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Bus 5114 Discussion Assignment 01 - 09 | PDF | Data | Information
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Bus 5114 Discussion Assignment 01 - 09

Data refers to raw facts without context, information provides data with meaning by organizing it into context, and knowledge represents timely information about a subject. Organizations operate in a knowledge economy and need contextual data and information to make relevant decisions and gain competitive advantages. Data management involves gathering, storing, and using data securely and cost-effectively to enable optimized data use within legal and policy limits, allowing organizations to make decisions that maximize benefits. Companies like Coca-Cola and Netflix utilize extensive data management strategies to identify consumer trends and personalize experiences, enhancing earnings. Robust data management systems are critical for organizations to utilize data and information for decision-making and competitive advantages.

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72 views2 pages

Bus 5114 Discussion Assignment 01 - 09

Data refers to raw facts without context, information provides data with meaning by organizing it into context, and knowledge represents timely information about a subject. Organizations operate in a knowledge economy and need contextual data and information to make relevant decisions and gain competitive advantages. Data management involves gathering, storing, and using data securely and cost-effectively to enable optimized data use within legal and policy limits, allowing organizations to make decisions that maximize benefits. Companies like Coca-Cola and Netflix utilize extensive data management strategies to identify consumer trends and personalize experiences, enhancing earnings. Robust data management systems are critical for organizations to utilize data and information for decision-making and competitive advantages.

Uploaded by

Sheu Basharu
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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 Define and differentiate between data, information, and knowledge.

Discuss
how each can contribute to organizational competitive advantage

Data is a collection of individual facts that are non-contextual and have no meaning by
themselves—usually referred to as raw data (Brackett, 2013). For instance, a sequence
like 0812455365 means nothing until put in context. However, this sequence has more
value if it represents someone's phone number.
Information is basically data in context. It is created when data is processed, organized,
or structured to offer context and meaning. The data set discussed earlier is now
considered information as we have connected it signifies a person's phone number.
However, it will still not create much impact except we collect other pieces of
information that provide timely context to the phone number, which then becomes
knowledge. Knowledge is timely information collected about a subject matter or person.
Knowledge enables organizations to make decisions and create solutions
Organizations now operate in a knowledge economy and need contextual data to make
relevant decisions and gain a competitive advantage. Data has become a critical asset
for any organization (William, 2013); it is a type of capital needed by companies to
differentiate their products, services, and customers' experience (Oracle, n.d).

 Discuss the role of data and data management solutions in organizational


decision making.

Data management is gathering, storing, and utilizing data in a secure, efficient, and
cost-effective manner. The purpose of data management is to enable individuals, and
organizations, to optimize data use within the limits of policy and law so that they can
make decisions and conduct actions that maximize the benefit to the company
(Stedman, n.d). Firms increasingly rely on intangible assets to produce value, so a robust
data management strategy is critical. Data management is crucial in ensuring data in an
organization is accurate, accessible, and available for successful data analysis at scale,
leading to important ideas that provide value to your consumers and enhance earnings.

For instance, Coca-Cola utilizes data from social listening to identify shifts in consumer
demands and trends and local contexts that position them to be "spot on" when
providing consumer experience. Additionally, Netflix uses personal data to personalize
each customer's recommendations; they also use data on a macro level to determine
which series are popular. At the top of their homepage, Netflix's Trending section
informs customers about new shows to watch. This data also assists them in making
programming retention decisions, such as determining which programs to renew and
which to delete from their service. Netflix can make business decisions rapidly with the
assurance of real-time data. Their innovative use of data can be replicated in other
organizations regardless of industry (Lineate, n.d).

In conclusion, data is the basis for information and knowledge. Organizations need to
utilize existing technology to create a robust data management system and gain a
competitive edge.

Reference
Brackett, M. 92013),The Data-Information-Knowledge
Cycle. https://www.dataversity.net/the-data-information-knowledge-cycle/
Lineate (n.d), 5 ways Netflix Uses Data to Win the World of Streaming
Entertainment. https://www.lineate.com/technology-insights/5-ways-netflix-uses-data-
to-win#:
Oracle (n.d), What is Data Management? https://www.oracle.com/database/what-is-
data-management/
Stedman, C. (n.d), What is Data Management and Why is it
Important? https://www.techtarget.com/searchdatamanagement/definition/data-
management
William M.K., (2013), Information Management: Strategies for Gaining a Competitive
Advantage with Data, 1st Edition

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