To utilize data for the decision making process, it is important to convert those into information (Gallaugher, 2015). Qualitative data is in descriptive form and quantitative data is available as numerical values and figures (Bourgeois, 2014). Data can be either quantitative or qualitative. Raw pieces of information that don’t have context are referred to as data. Further, I will also discuss the role of data and data management solutions in organizational decision making.įigure 1: DIKW Pyramid (Data, Information, Knowledge, Wisdom) Data This discussion post is about data, information, and knowledge and how each of these contributes to organizational competitive advantage. However, many organizations do not use the available data to their advantage (Gallaugher, 2015). If a company leverage data for their strategic management and decision-making process then that will bring benefits for the company. Although technology is easy to acquire by anyone, a firm needs to know how to utilize data to create a competitive advantage. While hardware and software are the first two components that make an information system, without data, it is not an information system (Bourgeois, 2014). Data, Information and Knowledge Management Therefore, this post is an attempt to share the basic details on what Data, Information and Knowledge Management are. With digital transformation in the construction industry, data, big data, IoT, information, Knowledge, data warehouse and there are many other words that are new to the industry but almost popular.
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