Up to the Minute Information for Everyone Categories of BI benefits o Direct

Up to the minute information for everyone categories

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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 dataKnowledge—Actionable informationTo 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 actionsKnowledge 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 categoriesExplicit knowledge – Consists of anything that can be documented, achieved, and codified, often with the help of ITTacit knowledge – Knowledge contained in people’s headsThe following are two best practices for transferring or recreating tacit knowledgeShadowing– less experienced staff observe more experienced staff to learn how their more experienced counterparts approach their workJoint problem solving– a novice and expert work together on a projectKM Technologies:Knowledge management systems include:
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Knowledge repositories (databases)Expertise toolsE-learning applicationsDiscussion and chat technologiesSearch and data-mining toolsKM Outside the Organization:Crowdsourcing – the wisdom of the crowdAsynchronous communicationSynchronous 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 manageInformation 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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