The paper examines the concept of knowledge and knowledge management; nature and lifecycle of knowledge management. It also review the various processes involved in knowledge acquisition and generation, knowledge capture, knowledge storage, knowledge sharing and knowledge application. The paper also discusses the various forms of knowledge elicitation to include questionnaire, interview, observation, role reversal technique, and discussion forums as well as the forms of knowledge representation to include report writing, database management system and institutional repositories. The paper shield light on the various technologies that aids knowledge management practice chief among which are groupware, electronic mail, database management system, data mart, data warehouse among others.

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The economy has taken a new facet in recent times through technologies like Information and Communication Technologies (ICT), ushering radical change in all sectors in developed and developing nations. ICT has transfigured the traditional services and productivity of libraries and other organizations to more sophisticated methods. A powerful catalyst of this change is digital transformation, integrating ICTs into the economy, referred to as the “digital” economy. However, the chapter identified ingredients of the digital economy, and spheres ICT have influenced the digital economy. Information and Communication Technology Council (ICTC) and Spires and Barlett frameworks were adopted to buttress digital skill sets required for functioning effectively in the digital economy. Additionally, the chapter examines the promising future of ICT and the importance of entrepreneurship. Challenges were identified to affect full ICT implementation by developing countries in the digital economy. The chapter concluded that ICT is a key determinant and contributor to economic development in many nations.

Aim: Technologies have ushered in a significant innovative digital transformation to sustain dynamic information services in modern libraries. This has prompted the assessment of innovative digital transformation for dynamic information service sustainability in university libraries in Nigeria. Specifically, the research examined the nature of digital transformation, universities and digital transformation, innovative digital transformation in university libraries, dynamic modern information services in university libraries for sustainability, and the essentials for dynamic information service sustainability in university libraries.  Conclusion: Libraries globally, and particularly in developing countries, must be re-positioned in this era of digital transformation due to technology adoption to offer valuable information services for their sustenance and to retain their relevance in the lives of the public. Moreso, there is a great need for innovative digital transformation in libraries to sustain modern information services as well as to increase their efficacy in information use as part of their mandate to leverage digital technology systems. The study, therefore, recommends that more sophisticated technologies are used in university libraries. University libraries in developing countries like Nigeria need more funding to fully exploit the opportunities introduced by digital technologies. Thus, university management should work hand in hand with libraries to enable them to fully connect to the opportunities of the digital era. The continuous human resource development is necessary to equip universities with appropriate digital competencies useful in the digital context.