The State of the Knowledge Economy in Sri Lanka!
The State of the Knowledge Economy in Sri Lanka!
The State of the Knowledge Economy in Sri Lanka
Sri Lanka was ranked 101st in 2012. In the case of Sri Lanka, despite the improvement in the other three pillars of the knowledge economy in 2012 compared to 1995, Sri Lanka has moved backwards as other countries have made more progress compared to Sri Lanka. (Figure 1.4 illustrates the progress made in Sri Lanka's knowledge economy pillar. The increase in the use of computers and telephone connectivity has been a contributing factor to the progress made in the Information and Communication Technology pillar of Sri Lanka. However, the number of internet users per 1000 people in Sri Lanka has decreased.
Although there has been little progress in innovation over the past decade, the number of patents, research publications, and researchers continues to be high. (Map - 1.5 illustrates the progress made in knowledge indicators in Sri Lanka) Due to the fall in Sri Lanka in the single digit test, secondary education will be included. This is due to the decline in the number of students and adult literacy rate. The above graph shows that Sri Lanka is lagging behind in the knowledge economy among the selected Asian countries. However, compared to India, Sri Lanka's position is slightly higher.
An Overview of the Knowledge Economy Framework in Sri Lanka Statistics provided by the Central Bank of Sri Lanka (CBSL) indicate a significant growth in Sri Lanka's BPO industry. According to CBSL, the BPO industry became the fifth largest export revenue earner with total revenue of $850 million in 2015. Low costs and the presence of qualified workers are key factors contributing to the growth of the BPO industry in Sri Lanka. The IT sector is probably the fastest growing sector in the BPO industry in Sri Lanka.
As stated earlier, the following sections provide a brief analysis of Sri Lanka's knowledge economy in relation to the key elements of the knowledge economy
Skills of the employee
The knowledge economy requires skilled and knowledgeable workers to create and apply knowledge. Workers must have the ability to continuously learn and use knowledge to create goods and services in the knowledge economy. Sri Lanka has a strong workforce in the BPO sector, especially in fast-growing industries such as information technology. (IT) The BPO industry, which requires specialized knowledge and education, has grown in recent years in Sri Lanka. The workforce in the IT sector in Sri Lanka has increased by 50% during 2014-2019. Financial and accounting services have grown significantly in recent years with an increasing number of qualified professionals joining the workforce. English is the primary language of communication in the BPO industry in Sri Lanka. Therefore, it can be emphasized that workers in the BPO industry are fluent in the English language.
The BPO Certification Institute (BCI) is the premier government agency for capacity building of BPO personnel in Sri Lanka. Organizations such as the Sri Lanka Association for Software and Services Companies (SLASSCOM) stimulate the growth of the IT sector in Sri Lanka by providing vocational training and other programs to improve the skills of the IT workforce in the country. There are some challenges in expanding the BPO workforce in Sri Lanka. The lack of high school graduates with a good background in STEM subjects remains an issue that reflects on the quality of public education as a whole. There are limited opportunities to pursue studies in STEM subjects in state universities and vocational training institutes. The lack of competitive wage packages for skilled workers is also a concern as it is one of the main reasons for the migration of skilled workers in Sri Lanka.
As the state of digital infrastructure continues to rely on the dissemination of knowledge, information and digital resources, a robust digital infrastructure is critical to the functioning of the knowledge economy. The Ministry of Digital Infrastructure and Information Technology is the main public institution responsible for the development and sustainability of digital infrastructure in Sri Lanka. Two institutions, the Computer Emergency Preparedness Committee of Sri Lanka (SLCERD) and the Institute of Communication Technology (ICTA), come under the purview of this ministry. A number of ICT projects have been undertaken by ICTA to enhance the digital literacy of Sri Lankan citizens and to improve the digital infrastructure in Sri Lanka.
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Digital infrastructure in Sri Lanka has made significant progress in recent years. One of the most significant limitations on digital infrastructure in Sri Lanka is the lack of unlimited internet services. Until recently, internet service providers have offered internet packages with limited data allowances. The government has taken steps to encourage the implementation of unlimited internet services by internet service providers. The introduction of unlimited internet services is still ongoing in Sri Lanka. Apart from this, the speed of internet services in Sri Lanka is also a challenge for the development of the country's IT sector.
Policies and regulations
According to the National Information Technology and Business Process Management (BPM) Survey for 2019 released by the Institute of Information and Communication Technology (ICTA) of Sri Lanka, the impressive contribution of the IT and BPM industry has prompted the Export Promotion Board of Sri Lanka to identify the IT and BPM industry as one of the six priority sectors of the National Export Strategy. (NES) According to the World Bank, Sri Lanka has one of the best internet laws in Asia. Sri Lanka has been ranked 85th in the E Government Development Index (EGDI) of the 2020 United Nations International Electronic Governance Survey. According to the findings of the survey, Sri Lanka is a country with a Human Capital Index. This indicates that the country is highly capable of mobilizing the economic and professional potential of its citizens. However, despite a high Human Capital Index, Sri Lanka's growth in e-governance policies has stalled due to bottlenecks in telecommunications infrastructure. Therefore, it is worth emphasizing the importance of developing telecommunication infrastructure as a policy of the government to improve electronic governance services and increase the productivity of the BPO sector.
