Sunday, July 14, 2019

The Monthly Insight of Information Management: Information & Knowledge as Invaluable Business Asset July 2019

Knowledge is an asset to every organization and its integrity, availability, and confidentiality can be crucial to how the organization functions or maintains its services and products.

The aim of modern Information Management has often been described as getting the right information to the right person in the right format and medium at the right time, in order to make the right decisions. The value of information is qualitative, measurable, and defined uniquely by an organization.

     Information & Knowledge as Invaluable Business Asset 

Knowledge as the Business Consciousness and Intangible Asset of the Organization Knowledge is power; knowledge is more intangible, complex and dynamic compared to the physical asset. Due to the exponential growth of information, the multitude of information format, and risk/compliance concerns; managing knowledge becomes more challenging but critical for running a smart business. Knowledge Management should take a holistic approach by thinking knowledge as the business consciousness and treating knowledge as an intangible asset of the organization.

Knowledge as Asset Knowledge is an asset to every organization and its integrity, availability, and confidentiality can be crucial to how the organization functions or maintains its services and products. For fellow digital workforce, knowledge is power; for digital business as a whole, knowledge is an asset. But how to manage such intangible asset more effectively?

The Potential Value of Information Data is raw, unorganized facts that need to be processed. Data is simple, random and unorganized; on the other hand, information is processed data. Information is structured and presents facts in context to targeted situations and conditions that facilitate business in making the right decisions at the right time. Given this assertion, there is no limit to the value of information in the digital economy.

How Important an Information System can be in Digital Business Success?
In the industrial era, the majority of IT organizations are supporting functions to keep the business light on; the cost center to maintain legacy applications and infrastructure, and the gatekeeper to control the status quo. Nowadays IT and its value implication to the business have changed drastically; information becomes the lifeblood of digital business, and digital technology is lightweight but more powerful than ever. The question is –How important an information system can be in today, can you separate technology from an information system in order to achieve the intended results? And how to make Information Management as 'powerful' and 'worthy' to an organization as possible?

How to Unleash Information Power for Improving Business Maturity? Business and technology are now forever interwoven, and IT is the linchpin of running a digital business. IT is shifting from “T” oriented monolithic type support center to “I” driven mosaic style of information hub of the business. CIOs need to provide leadership to the organization from board level down to the business unit and IT organization, to ride learning curves, keep the pace of rapid changes, and unleash information power for improving business responsiveness and maturity.

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