Information, data, knowledge, and Wisdom
It can be challenging to manage and analyze the data that organizations collect. Enter data management tools and systems…
Data management systems enable organizations to optimize the use of information to make decisions and take action, maximizing benefits for the organization. These systems collect, process, secure, and store data to be used to make strategic decisions.
The DIKW pyramid shows the relationship between data, information, knowledge, and Wisdom. Each building block helps answer different questions regarding data collection. You can answer questions like, where will my sales come next year? Or who are my best customers? The more context and meaning can be added to data, the more excellent knowledge and insights are possible.
What is the role of each step? We’ll look at them individually and then the tools that apply to each.
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This step of the pyramid is the collection of discrete facts about events that an organization can collect in the form of numbers, characters, and specific values. This is every bit of data being captured. It is known as Raw Data.
The following are the key activities that need to be completed at this stage:
Finding a reliable data source
Archiving and deleting irrelevant information
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After removing irrelevant data, it is time to find the critical information in the data. The information that you find should be helpful to your organization and its decision-making.
Learn more about the Knowledge of Others
You can turn the information into knowledge by using the key data points. This means deciding whether the information can develop into something intellectually valuable and be used to formulate a robust strategic plan.
You can also read about Wisdom.
You could turn this information into critical insights if you have discovered something in the data your competitors have yet to learn. These insights may be the basis of an organization’s strategy to achieve something magic. This is called the wisdom step.
You can transform raw data into something meaningful and insightful by applying the principles of DIKW’s four building blocks to interpreting raw data.
Data management tools
There are several management tools available to help an organization interpret raw data. These tools are known as cloud-based services and applications.
For example, in a “cloud,” organizations can store data much more easily, transfer files quickly, and efficiently analyze and translate different datasets across the globe.
After deciding on data storage and other considerations, you must decide how to analyze your datasets. Many companies offer data management tools and services for medium-sized to large data sets.
Included are:
Teradata is an organization that offers three primary services, including business analytics, cloud-based products, and consultancy. It can handle large datasets and combines them to produce meaningful insights.
IBM automates data management from end to end. Artificial intelligence (AI), a technology that uses algorithms to detect patterns and trends, can help organizations improve their operations.
Oracle is an open-source relational database system with grid computing.
SAP provides several data management tools that help ensure data quality and migration, text analysis, and interconnectivity.
Cloudera HP enables businesses to gain insights from Big Data through an infrastructure that stores, manages and processes it.
1010data is a market intelligence platform that combines data management, enterprise analytics, and collaboration.
Amazon Web Services provides storage, servers, networking, remote working, email, mobile application development, and security.
Information management tools
Information management is the process of managing data to produce insights. It is the collection of data that collectively has a particular logical meaning.
These are popular tools for information management:
Evernote is an online note-taking program that allows you to create and organize digital files, synchronizing them across all devices. It can also be used to remind you of planned or upcoming actions.
Instapaper is an online social bookmarking tool that allows you to save web content to later be read on another device. You can use this content to inspire your digital strategy.
Pinboard is a social bookmarking alternative, similar to Instapaper but with a more straightforward layout.
An information management framework can help you understand the best way to use these tools.
Source
Data sources can be internal or external.
A company will have collected internal data about its customers, such as product files and sales figures. These data can be used to gain valuable insights.
The data will come from external sources such as GPS, blogs, social media, and postcodes.
Structure
After you’ve considered the internal and external sources of data, it is time to determine how they are organized. What can you learn from internal and external sources that contain structured and unstructured information?
Data that is structured can be processed and analyzed more efficiently. A list of the top 10 customers in your ecommerce shop would be an example of structured data.
Unstructured data is any data that needs to be organized. Unstructured data tends to be text-heavy but can also contain dates, numbers, and facts.
Information management tools are capable of storing both structured and non-structured data. They can also assist in managing the entire lifecycle of the information from identification, collection, and disposal through archiving and deletion. These tools can include all the physical and electronic information collected by an organization from its employees, customers, and vendors.
Knowledge management tools
Knowledge management tools help organizations create, manage, and organize content for their audience. An FAQ is a simple example of a tool that an audience can use to find answers to questions they have. They store and retrieve knowledge in order to improve collaboration, understanding, and process alignment.
These are popular tools for knowledge management:
Answerbase allows users to browse content and ask questions about the products and services of a company.
Quip allows colleagues to collaborate on documents and work together in real-time.
Bloomfire allows companies to connect and share information and insights across their entire organization.
Igloo Software is a tool that allows colleagues to share files, schedule meetings, and manage tasks from a single platform.
KPS Knowledge Management Software is a platform that allows users to collaborate and share knowledge at work through a self-service base. You can index, search, and retrieve data from a variety of sources.
Data Management Systems
Data management systems help organizations to sort and use their data. The two main types of management systems are groupware and workflow.
Groupware
Groupware is a technology that promotes collaboration. They are also known as collaboration software.
Groupware platforms, such as Google Workspace , Slack, and Microsoft Teams for example, allow a group or company to communicate, collaborate, share, and resolve problems by sharing documents, files, and information in a centralized location.
Workflow
Workflow technology facilitates the representation of processes related to creating, using, and maintaining organizational information. These tools can be customized to help organizations and teams improve their operational efficiency. They do this by tracking projects and data and collaborating with other team members. They can also support automation and integration with other apps to streamline the work across platforms.
Asana and Airtable are popular companies that offer workflow tools for assigning and tracking project and task progress. They also allow users to share files, notes, comments, and other documents and keep track of deadlines.