Despite recent developments in financial and non-financial incentives for the BPO industry, there is room for improvement in non-financial incentives such as the implementation of higher tax holiday periods. The non-financial incentives will help to encourage more foreign investments towards Sri Lanka. Sri Lanka is ranked 99th in the World Bank's Ease of Doing Business Index at the time of writing this article. The level of bureaucracy that oversees business operations in Sri Lanka and the rigor of regulations is relatively high There are many skilled and skilled workers in Sri Lanka. Sri Lanka has been ranked the highest in the Human Capital Index by the United Nations.
In the BPO sectors, workers in the IT sector are showing very promising growth. However, the lack of competitive wage packages is leading to skilled labour migration in Sri Lanka. Also, limited opportunities in higher education in the STEM field is a barrier to workforce development. There are significant limitations in digital and telecommunications infrastructure in Sri Lanka, especially with regard to internet services. The Government of Sri Lanka has made efforts to recognize the importance of the BPO industry and formulate favorable policies through organizations such as the BCI. Professional bodies such as SLESCOM provide quality IT and BBM-based education and training programmes as well as advice on policy making in relation to the BPO industry. There is room for improvement with the Sri Lankan government increasing financial and non-financial incentives to attract more foreign investments into the BPO industry.
This implies that efforts should be made to reform the rigid and bureaucratic regulatory framework in place to stimulate growth in entrepreneurship and business activities. Such a regulatory framework is an obstacle to the expansion of business activities in the BPO sector.
Innovation
Is an integral part of the knowledge economy. According to the World Bank's Knowledge Economy Framework, innovations improve a country's knowledge index, which in turn expands the country's knowledge economy. Given the environment of innovation in Sri Lanka, the number of patents and journal articles produced is low compared to other countries with developing knowledge economies.
Despite being classified as an upper-middle income country by the World Bank in 2019, Sri Lanka ranks 88th in the Global Innovation Index issued by the World Intellectual Property Organization. (WIPO) So, there is room for improvement in promoting innovation. The lack of innovation is related to the lack of research facilities in educational institutions in Sri Lanka. Therefore, it is important that the government invests more in education with due focus on this aspect as well. Sri Lanka has qualified and skilled workers.
Sri Lanka has been ranked the highest in the Human Capital Index by the United Nations. In the BPO sectors, workers in the IT sector are showing very promising growth. However, the lack of competitive wage packages is leading to skilled labour migration in Sri Lanka. Also, limited opportunities in higher education in the STEM field is a barrier to workforce development. There are significant limitations in digital and telecommunication infrastructure in Sri Lanka, especially in relation to internet services.
Professional bodies like SLASSCOM provide quality IT and BPM based education and training programmes as well as advice for policy making in relation to the BPO industry. There is room for improvement with the Sri Lankan government increasing financial and non-financial incentives to attract more foreign investments into the BPO industry. Efforts should be made to reform the rigid and bureaucratic regulatory framework in place to stimulate growth in entrepreneurship and business activities.
Impact of Artificial Intelligence (AI) on Intellectual Property
We incorporate artificial intelligence in an economy where humans are gradually creating enterprises. Less knowledgeable agents become "workers" solving conventional problems, while more knowledgeable agents become "solutions" dealing with exceptions. AI can be used as a means of using computation to mimic humans. If we compare the balance before and after the introduction of AI we can distinguish between "basic" AI (with knowledge equivalent to pre-AI workers) and "advanced" AI (judges with knowledge equivalent to pre-AI workers). It can be shown that basic AI increases the knowledge content of human work. This leads to smaller, less productive, and less decentralized companies. In contrast, advanced AI reduces the knowledge content of human work, resulting in larger, more productive, and more decentralized organizations.
However, the most knowledgeable humans benefit from AI, while the least knowledgeable will only benefit if AI is advanced enough. We discuss how these effects depend on the autonomy of AI and the availability of computation. In a knowledge economy where the value of information and intellectual capabilities surpasses traditional industrial output, artificial intelligence technology plays a transformative role. Let's see how this modern economy integrates and enhances artificial intelligence.
AI excels at analyzing large datasets to gain valuable insights, making it an invaluable tool for decision-making in the knowledge economy. Machine learning algorithms can identify patterns and trends that are not immediately apparent to human researchers. For exampe, predictive analytics can predict market trends or consumer behavior, allowing businesses to make informed strategic decisions.
