Sunday, May 26, 2024

 Useful Definitions

  • Data: Any string of characters that describes something about our reality. (1)

  • Information: Data that answers a question asked. (1)

  • Market Intelligence:  Undisclosed information about competitors as related to customers, products or markets.

  • Knowledge: Complex body of information from diverse sources, acquired by study or experience through reasoning.

  • Strategy:  Plan of action or method for completing specific objectives.

  • Tactic:  Short-term method for achieving an end.

  • Business Intelligence: Analytical process that transforms raw data into relevant, accurate and useable strategic knowledge. (2)  The technology and practice of applying information to make decisions. (3)

  • Business Reality: The result of complex interactions between numerous market, business and profit measures and dimensions. (4)

  • Strategic Knowledge: Clear understanding and quantification of the relationship of Business Reality interactions in order to obtain profitable growth.  Essential knowledge to ensure sustainable and profitable growth of the company.  Necessary knowledge to devise plans to surprise, deceive and defeat competition. (4)   

Data Refinement Hierarchy

(1) Eliyahu M. Goldratt – The Haystack Syndrome (Theory of Constraints).
(2) Kirk Tyson – Business Intelligence.
(3) IBM – White Paper.
(4) Bill Cabiró – From Corporate Information to Strategic Knowledge 

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