly transmits that information to all of the world. If a guest who is in Boston wants six pillows that are hypoallergenic, for instance, she’ll be able to find these in the room next time she comes to a Ritz-Carlton regardless of whether it’s situated in Boston as well as Hawaii or Hong Kong. This means that the system has learned more about the person who is using it and can put the newly acquired information to good use. In the same way, credit card transactions can be a source of information, and every customer’s monthly bill are a source of information. But when Citibank Aadvantage contacts you for a question about an unusual activities on your account it is putting the information it’s learned about you into action for you as well as the credit card company. The system is now enough smart to detect patterns of buying that are not typical for the particular cardholder, and could indicate an indication of fraud WPC2025.

2. The more you utilize services based on knowledge, the better you will become.

Certain products and services that are based on knowledge are not just smarter but also help users to gain knowledge. Consider CAMS, General Motors’ Computer Aided Maintenance System. Created to teach mechanics to help novice mechanics understand and repair vehicles but has now developed into an increasingly sophisticated system that lets expert mechanics to improve their abilities. Today, every mechanic benefits from the collective skills of all mechanics who are part of the system.As when it was in 1965 the mechanic who read the equivalent of 500 manuals for repair was able to fix almost any vehicle in the world. In the present, that mechanic will need to read 500 000 pages of manuals, which is equivalent to 300 Manhattan phone books. CAMS access helps mechanics become more knowledgeable without manuals. While it is possible to say that the knowledge gained is within the system, and not in any one person, the truth is that mechanics are more knowledgeable because they now have the expertise of all mechanics. The system itself continues to improve as it learns methods from top mechanics. The result, naturally is better service to the customer Fanserials.

3. Products and services based on knowledge adapt to the changing environment.

Fixed-priced offerings are not as good in a system that evaluates different situations and adapts according to the new circumstances. We’ve long been used to fridges that “know” when to defrost. The basic thermostat in your home that detects the temperature of a room and calls for cooling or heating is a different smart device that was designed before computers became a thing. When knowledge is integrated into a tangible product it could be integrated at the molecular or atomic level, such as in chemical substances which are designed to break down at the point of reaching a toxic or dangerous level. Micro-PCMs, also known as phase-change materials are the latest developments that are independent of computers, yet are able to adapt. If the fabric of a micro-PCM jacket detects cold, it transforms warm. These same micro-PCMs are integrated into the curtains of cars, car seats interior materials as well as wallpaper.Another innovative material that adapts to the changing weather conditions has been designed for use on glass windows. Cloud Gel, developed by Suntek in Albuquerque, New Mexico, is able to reflect, or transmit, 90% of the sun’s radiation based of the weather conditions or intensity of the sun’s rays. If it’s 68°F for instance, an treated skylight or window can let in more warmth However, once it’s at 71, it’ll start to bounce heat back to the atmosphere. Every year, about six billion square foot of fresh glass are put up in the world. If all the glass were coated with this material, Suntek claims, energy consumption would decrease to 17%, and nearly one billion tonnes of pollution from the air could be eliminated.Today computers are commonly integrated into items for example, like the chip inside an oven that sounds when the turkey is cooked and then shuts off the heat when the cook isn’t. Other intelligent products and services will tell you what to do. For instance, tires on cars are prone to losing air decreasing performance, and consuming gas. Goodyear has created the “smart tire,” which is equipped with a microchip which collects and analyzes data on the pressure in the air. In the future, it could be able to send an alert on the dashboard which reads, “Low Tire Pressure–Time for a Pit Stop.” The first portion of the message contains details; the second one, known as the knowledge component will instruct you on what you should do. It’s your responsibility to make the right decision.Animals that Start with Q- All Facts Are Here

4. Knowledge-based companies can personalize their offerings.

Knowledge-based products and solutions can help customers understand their changing habits particular demands. For instance, telephone companies are currently working to create phones with information-based functions. Your credit card for the phone will soon be able to determine what language you’d like to speak when you contact an international long-distance provider. It also allows you to make your own distinctive sound so that your most trusted friend will know that you are calling them. The new service will also identify the most frequently used numbers not only by numbers as well, but by name. So, when you dial the phone and ask “Call my travel agent,” the system will recognize who it is. The recognition of voiceprints will soon become an important element in the customization of various products and services, like credit cards for telephones and may eventually be able to replace the card.

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