The knowledge economy represents a new horizon for optimised innovation, operational efficiency and global competitiveness. The Fourth Industrial Revolution , the Internet of Things and the way we use information is shaping a new global economy where knowledge and intellectual capital are the most valuable commodities.
One of the simplest ways to describe the knowledge economy is to review how consumers across the world use smart watches and other forms of wearable technology. As a ground-breaking innovation, wearable technology gives consumers access to real-time data on health, vital bodily functions, dietary habits and sleeping patterns. Smart watches were one of the earliest examples of the IoT in action.
Knowledge-based businesses are on the rise in a number of industries, such as agriculture, where farmers can use yield measurement and management tools to map the yield of an entire field of produce and maximise the yield of each square metre. Miadu says this is particularly relevant in South Africa where, as per this year’s Budget Speech, the research and development tax incentive allow companies undertaking scientific and technological research and development to deduct 150% of its spending when calculating taxable income.