These days, data and knowledge management is crucial for decision-making, learning routines and driving innovation. There are three main pieces that are important for data management: how the data is collected, where it is collected from and where it is stored. Then, the data gets turned into knowledge. It is like taking gold ore (data) and turning it into jewelry (knowledge) that people want to buy. Not many people want to buy gold ore and turn it into jewelry themselves; most people want to buy the result of the process. From there, jewelry can be used for all sorts of purposes. In this case, data management is how you turn gold ore into jewelry (knowledge).
Though data and knowledge management continue to evolve with time, we may well see even more developments just this year. Here are three things to look forward to in the upcoming year.
1. Data will be everyoneâ€™s product
There is a growing importance and value of data in todayâ€™s information driven economy. This means that people and companies will continuously be searching for new ways to work with big data andÂ implement knowledge management system solutions. Scott Gnau, CTO of Hortonworks said, â€œI predict your data will become a product with value to buy, sell, or lose. Why? Software and hardware can be upgraded and replaced but data is one of a kind and irreplaceable. It has intrinsic value that can be bought and sold.â€
Â 2. The â€œSocialâ€ Element
Social media has become somewhat of a second nature to users around the world. From Facebook, Twitter, LinkedIn, Pinterest to Instagram, users are able to use the platforms for personal use and share their digital personality and experiences, while businesses are able to leverage the platforms to communicate and connect with even more people. Being â€œsocialâ€ is a great way to share your personal brand and market to users worldwide. Integrating the â€œsocialâ€ element with knowledge management software will make communication and engagement in the workplace more successful.
Â 3. Behavioral Analytics
Data and knowledge management enables those in the technology world to perform behavioral analytics. In a recent media release, research scholar from Universiti Teknologi Malaysia, Dr. Ikusan R. Adeyemi, said, â€œOur research suggests a person’s personality traits can be deduced by their general internet usage.â€ This year, we expect to see major developments in this area. There are many tools and services now available to help marketers judge its audience by personality, so this year it is expected to take that next step. Companies will be able to predict someoneâ€™s personality based on information gathered and analyzed, which will lead to higher quality targeted advertising and deeper understandings of people.
In todayâ€™s world, information is becoming increasingly important. Thus, it is crucial that we manage data and knowledge in suitable ways. The more we want to understand from the data out there, the better we will understand and the greater our knowledge will be. This year will surely be one for the books.