Monday, November 6, 2017

How to Manage Information-Based Solutions to Thorny Business Problems

Information-based problem-solving is about how to capture information-based insight & foresight in making right business decisions timely and solving problems effectively.

Information does not live alone but permeates to everywhere in the businesses, information potential directly impacts the business's potential of the organization. Today’s business problems are complex, logic or intuition only cannot solve those problems without sufficient information. Information Management is to make sure that the right information is in the right place at the right time and shared to the right persons to make right decisions for solving right problems timely.

Knowledge by itself is nothing if you do not understand how to apply it and make it useful for problem-solving: Information/Knowledge Management is the management with knowledge as a focus, involves the use of technologies, information, and processes with the aim of solving business problems. Information Management is the overall process of aligning the use of information through the management practices. The information management leaders should keep checking: What information do you have, in what format and the location and method is it held? Information/Knowledge Management is the management with knowledge as a focus, involves the use of technologies and processes with the aim of optimizing the value that is generated, and with the goal to solve business problems, including how to refine information into knowledge and business insight to solve business problems both at strategic and operational level? Information flow can further streamline ideas flow and stimulate collective creativity which can accelerate problem-solving and build business competency.  Information and knowledge management is rather like climbing a mountain, gaining new and wider views, discovering unusual dots and build unexpected connections between our starting points and its rich environment, the digital ecosystem, to spark innovation, broaden varying perspectives, and solve business and real-world problems seamlessly.

Information Management is not just about information or process, but a scientific management discipline for problem-solving: Insight is abstracted knowledge. Information can either enforce cognitive understanding or sometimes misleading or cause distraction due to incomplete information or false knowledge. The gaps between knowledge and insight are about the depth of understanding. Thus, insight is crucial for true problem-solution. Insight is an ultimate level of Data-Information-Knowledge-Intelligence-Insight-Wisdom pyramid. Because knowing something is not equal to understanding it, understanding it doesn’t mean you can communicate and leverage it to solve practical problems effectively. Insight is being able to identify the root cause of a problem or the core issues of a situation that leads to understanding and resolution. It is about penetrating and often sudden understanding of a complex situation or problem. As we all know knowledge is power, and then insight is like “superpower.” Insight is an understanding of the cause and effect based on the identification of relationships and behaviors within a model, context, or scenario.

From information-based problem-solving to innovative problem-solving: An essential role for Knowledge Management is the need to connect ideas but also people, and crucially management; coach them and many others in organizing their personal knowledge mastery and collectively engaging with others for collaborative and creative problem-solving. Managing information and knowledge is a human problem and not just a technological problem. Knowledge Management needs to be well embedded into the key business processes to shape a culture of learning, motivate people to become more informative, insightful for improving the overall decision effectiveness and problem-solving mastery. It actually extends to the culture of the company - how the collective mindsets and behaviors of the organization become digital ready for solving both old and emergent business problems innovatively and effectively.

Hence, information-based problem-solving is about how to manage data-Information-knowledge-insight-wisdom cycle for capturing insight & foresight in making right business decisions timely and solving problems effectively. It is important for gaining perspective, garnering attitude, and motivating people to frame the right problems, and providing an information-based solution as an ultimate goal of achieving information value and practicing knowledge power.


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