2. Automation of knowledge work
Conventional tasks involving the processing and management of information can be automated using artificial intelligence. Technologies such as natural language processing (NLP) and robotic process automation (RBA) can handle data input, document review, and customer service inquiries. This allows human workers to focus on more complex and creative tasks, improving productivity and efficiency.
3. Facilitating Innovation
AI fosters innovation by enabling new ways of solving problems and creating innovative products and services. In R & D, AI-driven tools can simulate experiments, analyze results quickly, and suggest new avenues for investigation. It accelerates the innovation cycle and can lead to breakthroughs in various fields, from pharmaceuticals to software development.
4. Improving personalization:
AI allows high-end personalization of products and services. In areas such as marketing and e-commerce, AI algorithms can analyze customer data to tailor recommendations and create personalized experiences. It improves customer satisfaction and loyalty because products and services are more aligned with individual preferences and needs.
5. Knowledge Management
AI helps in managing and enhancing organizational knowledge. Tools such as AI-powered knowledge bases and content management systems can effectively classify, retrieve, and disseminate information. This ensures that valuable knowledge is easily accessible to employees and can be used to drive organizational growth and innovation. Training and Development
6. AI-powered platforms
provide personalized learning experiences and adaptive training programs. These systems can assess individual learning styles and needs, and provide targeted content and feedback. It enhances the skills and knowledge acquisition of employees, which is vital to maintain a competitive edge in the fast-growing knowledge economy.
7. Enhancing Collaboration
Artificial intelligence facilitates better collaboration through advanced communication tools and platforms. AI-powered virtual assistants and collaboration tools can manage schedules, set reminders, and streamline project management. It supports more efficient teamwork and enables organizations to use collective knowledge effectively.
8. Managing Complex Systems
Artificial intelligence plays an important role in managing complex systems and processes. For example, in industries such as finance and logistics, AI can improve operations by predicting demand, managing supply chains, and detecting anomalies or frauds. It improves the overall performance and resilience of systems that are critical to the knowledge economy.
In summary, AI technology significantly impacts the knowledge economy by improving decision-making, automating routine tasks, fostering innovation, personalizing experiences, improving knowledge management, supporting training, enhancing collaboration, and managing complex systems. As AI continues to grow, its integration into the knowledge economy will become even more profound, driving further advancements and efficiencies.
The Use of Materials in College of Education
Evidence of the growing importance of the knowledge economy comes largely from the relative growth and higher wages of highly educated individuals in the workforce. A striking example of the advent of the new economy is the dramatic increase in the number of diploma graduates of academic colleges in the labor force over the past four decades, with no decline in their relative incomes.
If the 19th century was marked by a strong demand for physical capital in the form of buildings and machinery, the 20th century saw an increased demand for intangible capital, which was frowned upon by education and research. In particular, investments in education have increased the relative demand for human capital generated. It is a broad definition of the importance of education in the economy and is not limited to a particular sector of economic activity.
Often, however, a technical definition is given to the knowledge economy, meaning that the economy is now almost entirely driven by changes in information technology that have occurred over the past three decades. Such technological changes are crucial for the development of the knowledge economy. On the contrary, to understand the knowledge economy, we must first focus on people and organizations, learning in organizations has a fundamental characteristic. It involves people working in groups. Learning and interacting with and learning from others is at the core of personal success in the intellectual economy.
The knowledge economy creates a strong need for graduates of academic colleges due to the nature of the intellectual activity of an academic college. Academic colleges are special places because learning takes place in an environment of research and intellectual discovery. Academics can play a growing role in teaching young people facts and basic skills after high school. However, just like how important facts and basic skills are, the knowledge economy also places a high priority on the ability to continuously learn, take risks, and work in teams. - The skills that our colleges develop, the use of the knowledge economy in a college that enables teaching in a research setting will improve both your academic experience and career prospects.
1. Use digital tools and platforms for research, collaboration and learning.
Online databases, academic journals and educational applications can provide valuable resources.
2. Engaging in research
through coursework or engaging in research projects in collaboration with professors. It helps to apply theoretical knowledge and contribute to new discoveries.
3. Develop critical thinking skills
Focus on analyzing and synthesizing information rather than memorizing facts. This will improve your problem-solving and innovation skills.
4. Network and collaborate
Network and collaborate and build relationships with colleagues, professors, and experts in your field. Join study groups, attend academic conferences, and participate in related extracurricular activities.
5. Acquiring practical skills.
Take courses or workshops that provide skills relevant to your field, such as data analysis, programming, or project management. These will complement your academic knowledge and make you more competitive in the job market.
6. Stay updated Follow current trends and developments in your field of study.
Subscribe to academic journals, join relevant forums, and engage in informative discussions
7. The use of online learning platforms
Complete your coursework with the help of online courses and certifications from sites like Coursera, edX, and LinkedIn Learning to gain additional skills and knowledge. By integrating these practices, colleges can effectively navigate and benefit from the knowled
The State of the Knowledge Economy in Sri Lanka!
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