Abstract:

The information technology era has transformed the rich nations to the knowledge-based economies. The need to have knowledge workers, learning organizations and the development of ICT gave birth to the concept of knowledge-based economy. There is a need felt by the researchers and economists that in order to remain viable in the current global economy, knowledge and innovation is needed for organizational effectiveness and competitiveness. Knowledge management being the sub-discipline of knowledge economy is a completely new concept and method of management. The need of the day is to initiate true “strategic thinking” with recourse to national and international expertise. This paper accentuates the role of knowledge and innovation in the development and progress of an economy, as well as in the university environment and proposes a general model that knowledge management system (KMS) may well be the missing sine qua non needed to ensure organizational effectiveness and competitiveness and turning university departments into truly learning organizations.