In the knowledge economy, we need a Netflix of education | TechCrunch (2024)

Rob HarlesContributor

Rob Harles is managing director at Accenture Interactive.

Karl Mehta is the founder and chief executive of EdCast, Inc. and the founder of Code For India.

More posts by this contributor

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With 4.6 billion pieces of content produced daily, it might seem that our hunger for knowledge should be satisfied — but information production and distribution is not the same as consumption and it’s not as simple as just putting information out there.

The problem is that we are drowning in content — but are starving for knowledge and insights that can help us truly be more productive, collaborative and innovative.

When we want to acquire useful knowledge, we have to search the web broadly, find experts by word-of-mouth and troll through various poorly designed internal document sharing systems. This method is inefficient.

There should be a better solution that helps users find what they need. Such a solution would adapt to the user’s needs and learn how to make ongoing customized recommendations and suggestions through a truly interactive and impactful learning experience.

In the knowledge economy, we need a Netflix of education | TechCrunch (1)

Borrowing from the Entertainment Industry to Make Learning Easier

Before Netflix, Spotify, Reddit and similar curated content apps, you had to go to numerous sources to find the shows, music, news and other media you wished to view. Now, the entertainment and media you actually want to consume is easily discoverable and personalized to your interests.

In many ways the entertainment model is a good framework for knowledge management and learning development applications.

The solution for the learning and development industry would be a platform that can make education more accessible and relevant — something that allows us to absorb and spread knowledge seamlessly. Just as Netflix delivers entertainment we want at our fingertips, the knowledge and learning we need should be delivered where and when we need it.

The good news is that technologies are emerging to accomplish this. Using artificial intelligence (AI) and machine learning, solutions can now aggregate, curate and personalize learning processes and content.


Company Success Depends on Having a Great Learning Culture

“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage,” says former GE CEO Jack Welch.

Based on the data, it is clear that Welch is correct. In high-performing organizations, employees are four times more likely to share newly acquired knowledge with co-workers, per Kevin Oakes, CEO of Institute of Corporate Productivity (I4CP).

It’s essential that employers create a learning culture — one in which knowledge is more freely acquired, absorbed and exchanged. To do this, we need to deal with internal and external hurdles:

  • Internally, tacit knowledge is sitting inside the minds of your subject matter experts (SMEs). These experts should be easy to find and easy to engage based on their reputation and areas of expertise. There should also be a way for internal experts to publish important knowledge quickly, clearly and share it with everyone who needs it in the organization easily.
  • Externally, there is content everywhere, but it is difficult to know what content is good, authoritative and relevant. This requires new ways to gather external content that are applicable and useful — and safe — for employees to consume.

A big part of the solution to these internal and external challenges is for organizations to embrace technology that does not just aggregate, curate and customize learning content but also allows for the quick creation of content. This is how a truly efficient learning culture is built.

In the knowledge economy, we need a Netflix of education | TechCrunch (2)

What the Netflix of Knowledge Will Look Like

New AI-driven platforms willdeliver the content your knowledge workers need at the right time and place. The ideal learning and development solutions will use the following solutions to help accomplish this goal:

  • Aggregation: Optimal solutions will gather relevant content in one place, from a company’s Learning Management System (LMS) and intranet to external providers and other preferred resources.
  • Curation: Using AI and machine learning will be key to curate relevant and contextual content to your team at the right time and at the point of need.
  • Personalization: Ideal solutions will make increasingly personalized recommendations for learning content to suit your needs, based on the analysis of many factors.
  • Creation: Your small and medium-sized businesses have tacit knowledge that must be unlocked. The best approach will allow your organization to release and build your own content libraries quickly and conveniently.

With as much as half of all current jobs going away in the next 10-12 years, let’s adopt the following mission: making learning accessible and feasible for every single employee.

This will be the democratization of knowledge at your company. With personalized micro-learning and internal and external content more accessible than ever, let’s redouble our efforts to give our employees the skills and knowledge to thrive, which would have previously been time-consuming or impossible to obtain.

In the end, let’s use AI and machine learning to help advance our employees’ learning and career paths — and not to replace them.

