Knowledge Management

Knowledge Management

Assignment 1

1- How to add value to data. Elaborate?

Although Data won’t cause a T-Rex to appear in your rear-view mirror, in a vacuum, it won’t necessarily deliver insights you need to drive strategic initiatives and grow your business. The three points below highlight a new approach to Data that takes into account the need for real time analysis, and new strategies to consume Big Data insights which leads us to have a valuable data stored as information.

* Management/storage vs. consumption:

The first step to forming a strategy is clearly defining Big Data into two buckets:

1) management/storage and 2) consumption. Management/storage drives the hype cycles, but is not necessarily what every business needs for a Big Data strategy. If a company is generating large volumes of data then databases and storage could be the correct option, but if a company is trying to gather knowledge from data in many locations and from many sources, then it makes sense to focus on consumption.

Consumption takes advantage of social and cloud technologies and focuses on getting consistent value from data closely tied to core metrics as opposed to honing in on the largest data sets.

Lesson 1: Investigate Big Data goals and objectives before taking the plunge into data management and storage

* Big Data Apps:

The velocity and volume of data generated today is forcing us to think and act in new ways. It is no secret that the prevalence of a social and mobile workforce has transformed the way businesses interact with customers, requiring more thoughtful engagement. The benefit is a host of new social-driven Big Data apps that allow companies to crunch large data sets and achieve compelling objectives. Examples include social media monitoring tools that allow companies to look at social Big Data from Twitter and Facebook and find immediate analysis on their brand. There are also contact and company data sources that can be easily mined and are...