Core Drivers of Information Age

In: Computers and Technology

Submitted By punna0002
Words 279
Pages 2
The core drivers of the information age are: Data, Information, Business Intelligence and Knowledge. Data:
Data are raw facts that describe the characteristics of an event or object. Before the information age, collecting and analyzing data is a time consuming and complicated task for managers as they used to do it manually. Managers often found difficulty in making business decisions about how many employees to hire, how much material to order. They used to do it based on intuition or gut feelings. In the information age, Managers make more successful business decision by compile, analyze and comprehend massive amounts of data daily.

Information:
If data is converted into a meaningful and useful context is called Information. Information has a good value when people use it. Having the right information at the right moment in time can be worth a fortune. Having the wrong information at the right moment or the right information at the wrong moment can be disastrous.

Business Intelligence:
For making strategic decisions, industries analyze patterns, trends, and relationships by collecting information from multiple sources such as suppliers, customers, competitors and partners is called Business Intelligence.

Knowledge:
Person’s intellectual resources is called knowledge which includes the experience, skills, expertise, information and intelligence. Those who has the ability interpret and analyze information are called knowledge workers. Knowledge workers are valuable resource to any company as they use business intelligence with personal experience to make decisions based on both information and intuition.

Using data, information, business intelligence, and knowledge are the building blocks of business systems and are used as the key elements to finding success in business. hence they are considered as core drivers of information…...

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