Information deficiency problems in business

Discussion1

1. Discuss the relationship between data, information, and knowledge.

Data, information and knowledge are vital concepts that have a close link in both meaning and application. Data and information are regarded to be a form of each other. Data are facts and figures in unprocessed form. However, when these facts and figures are interpreted, processed, structured and organized, so that it can be presented in a manner that makes it meaningful or useful then it becomes information (English, 1999). Data is therefore raw and unprocessed form of information. Information provides context for data. The relationship between data and information is thus an interconnected relationship (Chen, 1976). Information and knowledge consequently have a vital relationship. In relation to knowledge, information is facts learned or provided about something or someone. Knowledge on the other hand refers to skills and information acquired through education or experience (Huang, Lee & Wang, 1999). Knowledge can also be described as the practical or theoretical understanding of a subject. The relationship is between data, information and knowledge is therefore in regards to interpretation. Data is the raw form, when interpreted gives information. The mastery of the interpreted data, by remembering and learning how to apply the acquired information, one can be said to have acquired knowledge on the matter.

2. Why do organizations have information deficiency problem? Suggest ways on how to overcome information deficiency problem

Information plays a vital role in the successful running and management of organizations. Having the correct information and effectively disseminating it at the right is another important factor. Information deficiency integrates user importance and perceived availability of information (Hovanov, 1996). Organizations still suffer from information deficiency because of poor methods of data storage, unpredictability of information that will be vital in future. It is often hard to identify what information will become vital to organizations in the future hence information deficiency (Hovanov, 1996). In the bid to solve information deficiency problems, organizations should keep abreast with changes in information and data so as to update their systems with vital information at any point in time. Secondly, they should use modern methods of data storage (Hovanov, 1996).

Discussion2

1. Discuss the relationship between data, information, and knowledge. Support your discussion with at least 3 academically reviewed articles.

Relation b/w Data, Information, and Knowledge

Data: Data is the facts of the World and is tied in with passing on events, realities, and centers about the data without dealing with way. It is segments of an examination. It is a data or propelled yield that began from a contraption which has supportive or un-noteworthy data (Houška,2011). With a particular true objective to change this data into learning, it must be changed over into data which ought to be conceivable by organizing the data into significant for where the customers can understand the data and advances toward getting to be as data.

IT is usually invaluable in the capacity of turning data into information, particularly in larger firms that generate large amounts of data across multiple departments and functions. The human brain is mainly needed to assist in contextualization.

Knowledge: Knowledge is closely linked to doing and implies know-how and understanding. The knowledge possessed by each individual is a product of his experience and encompasses the norms by which he evaluates new inputs from his surroundings (Davenport & Prusak 2000). I will use the definition presented by Gamble and Blackwell (2001), based closely on a previous definition by Davenport & Prusak:

2. Why do organization have information deficiency problem? Suggest ways on how to overcome information deficiency problem

In the present organization, information or more especially learning is a champion among the most basic key resources; furthermore, various leveled limits rely upon the unmistakable abilities in sharing additionally, fusing information and learning. In any case, most picking up sharing undertakings and structures miss the mark.

In fact, even in the various circumstances where no IT or inventive insufficiencies incorporated, the goal of sharing is now and again expert and despite gaining relative ground isn't straightforward (Hislop, 2002). Innovation and brisk change are the fascinating typical for this new thousand years, consistently implied as the season of information. Learning organization, the path toward making wealth and regard using mental and data-based assets requires a structure to help this methodology. IT, as the most enabling component of learning organization process, has basically improved the execution of this strategy with its quick and precise.

Wrong business plan or market

Each business rotates around a specific item or administration, and, more imperatively, around the strong base of clients prepared to consistently buy those same items and administrations, accordingly making your business productive.