What is the connection between data and knowledge management?
In the modern, developed economy, the knowledge is the most valuable source that the business company has, and the management of this source is important for remaining competitive. Data is a raw material from which information and knowledge are created, and therefore good data management and knowledge are the basis for an effective culture of knowledge sharing. Data in the form of statistics or basic details of suppliers, customers, products or processes must be properly captured, stored and managed using suitable software packages. This data can be organized in formulas that provide information in a usable form. Based on this information, it is possible to build knowledge that shows how products, processes or marketing strategies and customer needs can better operate.
unprocessed data, if they are not managed and properly arranged in proper information packages, may result in the result rather than the creationa shadow. Administration of professional data and knowledge can ensure that the data is adequately stored in comparison with other data and organized in a form in which they provide realistic and useful information. For example, financial statistics on the sale and profit of competitors can be compiled in table form to provide information about profits and trends in the sector. This information could then be used to design methods that the company can gain the advantage over its competitors by adding value to products, reducing costs or improving customer service. Data on the target market could lead to important information about the tastes of consumers and trends that allow the company to adapt the product to comply with the current demand.
knowledge management involves capturing new knowledge as it is created and ensuring that it is supplied to all parts of the company that can use it. For example, new knowledge developed and applied to modify products would quickly bring to a marketing function where it canbe used to adapt to marketing strategy. New product features can be emphasized in a new marketing campaign that proposes to potential customers how the new product range can serve their needs better than competing products. Feedback from customers who buy new products could be analyzed to create knowledge of new products that are directed back to designers of future products.
The data generated in the company and the data obtained from external sources must be stored in useful form. Suitable data and knowledge can organize this data in structured information and knowledge that provides useful information for the company. Data and knowledge management can ensure that the knowledge is created from raw data. This can lead to continuous feedback that leads to constant improvement in products, processes, marketing methods and customer services.