Data refers to raw facts and figures. It only exists but has no implication beyond its existence. It exists in any type, usable or not. It doesn’t have its own significance. A good example is numbers in a spreadsheet. On the other hand, information is defined as processed data that is data that is given meaning by relational connection. This "meaning" can be valuable or not.
Knowledge is understood as the suitable compilation of information. Its intention or aim is to be useful. Knowledge is a deterministic procedure. For instance, when an aspiring student "memorizes" information, he or she has amassed knowledge. This knowledge is helpful to them, but it does not offer itself an addition like it would gather additional knowledge. For example, basic school children commit to memory the "times table".
They can be able to tell that four multiplied by three is twelve, as they have cumulated that knowledge. But if asked the product of large numbers, they cannot answer since that entry does not appear in their times table. To respond to such a problem it requires a proper cognitive and critical capacity that is encompassed in the next level of thoughtfulness. Applications used in computer parlance, use some sort of stored knowledge.
There are two types of knowledge: Tacit and Explicit. Tacit refers to personal knowledge in one’s head based on one’s own experience while explicit knowledge refers to information that is shared with someone else (Leonard, 2005).
Knowledge Management is the gathering of processes that administer the formation, distribution, and exploitation of knowledge (Newman, 1991). These processes subsist whether we recognize them or not. They have an insightful consequence on the decision and the measures we take, b which are both enabled by knowledge of some kind. If we agree that lots of of our decisions and dealings have deep and long lasting consequences, then it is logic to identify and realize the processes, dealings and decisions that effect and develop the worth of these processes and in turn advance the quality of the dealings and decisions for which we are accountable?
When data is processed it is turned into information. When one is able to understand information it then provides knowledge based on one’s decisions. The input of organizations to connect the power of knowledge management is to make information available and reusable knowledge. The basis of knowledge management is concerned with the whole process of innovation, establishment, diffusion, and the exploitation of knowledge.
Several benefits of Knowledge Management link directly to bottom-line reserves, others are hard to measure. In today's economy which is information-driven, companies discover most opportunities — and eventually obtain the most importance — from academic instead of physical assets. To acquire the most worth from a company's academic assets, Knowledge Management practitioners uphold that knowledge must be communal and provide the establishment for cooperation.
But healthier collaboration is not a conclusion in itself; without an overarching business perspective, Knowledge Management is insignificant. Therefore, a successful Knowledge Management plan should assist a company in the following: Promote innovation by encouraging the open flow of thoughts, advance customer service by reorganization of reply time, enhance revenues by receiving products and services to advertise quicker and improve employee withholding rates by recognizing the importance of workers knowledge and gratifying them for it. It also helps rationalize operations and decrease costs by eliminating unneeded or redundant processes.
Companies should try to do the following in order to achieve positive results in Knowledge Management projects. Collaborate and be able to unite individuals or groups: Everyone in organization should be encouraged to collect data via the Internet, different media, domestic data management systems, and socialization with peers and other workers in order to share this information across the organization.
Organizations should encourage team combination and job rotation to make possible the transfer of knowledge across borders by having people possessing knowledge to work with other teams or departments. This facilitates distribution of new approach and perception that other people get in a situation.
Companies should come up with community of practice which enables workers to solve problems, or discuss some key topics. Communities of practice refer to a group of people sharing a common interest in a field of ability and are prepared to share the experiences of their performance. For instance, a group of scientists may work together, share ideas, and raise questions.
Companies should also use Knowledge networking which connects groups of people with system and application. In order For knowledge management to work, data and information should be put in a system or vital storage area. The information should be coded in a unique way so that the workers searching for it can access it. The stored knowledge should also be accessible to all employees in the organization (wig, 2007)
The key idea in knowledge management is to provide information to the right group of people, in the correct way, and at the time. Many decisions have time factor and information which is not readily accessible to offer insight may be a missed chance to make the exact decision. Systems must be available for workers to explore and access the key information when desired.