Today’s economy is a knowledge (driven) economy, “one in which the generation and the exploitation of knowledge has come to play the predominant part in the creation of wealth. It is not simply about pushing back the frontiers of knowledge; it is also about the more effective use and exploitation of all types of knowledge in all manner of economic activity“. Very little has changed since the Department of Trade and Industry of Great Britain penned these words in 1998.

In fact, the importance of knowledge in wealth creation is accelerating by the day now that global trade, information technology, new media, and, in particular, the social web is increasing in innovation, size, and market penetration on an exponential basis. Leading organizations now “follow the sun” and operate core business processes 24/7/365 on a global basis. Product and service pricing are increasingly being driven by value first and cost second. Organizations have to either accept the new economic reality created by the knowledge economy or fall further behind their peers in sales and market size.

But over the the past three decades, the knowledge required to compete in today’s global economy has increased exponentially. And, for your organization to survive, it needs people who are up to the challenge. People who need to be well educated, and, for the most part, better educated than they are because the world keeps changing, while the education your people received, 5, 10, and 25 years ago doesn’t.

So how do you go about educating your Supply Management workforce? Especially when there are at least seven different options available to you? You start by asking the right questions. And you find out what those questions are by downloading the latest white paper by the doctor of Sourcing Innovation, sponsored by BravoSolution, on The Knowledge Economy.