In the next decade, there will be a shift to what is big data and what is knowledge management. This will enable companies to leverage all of the information available through digital sources like the Internet, mobile devices, social networks and mobile software. This will give companies access to a greater depth of understanding about their customers, their competitors, their own internal processes and operations as well as the external environment. Big data and knowledge management will enable companies to make sense of this information, leverage it for strategic decision making and apply it in a cost effective manner. It will also enable companies to deliver and manage business processes more effectively and efficiently.
Companies that have not yet started to leverage the power of big data and knowledge will continue to lose opportunities. There are many exciting applications for this data already, and more will become available in the future. The ability to collect, organize, analyze and visualize large amounts of data will create a powerful enterprise intelligence orBI along with new business opportunities for organizations.
Large amounts of unstructured data are currently gathering at an alarming rate. The challenge for businesses right now is to find and extract the information that will help them make informed decisions about their core business functions, products and services. Organizations must also manage and utilize the knowledge that is already available. While this will allow businesses to make informed decisions, it will also require additional investment from IT departments and human resources.
Organizations have been collecting and organizing massive amounts of data for years. Much of this information has been used successfully by companies to gain competitive advantage, develop new products and services, attract new customers and enhance their customer satisfaction. However, much of this data is still unutilized and outdated. There are a number of challenges that organizations face when trying to implement what is emerging as an important element of their business strategy. There is a need to address challenges before they can be addressed, and companies need a way to manage and store the huge volume of data that is increasing every day.
The emerging discipline of IT and analytics are combining with what is known as Knowledge Management to provide businesses with the information that they need to improve their business performance. Analytics is a discipline that involves the use of gathered data in order to provide managers and other leaders with strategic insight into how their organizations operate and what strategies to implement in order to improve these activities. The combination of these two powerful technologies will enable businesses to improve the quality of the services that they offer, as well as the decision-making process of how those services are delivered. This will lead to increased profits, more efficient employee processes and increased organizational effectiveness.
Knowledge Management is based on the premise that there is a fundamental relationship between information and knowledge. Information, according to this perspective, is a prerequisite for knowledge and managers must therefore acquire the skills and knowledge to gather, organize, analyze and transmit this information effectively. Big Data is an initiative that combines both IT and analytics to create new ways of collecting, managing and transmitting big data. Enterprises have not yet fully grasped the full benefits of data mining and this gap is likely to continue to widen as businesses become more involved in big data. In IT, there are already many use cases for data mining including search engine optimization (SEO), content management and product and service analysis.
In contrast to what is commonly believed, knowledge does not exist in the brain or in a warehouse. Instead, it exists at the enterprise level where it is implemented using multiple technologies and techniques such as process insight, intelligence and information gathering. Big data analytics is one of the trends that are currently playing a significant role in knowledge management. As opposed to what is often perceived as a costly venture, collecting, organizing and analyzing massive amounts of data is actually a very cost-effective means of conducting business. Moreover, organizations are able to derive a lot of value from their massive databases because of the insights it provides.
Information is crucial in any enterprise. However, managers must remember that knowledge is just one part of the bigger picture. Organizations should also make strategic decisions regarding data capture, storage and dissemination in order to create value from information. With so much data at hand, enterprises have the capability to build tools that will aid them in processing and organizing large amounts of information. This is how they can gain competitive advantage, enhance customer relations and foster decision-making.