2.2 Acquiring knowledge
Knowledge has value. Knowledge held by individuals or by the organisation has a capital value that can be managed, evaluated and manipulated. Knowledge has been variously described as contributing to ‘pools’ of capital value.
There are many forms of capital. Financial capital deals with qualification of value of assets; physical capital covers various resources which may be described as natural and environmental which have not been adequately valued but are on the agenda. Human capital is used to describe the knowledge owned and acquired by individuals for use to earn and produce, and cultural capital is the knowledge used by individuals in the course of daily life …social capital is different completely because it deals with the social links which create society and cannot therefore be owned or depleted by one. (Cox & Lewis, 1998:2-3)
Knowledge also has a value that is not determined through its possession. It is also determined through the processes that impact the acquisition, transfer and expansion of the knowledge required by an organisation. This is a knowledge management process that can promote an organisation’s agility and responsiveness to new and emerging markets and changing customer needs. In other words, knowledge also has a social value. It is valued by colleagues as a possession - something that gives the 'owner' some respect, authority and a market value for their labour. It is valued by the organisation, however, for its strategic capacity to enhance productivity in the dollar value sense.