•Up-to-the-Minute Information for Everyone.•Categories of BI benefits:oDirect quantifiable benefits.oIndirect quantifiable benefits.oUnpredictable benefits.oIntangible benefits.Data Visualization:SECTION 8.1 – TURNING INFORMATION INTO KNOWLEDGEKnowledge vs. Information:•Information—Meaningful data•Knowledge—Actionable information−To be knowledgeable, a person must understand the information, to make inferences between various tidbits of information presented, and, be able to apply that knowledge into action.Knowledge Management:•Knowledge management (KM) –involves capturing, classifying, evaluating, retrieving, and sharing information assets in a way that provides context for effective decisions and actions•Knowledge management system (KMS) –supports the capturing, organization, and dissemination of knowledge (“know-how”) throughout an organizationExplicit and Tactic Knowledge:•Knowledge-based assets fall into two categories−Explicit knowledge – Consists of anything that can be documented, achieved, and codified, often with the help of IT−Tacit knowledge – Knowledge contained in people’s heads•The following are two best practices for transferring or recreating tacit knowledge−Shadowing– less experienced staff observe more experienced staff to learn how their more experienced counterparts approach their work−Joint problem solving– a novice and expert work together on a projectKM Technologies:•Knowledge management systems include:
−Knowledge repositories (databases)−Expertise tools−E-learning applications−Discussion and chat technologies−Search and data-mining toolsKM Outside the Organization:•Crowdsourcing – the wisdom of the crowd−Asynchronous communication−Synchronous communicationKM and Social Networking:•Social media– Websites that rely on user participation and user-contributed content.•Social network – An application that connects people by matching profile information.•Social networking – The practice of expanding your business and/or social contacts by a personal network.•Social networking analysis (SNA) – Mapping a groups contacts.Teams, Partnerships & Alliances:•Organizations form alliances and partnerships with other organizations based on good fit with each other’s core competency.−Core competency– an organization’s key strength, a business function that it does better than any of its competitors.−Core competency strategy– organization chooses to focus specifically on its core competency and forms partnerships with other organizations to handle nonstrategic business processes.•Information technology can make a business partnership easier to establish and manage−Information partnership– occurs when two or more organizations cooperate by integrating their IT systems, thereby providing customers with the best of what each can offer−
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