W 2 Response 1 (MS)
The relationship between data, information, and knowledge, is discussed below.
Data consists of basic, raw and unprocessed information. Information is data that has been refined, filtered or manipulated in some way or other, to make it more relevant and valuable for purposes of analysis and examination. Knowledge occurs in humans and is created when insight and experience are applied to data and information, thereby imparting meaning to data and information.
What information will be of value and relevance in the future, is not always foreseeable. So, it is not feasible to have useful information handy instantly at all times, because, collecting and processing data for a specific purpose to meet desired goals, is a time-consuming and resource-intensive process. This is the reason behind information deficiency problem in organizations.
Some ways in which information deficiency problem can be overcome are mentioned under.
1. Better tools and technologies for analysis of data: Employing machine learning and artificial intelligence is many times faster and accurate as compared to traditional and error prone human processing and analytics. Businesses can invest in latest technology to combat information deficiency problem.
2. Investing time and resources in analytics: Most companies that are facing the information deficiency problem, are not investing adequate proportion of their time and resources in advanced analytics. As a result, they are not able to study and accurately understand the market trends. This directly impacts their potential of examining different possibilities and corresponding consequences, thereby blurring the market patterns, data and information demands of the near and distant future. Therefore, organizations should spend a good amount of time performing analyses.
References:
1. Navoni, L. G. (2015, 01 28).
2. Paghaleh, M. J. (n.d.). Information Technology and its deficiencies in sharing organizational knowledge. International Journal of Business and social science, Vol. 2(NO. 8), 20-36.