In the knowledge economy, we need a Netflix of education | TechCrunch (2024)

FAQs

Why is knowledge important in the knowledge economy? ›

This component of the economy relies heavily on intellectual capabilities rather than natural resources or physical contributions. Products and services that are based on intellectual expertise advance technical and scientific fields in the knowledge economy. This encourages innovation in the economy as a whole.

What is the knowledge economy in library science? ›

The knowledge economy is a postindustrial era characterized by automation, digitization, knowledge discovery, abundance of information, open innovations, and increased investments in research, science, and education.

What are the driving forces of the knowledge economy? ›

The driving forces of the knowledge economy are the factors that contribute to its growth and success. These forces include technological advancements, globalization, innovation, and knowledge workers.

Which sector becomes increasingly vital in the knowledge economy? ›

The healthcare industry is both a key contributor to the knowledge economy and a primary beneficiary of it.

What do you mean by knowledge economy? ›

Definition of Knowledge Economy

A knowledge economy is an economy in which the production of goods and services is based primarily upon knowledge-intensive activities. In knowledge economy, a large portion of economic growth and employment is a result of knowledge-intensive activities.

Why is it important to be knowledgeable about the economy? ›

Economic literacy also gives people the tools for understanding their economic world and how to interpret events that will either directly or indirectly affect them. Nations benefit from having an economically literate population because it improves the public's ability to comprehend and evaluate critical issues.

What are the four pillars of knowledge economy? ›

... World Bank has set four pillars of the knowledge economy [1,4]: (1) economic and institutional regimes, (2) education and human resources, (3) information infrastructure, and (4) innovation systems. They are illustrated in Figure 1 [4] and explained as follows. ...

What are the key characteristics of the knowledge economy? ›

KE Major Characteristics Continuous increase in knowledge investments such as education and knowledge production, Widening application of knowledge in the development, production, distribution and use of goods and services. At the same time, these characteristics have as a foundation, the IT&C infrastructure.

How is the US an example of a knowledge economy? ›

Colleges and universities perform two fundamental functions in the knowledge economy: producing human capital and creating new knowledge. The U.S. higher education system (including two-year, four-year, and graduate institutions) produces the highly educated workers needed in the knowledge economy.

Which country has the highest knowledge economy? ›

Switzerland

When did the knowledge economy start? ›

The term “knowledge economy” has been around since the late 1950s, but started to become most prominent in the late 1980s to the early 2000s. This knowledge economy was primarily focused on research and technology, with an increased demand for science-based innovation.

What are the 3 main forces that drive the economy? ›

There are three main factors that drive economic growth:
  • Accumulation of capital stock.
  • Increases in labor inputs, such as workers or hours worked.
  • Technological advancement.
Jun 1, 2015

What is the difference between knowledge management and knowledge economy? ›

Knowledge Management refers to “smart use of know-how.” In a knowledge economy, more and more tasks involve “think work.” Thinking involves the separation of relevant information from irrelevant information.

What is knowledge economy pdf? ›

We define the knowledge economy as production and services based on knowledge-intensive activities that contribute to an accelerated pace of technical and scientific advance, as well as rapid obsolescence.

What is the necessity of knowledge management in the knowledge-based economy? ›

Innovation is considered to be one of the most important elements that contribute to KE and business performance. The expansion of the global economy rests upon the fundamental strands of open innovation. Thus, the creation, use, and management of knowledge drive both competitiveness and productivity [68].

What is the role of knowledge workers in the knowledge economy? ›

A knowledge worker is a professional who generates value for the organization with their expertise, critical thinking and interpersonal skills. They're often tasked with developing new products or services, problem-solving, or creating strategies and action plans that will drive better business outcomes.

What knowledge and skills are needed in knowledge economy? ›

Problem-solving skills. – Effective communication with colleagues and clients. – Analytical skills. Technological or ICT skills.

What is the role of knowledge in economic growth? ›

The term 'Knowledge Economy' was coined to describe an economy where productivity, economic growth and development are determined by innovation and access to information (European Bank for Reconstruction & Development, 2019).

What is the knowledge based part of the economy? ›

The knowledge economy, or knowledge-based economy, is an economic system in which the production of goods and services is based principally on knowledge-intensive activities that contribute to advancement in technical and scientific innovation.

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