Sunday, March 7, 2021

Information-Insight



The digital era upon us is about information exponentiality and knowledge abundance. Information is the most invaluable asset of the company besides people. Technically information is nothing until it helps to make more effective decisions or create multifaceted business value. Refining business insight from abundant information is a critical step to close understanding gaps, improve information alignment with the business, and unpuzzle business innovation.

Classify information and capture insight: Data is raw, information needs to be collected, stored, processed, classified, refined, and distributed to the right people to make right decisions timely. When information flows frictionlessly and has been used to make informed management decisions to develop new products/services, enter new markets, explore new channels or having information to be able to conduct day to day operations which have an output value, etc, it becomes one of the most invaluable commodities of the business and the lifeblood of the digital organization.

Either for solving problems or running businesses, information is no doubt important but more than that is complete awareness of what is happening in the context and gain contextual understanding of the business. Once you do that, you use your ability to classify information and knowledge and know their linkage to capture the insight for understanding things thoroughly. The goal is to capture business foresight and refine customer insight by enforcing a healthy information life cycle to ensure the right people get the right information timely, diagnose and solve right problems scientifically.

Information can be misleading, but the insight of the situation requires in-depth understanding: In today’s digital new normal with the characteristics of velocity, complexity, uncertainty, and ambiguity, information is invaluable but not perfect, there is misinformation or outdated knowledge which further causes misunderstandings and creates various human problems. Thus, digital leaders and professionals need to gain deep understanding as the challenge about insight is that information can be absorbed, knowledge can be taught, but insight cannot be told completely because it comes from each individual’s understanding, connection, discernment, personal experience, penetration, and perception.

Knowledge is gained via learning processes, but insight is the integration of learning and thinking scenarios and it is a unique perception which needs to be gained by each individual. It is about penetrating and often sudden understanding of a complex situation or problem. An insightful thought can go beyond a moment, even take certain systematic planning. Insight is an understanding of the cause and effect based on the identification of intriguing relationships and behaviors within a model, context, or scenario. By having an active learning and thinking cycle, over time, you develop an effective set of filters that help you find new information interests you and refine them into valuable insight.

It is critical to managing information - the soft business asset holistically to capture business insight and foresight:
All forward-looking organizations across vertical sectors declare they are in the information management business. Because companies across sectors around the globe transform themselves into digital powerhouse that is based on information, and the business’s ability to explore soft information assets has become far more decisive than their ability to invest in and manage physical assets. The challenge is that information/ knowledge are fluid, they cannot be managed like those other hard assets. The focus needs to be on the conditions that allow information and knowledge to flow and generate value rather than try to control it.

Organizations have both tangible or physical assets and intangible or soft assets which enable businesses to operate smoothly and build competitive business advantage. There's a difference between the potential value of an information asset, its realized value - when consumed, and its probable value - accounting value. Understanding and measuring these differences is a critical step to close gaps via managing Information/Knowledge holistically.

Digital flow can be streamlined by enforcing cross-functional communication, using common business language for harnessing understanding, and taking incentives to encourage idea sharing. In fact, information management competency, especially the ability to capture business insight and make continuous improvement with consistency, is the soft asset by which organizations can differentiate themselves from competitors, in order to reach the next cycle of the business growth and organizational maturity.

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• The methods used in DM are fundamentally different
of the old techniques of construction of quantitative models.
• DM is an extremely complex process.
• Only massive databases are worth extracting.
• DM is more efficient with more data, so all existing data
it should be included in any data mining effort.
• Building a DM model on a sample from a database is
ineffective, because sampling loses information in the
unused data.
• DM is another trend that will soon fade, allowing us to
revert to standard business practice.
https://ppcexpo.com/Content/lecture02.pdf

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