Managerial Economics class discussion wk9 Essay Example | Topics and Well Written Essays - 250 words

Managerial Economics class discussion wk9 - Essay Example The rate of the change is too fast hence participation of knowledge workers in organization is required intensively. Organizations strive to ensure their retain relevance and remain significant in the fast changing markets. For this reason, knowledge workers and knowledge economy have been mandatory requirements (Reinhardt et.al, 2011). Considering that change, innovation and adaptability are important aspects in the modern century, firms need to address problems that may hinder effective transition. Firstly, the knowledge of the crowd requires harnessing (Reinhardt et.al, 2011). Increasing the quantity of knowledge workers is an important strategy. Firms should then update their innovation requirements. This can be done by understanding the market requirements as demanded by innovation and change. Placing a knowledgeable crowd to work on these changes increases the suitability of the form to adapt to the market changes. In addition, internal approaches to develop ICT infrastructures may increase the suitability of the firm to compete effectively in a technologically advanced market (Reinhardt et.al,