Ever thought, even the simplest of things like data can be a part of a value chain?
Traditionally, Value Chains as something always associated with Outsourcing, Technology, Processes, but can it be applied to DATA? Can there be a value chain for Data? If YES, is Data first, middle or last step in it? What could be the next step from Data? Questions like these are a first.
To me, Data being the first step, only provides a glimpse in the past so as to say what has been going on, only in a raw material manner of sorts. It is only once we know what is going on, within data, after some analysis, we have identified some INFORMATION. Data, thus when analyzed and aggregated can lead to identification or generation of information.
Extraction of this information may not be easy and may require special analysis sometimes, exactly the reason why Data can be found plenty for a dime a dozen, it is this information, which is more valuable and hard to find. Probably the reason why it is still hard to time the stock markets when all the data about is available.
Though data would give you a glimpse and evidence of the past, information could be past or present or both but never future. Do we have another level of value which can added on top of Information? Can Information be aggregated into something more valuable, more current? In order to supplement information about future, one needs to construct such information, which is eventually takes shape of knowledge. Knowledge about execution or area of practice so as to say what has been happening and why. What is going to happen and why? That is knowledge.
KNOWLEDGE, formally, rated & gauged can be regarded as up higher in the value chain above INFORMATION. One could gather all the information, about a subject, it is only with time the human brain aggregates it into knowledge which could be put into practice for daily use for generation of information. It is probably, the capability of generation of information, Knowledge be aggregated to higher level and is therefore the best way to explain the differences between information and knowledge. But there is another difference. Where information puts only past and present in perspective, knowledge can test future vis-a-vis present.
WHAT NEXT? Is knowledge the ultimate? One who possesses knowledge the ultimate being? Can he be one upped by something else, something more? What about EXPERIENCE? Experience is knowledge with the test of practice and time. Knowledge which has yielded into Experience has far more reaching applications and power to generate & dissipate knowledge, that it makes experience all the more powerful. Much more powerful that knowledge itself.
DATA >> INFORMATION >> KNOWLEDGE >> EXPERIENCE
