.. Provide an in-depth explanation of the three key concepts: data, information, and knowledge.
An in-depth literature review should be conducted to gain the required insight for this task. This should be based on academic sources. Data is raw facts and figures which have no meaningtowards them, as they might not be organised in a way which makes in order itto make to give it context. For example, a set of numbers 1, 4, 3. This isunorganised and unprocessed, which will not have any specific meaning for theuser. “It can come in any form, usable ornot.
It does not have meaning of itself.” (Bellinger, Castro & Mills, 2004).(Kayas, 2017)There are different types of data which comein the forms of Structured data, unstructured data and semi structured data. Structured data is organised data that isdefined before it is collected, therefore we already have an idea what the datarepresents and how it can be stored. The advantage of structured data is thatit can be easily entered, stored and analysed (What is Structured Data? Webopedia Definition, 2017). It willbe also easy for the user in order to organise the structured data using amultiple search criterion. Therefore, it is cost it is cost effective tocapture, store and analyse this is because the data doesn’t need to be alter inanyway yet makes sense meaning it will not waste time and resources which meansless money lost/spent. Examples of structured data are name, alphabetic, numeric,currency, times, dates, addresses etc.
For example, terms such as Mr. Ms. Dr.;M or F. Unstructured data is not found in a database orsome other type of data structure this is due to not being able to fit. Unstructureddata tends to be text heavy but it can be non-textual and textual.
Itrepresents 95 percent of new data therefore is very expensive to analyse. Thisis due to be being vast data in order to probe and pick in order to extractinformation from. Which takes up a lot of costs of software and hardware in storageto save. Examples of textual unstructured data is generated in media likeemails, word documents, PowerPoint presentations and instant messaging/socialmedia apps such as WhatsApp.
Non-textual is generated in media such as JPEGImages, Flash videos and MP3 audio. It can be hard in order to locate itrequires to be scanned in electronic and hard copy documents so then a searchapplication is able to string out concepts. This is called a semantic search (What is unstructured data? – Definition fromWhatIs.com, 2017). The problem of unstructured data is considering the meaningof the data for example an opinion “I like brand X” “I used to like brand X”. Differentpeople have to analyse what these mean as people have different interpretationof what people are saying (Kayas,2017). Semi-structured data does not reside in a formal structure ofdata model/rational database.
It exists in order to ease space, clarity orcompute. It has properties which make it easy to analyse, therefore with thisprocess it is able to be stored in a relation database; but not all semistructured data can be able to do this. Semi structured data represents 5/10% (Ronk, 2017). Emails consist of both structured and unstructuredelements. Other example of semi structured data can be images, videos and filessuch as CSV. Information is data that has been giving meaning to thereforethe user is able to understand it.
For example, 1, 6, 2 on its own is justnumerical values. Saying they were the coldest days in November 2015 in Celsiusin the UK. This is classed as information as it has been given meaning. “This”meaning” can be useful, but does not have to be.
“(Bellinger, Castro , 2004). Valuable information should beaccessible; accurate, therefore there is no errors; complete, contains all thefacts that will be vital; economical; relevant, this is important for thedecision maker as it can help them aid them; reliable authentic therefore theusers will trust it; secure, any unauthorised users will not be able to accessit; timely, delivered when needed; verifiable, can be checked to see if it iscorrect. Knowledge is Facts,information, and skills acquired through experience or education; thetheoretical or practical understanding of a subject(OED, 2017).
It is derived by applying rules to information inorder to obtain. For example if the hottest days of summer 2009 was 26, 29, 27Celsius, by applying rule of what is the highest numeral value we know that 27Celsius is; this is new knowledge. There are two types of knowledge which areexplicit and tacit. Explicit knowledge is systematic and formal, that means itcan be easily shared; ways of doing this is by documentation or digital means. Thefeatures of explicit knowledge are that it is expressed and recorded in formssuch as numbers, codes, musical notations etc. It is easy in order to store, itis tended to be stored in books and on the internet (Explicit Vs.
Tacit Knowledge | KnowledgeManagement Café, 2017). Tacit knowledge is personal, context-specific and hard toformalise and communicate. (Kayas,2017). Tacitknowledge is not easily expressed compared to explicit knowledge. It is highlypersonal, meaning it is hard in order to formalise and share to others throughverbal communication. The drawbacks of tacit knowledge are that not allelements of it can be captured.
Example of tacit knowledge is when theknowledge is when someone has the skills personally, like an engineer will havehis knowledge in his work of field how to do something where as others may not. 2. Take an organisation of your choice orone that you work for. You must evaluate the following:The organisation which I will be looking at is Tesco.
UKretailers are increasingly using big data, predictive analytic in order tolearn about customer shopping trends by doing this they are able to meet therequirements of the customer meaning that they are able to increase sales (How Tesco is using AI to gain customerinsight, 2017). The personal data in which Tesco takes is when you register for theirservices, you will include your personal details such as postal/billingaddress, email, phone number, date of birth and title. (Tesco, 2017) This includes theirTesco club card loyalty club card system. By signing up for this they willobtain all this data about you. This club card allows you to collect pointseach time you buy something at Tesco allowing you to obtain deals anddiscounts; also encouraging the consumer to shop there. By scanning the club card,it has all your details linked to your transaction information which includesall the items in which you brought.
Tesco is able to go away to analyse thisdata in order to see what is selling and what you’re buying a lot. This meansthat they are able to use artificial intelligence systems to spot trends andgiving you these coupons on items you may buy relate to. For example, buyingbread a lot will therefore Tesco will pick up on that a may give you a couponfor milk. This is the use of their data manipulation. Another way in which Tescois able to manipulate their data is that they are able to categorise thecustomers they have got into subgroups based on factors such as age, class,ethnicity etc. This means they are able to target their audiences and see whatsells well within. For example, with their Asian customers they notice thatthey buy a lot of naan bread etc therefore they will stock this up more and trysell products which sell. These can be linked to their strategic activities.
Tesco use tills and self-checkout systemwithin their stores which record the items they have sold, this is compared tothe current stock they currently have meaning they know what has been sold andnot. This will help them as they can see what is running low with stock numbersand use this information to know that they have to re order. Tesco strategy hasfive elements which it aspires to be, which includes; a growing business, fullof opportunities; modern, innovative and full of ideas; winners locally whilstapplying our skills globally; inspiring, earning trust and loyalty fromcustomers, our colleagues and communities (LLP, 2017). The knowledge in which they which they gain is explicitfrom the documentation/web base knowledge in which they receive from the clubcard information of the data of the customer and the transaction information.They are able to gain knowledge on the product lifecycle and can be able tounderstand and implement them. As it is easier to store and share with viacommunication to others they are able to create business strategies in order toincrease revenue.
Ways in which Tesco can improve is that they currently shareyour personal data with ‘trusted partners’ which tend to be the manufacturers (Tesco, 2017). This means that theuser doesn’t know what has been given to them and who the manufacturer is whichcan put them at unease. Also, not everyone will want to share their informationwith Tesco which means they can have a ‘bias’ look on their audience/consumers.They can look to improve on their security and make sure that it is up to datein order to prevent any new threats of the data from being exposed.