Posts Tagged ‘technology readiness’

Converting Data into Information

January 18th, 2010 No comments

The difference between data and information is that while data are crudely aggregated collections of raw facts, information represents the selective organization and imaginative interpretation of those facts.

Data is a burden, a garage full of junk that may have value but which you will never sort through. It’s not actionable.

Information is a well organized menu, with the important ingredients, price and taste-centric attributes clearly highlighted.. in front of you, when you are hungry

Good data, converted meaningfully into good information, has the power to improve strategic decisions in the right directions. Strategic planning can be incorrectly defined as deciding how to allocate resources among the possibilities of what’s to be done. This definition is incorrect, because it presumes that these possibilities are self-evident. They are not.

The best way to understand the possibilities is to look at your data. This is an activity that can benefit from specialist support. My colleagues and I have worked with a number of firms to help them through this process.

The most important (and challenging) work involves thinking up the possibilities from among which choices have to be made. You want to know what your choices are, and what patterns of activity, cost or success are associated with each choice.