What are Big Data and Knowledge Management?
In the next few years, what is big data and knowledge management will have a huge impact on the global workforce. Just as the internet has altered the way we do business, so will the data that is collected through digital channels. Today’s businesses are collecting massive amounts of data, and it is a challenge to organize and manage that data. Knowledge management is all about keeping information from getting out of control, and that is becoming much more difficult as our economy gets further entrenched in debt and stagflation. This shift towards digitization will continue, and organizations must also use smart decision making processes to keep pace with changing customer demands and needs. No matter how big the challenge is, organizations will be forced to address this issue, because knowledge is one of the driving forces of economic success.
The need for a global understanding of what is big data and knowledge management cannot be stressed enough. One of the largest problems in today’s economy is unemployment. While it is true that some job losses can be directly attributed to the economic downturn, even more are the result of people who chose to leave their jobs or businesses when they encountered financial challenges. If the majority of unemployed people were able to re-enter the labor force, then the unemployment rate would fall. Economists expect the number of unemployed people to rise, but the problem cannot be solved by merely adding workers to the unemployment rolls. Solutions must be found that encourage the return of those who have given up on finding gainful employment, while providing those who remain with new avenues for employment and productivity growth.
Organizations that have not been technologically equipped to address the demands of today’s marketplace face a crisis of strategy. The reality of what is big data and knowledge management is no longer an abstract concept. Enterprises are facing serious consequences if they do not embrace digital technologies in all their dimensions. Enterprises that fail to embrace advanced technologies will suffer as a result of diminished competitiveness, slower growth, and limited access to high quality capital and expertise. The potential for decline is real, and those companies that ignore this trend run the risk of being left behind.
In order to understand what is big data and knowledge management, it is essential to understand the relationship between information and data. Data represent the facts that are available to a business in the form of organized, structured, and timely information. In the past, enterprise managers and IT administrators dealt with this topic by creating and maintaining databases that contained records regarding the activities of all employees and the business as a whole. These databases were designed to optimize the searchability of data, to help IT managers optimize decision making processes, and to allow for a higher level of security than was previously available. It also represented a significant investment in terms of both time and resources.
Today, enterprise managers and IT administrators deal largely with the consequences of the massive amounts of data that are generated in an organization. It represents a tremendous amount of time and money that has been spent on designing and implementing information systems and databases. To the untrained eye, it may appear that data is simply information. However, data and knowledge are two distinctly different concepts. While information systems may represent the ability to collect, manage, analyze, and communicate information to those who need to use it, knowledge is the knowledge needed to make those information systems work.
In order to understand what is big data and knowledge management, it is necessary to explore what knowledge is. Knowledge is the skills, knowledge, and experience that an individual has accumulated over their lifetime. It is what sets an individual apart from the millions of others trying to achieve the same objectives. In order to succeed in any endeavor, a number of key factors must be addressed. These factors range from personal attributes to skill sets, but all of them must be properly addressed if an organization is to effectively compete in today’s marketplace.
An organization cannot successfully compete if it does not have a comprehensive information system. This system will require storing vast amounts of data. Large databases will need to be established so that enterprise managers can access the information they need, when they need it. The ability to interact with customers and employees will also play a critical role in how successful an organization is. By integrating the various elements of big data and knowledge management, enterprise managers can create a complete picture of how the various pieces of the puzzle fit together.
A number of interesting questions have been asked regarding what is big data and knowledge management. One of the most pressing questions centers on how the process of acquiring this information will affect the way the organization currently functions. Other questions deal with the effect big data will have on legal requirements for companies. While the answers to these questions are likely to vary greatly across organizations, there is one underlying theme that remains common. Big data and knowledge management will continue to become more integral parts of every organization as the days go by and as technology further develops and becomes more prevalent in the business world.