Topic Summary

For any organization, deciphering the data collected and deriving a meaningful result from the data is the ideal scenarios. Various methods and emerging technologies are used to curb this data need.  Today, large amount of data is present about the customer in many organization but to travel the path from Data to Knowledge is achieved by a few organizations.

Data: Data is raw form of information about a customer present in every organization (Kanehisa, Goto, Sato, Kawashima, Furumichi, & Tanabe, 2014). This data can be in physical form or stored on servers. This data cannot be used to answer question but can be modified and enhanced to derive the answers we are looking for. Typical example is Black box in an aircraft.

Information:  Data which can be synthesized and enhanced to get the desired questions can be stated as information. This is the next step to bring the raw data into desired format to process the desired outcomes. For smaller tasks information can be the end state to get the answers. For example – running a query on the database. The query will provide the required outcome and that becomes information to the organization.

Knowledge: Knowledge is attained after a series of information outcomes are identified and identified by an individual. Knowledge would answer any question about a defined task/ question. Many people can get the information but only a few will have knowledge about that data. A typical example in organization are the SME’s (Subject Knowledge Experts). If a personal works on the same set of of information for a long team, he/she gains complete knowledge on that data.

The relationship amongst the three terms is crucial since one cannot be achieved without the other. The reach the step of Knowledge, we must use Data and information as two stepping stones. Information will answer most of the question, but knowledge surely will give the right and wise answers (Liew, 2013).

Information deficiency issue occurs when information is not readily available to solve a business issue or problem. This might cause great loss to organizations. The lack of unavailability of right information and lack of decision making can result in weaker results. To overcome this issue, companies should implement Data Governance body to establish a process and preserve the knowledge factors. Good documentation should be maintained for any information outcome so that it can transferred to newer employees. Sharing the information with others by means of documentation, workshops, seminars would highly help in meeting the gaps obtained by lack of knowledge