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    Bus 5114 Discussion Assignment 01 - 05

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    Sheu Basharu
    The document discusses how organizations can leverage data, information, and knowledge to gain a competitive advantage. It explains that data provides insights that lead to better decisions and performance. Knowledge, defined as useful information combined with experience, is considered a strategic asset. When managed effectively through data solutions, information extracted from raw data can improve business intelligence and aid strategic and tactical decision making.

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    Bus 5114 Discussion Assignment 01 - 05

    Uploaded by

    Sheu Basharu
    31 views3 pages
    The document discusses how organizations can leverage data, information, and knowledge to gain a competitive advantage. It explains that data provides insights that lead to better decisions and performance. Knowledge, defined as useful information combined with experience, is considered a strategic asset. When managed effectively through data solutions, information extracted from raw data can improve business intelligence and aid strategic and tactical decision making.

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    BUS 5114 DISCUSSION ASSIGNMENT 01 - 05

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    The document discusses how organizations can leverage data, information, and knowledge to gain a competitive advantage. It explains that data provides insights that lead to better decisions and performance. Knowledge, defined as useful information combined with experience, is considered a strategic asset. When managed effectively through data solutions, information extracted from raw data can improve business intelligence and aid strategic and tactical decision making.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views3 pages

    Bus 5114 Discussion Assignment 01 - 05

    Uploaded by

    Sheu Basharu
    The document discusses how organizations can leverage data, information, and knowledge to gain a competitive advantage. It explains that data provides insights that lead to better decisions and performance. Knowledge, defined as useful information combined with experience, is considered a strategic asset. When managed effectively through data solutions, information extracted from raw data can improve business intelligence and aid strategic and tactical decision making.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    The following paper looks at how organisations can utilise data, information, and

    knowledge to their competitive advantage and how data can be used for decision-
    making.

        Data, in computing, constitutes unrefined or unprocessed information and is often


    referred to as raw data since it is in a very basic digital format (Vaughan, 2019).
    Organisations understand that data gives any company a competitive advantage since
    more data leads to a better customer experience, aids in a better marketing strategy and
    it can lead to a new revenue stream (Freedman, 2021). Facebook bought WhatsApp for
    $19 billion in 2014 firstly because they were seen as a threat and secondly Facebook saw
    the opportunity of having the user data (Nigam, 2021). The data sharing only became
    apparent to users in 2021 when WhatsApp threatened to cut off users from WhatsApp if
    they did not accept their terms of having their data shared with Facebook (Newman,
    2021).

        Information is data that has been organised in a manner to provide context, meaning
    and purpose (Madden, 2000). Porter's Five Forces is an analytical model developed by
    Michael E. Porter that can be used to analyse a company’s competitive environment
    (Investopedia Team, 2020). These five forces that a company analyses, can guide a
    company strategy and provide the company with a more competitive advantage
    (Investopedia Team, 2020). Wright (2021) states that the five forces are based
    on information  that would need to be sourced and the forces are:

     Any threats from new companies


     Bargaining power of customers
     Bargaining power of suppliers
     Competitive rivalry
     A threat of products being substituted

        Knowledge is defined as the combination of information, insight and experience that


    may aid an individual or an organization (Taylor, 2022). Taylor (2022) further states that
    information is data that has been refined, while knowledge is information that is
    considered useful. The example that Taylor (2022) provides to differentiate data,
    information and knowledge is as follows:
     

     Data = 100
     Information = 100 kilometers
     Knowledge = 100 kilometers is a far distance

        According to research from Rahimli (2016), she concluded that knowledge in most
    companies is seen as a strategic asset that is scarce and difficult to replicate. Rahimli
    (2016) further states that knowledge can be used as a sustainable competitive
    advantage in a number of ways such as managing resources more effectively, adapting
    to changes and improving the company’s performance by improving employee skills.

        Data and data management solutions play a pivotal role in decision making in any
    organisation. Data management is the process of gathering, organising, storing and
    maintaining data that is created by any organisation (Stedman & Vaughan, 2019).
    Organisations consider data as a corporate asset that can aid in improved business
    decisions which ultimately leads to improved profit and revenue (Stedman & Vaughan,
    2019). Data management solutions cover a wide variety of technologies, techniques and
    tools such as Database Management Systems, Big Data Management, Data Warehouses,
    Data Lakes, Data Integration Tools, Master Data Management, Data Quality and Data
    Modelling (Stedman & Vaughan, 2019). Business Intelligence (BI) tools enable a business
    to transform their data into insightful and actionable information that can aid in tactical
    and strategic decision making (Fruhlinger & Pratt, 2019).

    Conclusion
        Data is a key asset to any company because it forms the basis for creating insightful
    information that leads to employees increasing their knowledge which has a direct
    impact on better decision making and that in turn results in increased revenue and
    profit.

    Word Count: 563

    References

    Freedman, M. (2021, December 3). How Businesses Are Collecting Data (And What
    They’re Doing With It). Business News Daily. https://www.businessnewsdaily.com/10625-
    businesses-collecting-data.html

    Fruhlinger, J., & Pratt, M. K. (2019, October 16). What is business intelligence?
    Transforming data into business insights.
    CIO. https://www.cio.com/article/272364/business-intelligence-definition-and-
    solutions.html

    Investopedia Team. (2020, February 22). Porter’s 5 Forces.


    Investopedia. https://www.investopedia.com/terms/p/porter.asp

    Madden, A. (2000). A definition of information. Aslib Proceedings, 52(9), 343–


    349. https://doi.org/10.1108/eum0000000007027

    Newman, L. H. (2021, May 15). WhatsApp’s New Privacy Policy Just Kicked In. Here’s
    What You Need to Know. Wired. https://www.wired.com/story/whatsapp-privacy-policy-
    facebook-data-sharing/

    Nigam, V. K. (2021, December 15). Why Facebook acquired WhatsApp?


    Medium. https://medium.com/@varnigam/why-facebook-acquired-whatsapp-
    91769b3f02b4

    Rahimli, A. (2016). The Effect of Knowledge Management on Competitive Advantage.


    International Journal of Science and Research (IJSR), 5(3), 1086–
    1089. https://doi.org/10.21275/v5i3.nov162032

    Stedman, C., & Vaughan, J. (2019, October 30). What is data management and why is it
    important?
    SearchDataManagement. https://www.techtarget.com/searchdatamanagement/
    definition/data-management

    Taylor, D. (2022, February 26). Information vs Knowledge: Key Differences.


    Guru99. https://www.guru99.com/information-vs-knowledge-difference.html

    Vaughan, J. (2019, July 31). Definition of data.


    SearchDataManagement. https://www.techtarget.com/searchdatamanagement/
    definition/data

    Wright, G. (2021, October 29). What are Porter’s 5 Forces? Smart


    Insights. https://www.smartinsights.com/online-brand-strategy/brand-development/
    how-to-use-porters-5-forces-model/

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