Of course all this would have implications for the area of higher education and this area has been discussed in depth by many academics like Nonaka, 1991 and Wiig, 1993.Knowledge is "power" and a key business asset and this will no doubt lead to an increased demand for education and training of the modern individuals .For the purposes of this paper I would present knowledge to be not only a member of the "steadily increasing" corporate assets (which amongst others are patients ,goodwill and brand identity etc) but also as "meaningful information; or the understanding, awareness, familiarity acquired through study, investigation, observation or experience over the course of time (citing Zelner , 2000)".(Psarras 2006).Basically then in the context of higher education it becomes an " individual's interpretation of information based on personal experiences, skills and competencies" (Psarras 2006).
The impact on higher education of the knowledge based economy thus requires the need for instilling the culture of effective Knowledge management into the learning and education as a whole. ...
The Educational criteria thus has to match the firm's knowledge needs and this has led to a growing appreciation for occupationally acquired knowledge to mere academic qualifications devoid of any practical experience. Thus Higher education will have to be focused upon developing this specific knowledge as required by the modern corporate firms competing for survival in the economy. Thus the aim is no longer knowledge delivery and there is a heightened focus upon strategic information and knowledge management by the labour force to achieve business goals efficiently through proper utilisation of the knowledge.This trend has been prevalent since the decade of the eighties where as according to Cooke and Cooke (1998) there has been growth of what is called "learner centred knowledge and action learning, a growing significance of work-related learning and the recognition of work and work experience as a key source of learning" (Psarras 2006 citing Cooke and Cooke 1998).Finally the advent of information technology has made the need to revolutionise teaching and learning methodologies more than ever.
In conclusion the future belongs to those who can understand the need to make continuous learning and modern education and training for the modern work force. Thus it is a challenging time for universities to be aware of the transitions in their roles as knowledge providers and provide flexible, innovative and research intensive learning. Further more there is a need for Curricula that reflects the reestablishment of the link of learning with experience with a more environmentally responsive curriculum which addresses the real issues that happen in a real world.