Digital Master New Year Tuning Chap 7: Information, Knowledge, and Insight Management

We live in the world with the explosive data and the abundance of information. Every day, more than 2.5 quintillion bytes of data are created through a range  of activities. And the average business expects to spend $8 million on data-related initiatives in recent years. So how to manage data, information, knowledge, and mind flow, to build a high-intelligent and high-effective organization?

Information Management: Data is simple, random, and unorganized, and the information is processed data. Information is structured and present facts in context to targeted situations and conditions that enable the business to make the right decisions at the right time. Different information is required at different points in the decision and operational delivery change. Digital organizations must manage data effectively, and bring to the table innovative solutions that meet customers’ needs while reducing the cost to market. If done well, information achieves its value. The potential value of information also depends on how the information will be used again in the future. So information Management is about to achieve the value of information which is defined uniquely, qualitatively, and, measurable. The art and science of Information Management are to optimize its usage and achieve its value as well as its full potential.
Knowledge Management: Information is processed data, and knowledge is processed information. Knowledge is information in use, that support the decision-making process. Knowledge is an intangible resource that can be converted into tangible content and that can be utilized to produce measurable advances or tangible progress of the business. Knowledge is an expression of understanding - relating information and experience accumulated over time. Knowledge Management involves the usage of technologies and processes of capturing, developing, sharing, and effectively using organizational knowledge, with the aim of optimizing the value that is generated. It is a multidisciplinary approach to achieving organizational objectives by making the best usage of its knowledge. So Knowledge Management safeguards full understanding business processes or tools that can be used to optimize business effectiveness, efficiency, and agility.
Insight Management: Insight is the abstracted knowledge. If knowledge is power, and then insight is like “superpower” - it’s the vision through “mind eyes,” insight of the situation requires in-depth understanding information available. and there are multilayer meanings upon insight: Insight is being able to identify the root cause of a problem or the core issues of a situation that lead to understanding and resolution. Insight is an understanding the cause and effect based on the identification of relationships and behaviors within a model, context, or scenario. It is also about penetrating and often sudden understanding of a complex situation or problem. If knowledge can be taught, but insight can not be told completely, because it comes from each individual’s cognitive understanding, connection, discernment, penetration, and perception. But surely insight can be shared, and the ultimate goal of business Information Management is to process raw data, abstract information from it, then gain knowledge, insight and foresight to spin the wheel of business growth with optimal speed.
So all forward-thinking organizations are claimed that they are in the information business today, but the Digital Masters are those who are mastering such information shift, a shift that organizations will take advantage of information to gain knowledge and insight, a shift to transform business culture from silo to data-based and customer-centric and a shift from playing the smart gadgets to being a truly intelligent digital business.
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