The role of ICT technology in the knowledge society

The emergence of the knowledge society, building on the pervasive influence of modern information and communication technologies, is bringing about a fundamental reshaping of the global economy. Knowledge has always been a factor of production, and a driver of economic and social development. However, the capacity to manipulate, store and transmit large quantities of information cheaply has increased at a staggering rate over recent years. The digitisation of information and the associated pervasiveness of the Internet are facilitating a new intensity in the application of knowledge to economic activity, to the extent that it has become the predominant factor in the creation of wealth. Information and communication technologies (ICTs) are also facilitating a rapid globalisation of economic activity. In an increasingly global economy, where knowledge about how to excel competitively and information about who excels are both more readily available, the effective creation, use and dissemination of knowledge is increasingly the key to success, and thus to sustainable economic and social development that benefits us all. Innovation, which fuels new job creation and economic growth, is quickly becoming the key factor in global competitiveness.