What Are Big Data And Knowledge Management?
“What is big data and knowledge management?” is a question asked by many in the business community. This has been fueled, in part, by advances in digital information technology and the explosion of web based technologies that have delivered amazing amounts of data to users around the world.
The term “big data” is now part of the common language. It was introduced in a May 2021 edition of Harvard Business Review. Its purpose was to illustrate the need for information and knowledge management. The authors defined “big data” as “an increasing reservoir of complex technological, financial, and human resources information.” They went on to describe the need for more effective ways to manage this data. The article implied that the direction of travel for IT had to be in a forward direction, leading to a smarter, more efficiently organized data management strategy.
A few years later, the Federal Trade Commission (FTC) released a consumer statement about Internet privacy. It stated that companies must provide consumers “the opportunity to receive information about the identity and uses of their personal data” and, “The privacy of consumers’ personal information must be clearly defined.” This statement brought about a new interest in information security and an increase in the study of IT management.
While the discussion of what is big data and knowledge management gained some attention at the Federal Trade Commission, little has been written on the subject. Much of the literature has been geared toward business and corporations attempting to understand and utilize the huge amounts of data generated every day by the internet. Very little has been written about what is big data and knowledge management for the home or the small business. In fact, there are very few books or articles available on this ever-growing topic.
Why is this important? Businesses and corporations need to understand how to manage their information technology systems. The concept behind the FTC’s consumer statement is to ensure that they are adequately protecting the rights of the consumer to be able to make informed decisions about purchasing goods and services. Knowledge about how information technology systems work and about how to protect those systems from outside attack are critical to the success of any business or corporation. Without knowledge, a company is at risk of not being able to compete with other businesses and corporations in the marketplace.
What is Big Data and Knowledge Management is also important to those who help customers find the information they need or manage their own online data. Without proper information security and the ability to manage one’s own online information, a company or organization can be easily breached. Companies with personal and business information online are at risk of being hacked into. The security of sensitive customer and financial data is paramount to a company. Without the skills and knowledge to keep their data safe and secure, a company can be severely compromised.
As a society, what is big data and knowledge management has become increasingly important. With many problems that occur due to our reliance on digital information, it is essential that we have the skills and knowledge necessary to properly manage this new landscape. The concepts of what is big data and knowledge management are relevant to everyone, including business leaders, Internet consumers and IT managers. Each one of these groups share some common goals when it comes to managing their data.
In short, big data and knowledge management are about more than just storing data. It is also about the ways in which that data is shared, secured and used so that it can continue to provide relevant, useful information for everyone to use. In the end, it is about trusting that the technology we are using to collect, store and transmit that information is working correctly and reliably. If we fail to do this, the result can be a disaster.