If you have not heard of what is big data and knowledge management, then you have been living under a rock for the past several years. Today’s world is literally built around big data and the leverage that it provides. Literally, it is raining information – text, images, videos, audio, social media; all of it being stored in high-speed computers. No matter what business you are in, if you do not have access to this information, then you are losing out on opportunities every second you are out of the office. It is not just information that makes the difference in an organization, it is also the people who collect, manage and analyze this information.
Big data and knowledge management identify the gap that exists between what is available to us on the surface level, and what is actually happening in the world. These gaps lead to mismanagement and poor decisions based on incomplete information. Also, the availability of data at the tactical and strategic levels creates problems for managers because it requires specialized skills, knowledge and experience. Often, even though these managers are called upon to make important decisions, they cannot execute them because of their limited knowledge of the subject.
Knowledge management is simply the process of collecting, organizing and managing this unstructured data so that managers can make sense of it. In a nutshell, it is simply the process of getting more done with fewer people. There are many advantages to utilizing this approach. One of the biggest is the ability to make better decisions in less time. Another advantage is the increased productivity of those who possess this specialized skill. Finally, it makes sense for businesses to deploy people who are well-versed in this area of expertise.
What is big data and knowledge management is very complex, but we can make a quick comparison between it and traditional databases. Traditional databases store all of the relevant information for a business. The problem is that they are difficult to use and manage. When we look at what is big data and knowledge management, we see a new approach to enterprise information management that is much more effective and efficient.
The two areas that this new approach focuses on our data and knowledge. They come from two different directions: information and knowledge. Think of it as the two sides of the same coin. The information in this new approach is much more complex and representative of an actual live object or situation than are the traditional databases.
When we deal with huge amounts of data, it seems like we are dealing with literally millions of sources. However, this is not true. The data actually comes from a few sources. One is a combination of online information sources as well as data from internal operating systems and applications. The other part of the data comes from physical sources such as tape drives, CDs, floppy disks and the Internet. The challenge is to make sure that the information is represented in a way that is meaningful and useful.
The first challenge is to understand what is big data and knowledge management in the context of the information management challenge. Without this understanding, it becomes difficult to create and manage information. Without this understanding it becomes difficult to analyze what is currently available and what needs to be stored or shared. Without this understanding, it becomes difficult to implement changes in the workplace. It is also difficult to ensure that knowledge is maintained properly.
The second challenge is to use the information and knowledge to implement changes in business. This requires developing strategic alliances with other business departments, including HR, IT and manufacturing to gain access to real-time data and leverage what is already available. By combining data and knowledge, companies can gain a deeper understanding of their customers, identify problems faster and improve services and products to better serve the customer.