Sunday, August 23, 2020

The Monthly Insight of Information Management: Raise “Digital IQ” of Organizations Aug. 2020

The very characteristics of digital organization with high digital IQ are about understanding the value of information, fine-tuning smart processes, developing the intelligent workforce, and achieving measurable business profitability.

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. In fact, Information Technology is the nerve system of contemporary companies and directly decides the "Digital IQ" of the organization.

     Raise Digital IQ of Organization  

Raise the Digital IQ of the Organization With rapid changes, the exponential growth of information and continuous disruptions, the beauty of the digital landscape is the fresh insight of the great architectural design and business ecosystem dynamic. Organizations today need nothing less than a paradigm shift in their thinking about the fundamentals of how organizations work, as well as how to build an ever-evolving digital organization with high digital IQ - understanding the value of information, fine-tuning smart processes, developing the intelligent workforce, and achieving measurable business profitability.

Philosophical and Conceptual Understanding of Information vs. Knowledge The digital era upon us is about the exponential growth of information, abundant knowledge, and the rapid pace of changes. While information is an ingredient of knowledge; in order to interpret information, you need knowledge. Both information and knowledge are not equal to insight, but they are the foundation to capture insight and allow people to make the right decisions at the right time. Here is the philosophical and conceptual understanding of information vs. knowledge.

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.

Information System vs. Digital Ecosystem Information is permeating into every corner of the business and becomes the lifeblood of the digital organization. Digital technology is lightweight but more powerful. The Information Technology System is the "nerve system "of the digital business which is like the switch connected to the dynamic ecosystem continually evolving and expanding in the modern world.

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 formats, 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.

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