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Improvement Project of Science Construction CS

Abstract Science Construction’s business is in planning, developing and building road projects. The major of its clients are municipalities, city governments, and other public sector entities. While the bankruptcy rates for these clients is very low, when economic downturns happen, their ability to pay in a timely fashion also suffers. This leads to businesses such as Science Construction needing to take on additional debt and to find creative methods in order to stay afloat during times of recession. Methods such as selling accounts receivables at discounted rates and taking larger lines of credit through banks and other lending institutions are some of the ways organizations can remain viable when their cash inflows have turned into a trickle. Science Construction is asking the Turkish Courts to postpone their bankruptcy proceedings for a year while they attempt to restructure. Through this, suggestions such as forcing shareholders to pay their debt to the organization, gaining credi...
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Discuss how each can contribute to organizational competitive advantage.

Define and differentiate between data, information, and knowledge.  Discuss how each can contribute to organizational competitive advantage.
     The knowledge economy has taken hold of world, especially the business world. Our industries have embraced the fact that knowledge must be managed and used effectively to stay competitive, to stay relevant, and to stay in business. Understanding the knowledge economy comes with the process of understanding the elements involved in and of its existence: data, information, and knowledge. As my research went on, I found there are different underlying feelings about how to define the three elements.
     Some knowledge economists give rise to the definitions with different underlying philosophies. For instance, Tracy Waller comes off as a hardcore IT philosopher with her raw and factual definitions. “As I see it, data is the raw facts we collect and track. Information is data that’s been organized and aggregated. Knowledge results from analyzing and drawing conclusions from the information” (Waller, 2017).
     In comparison, Daniel Rasmus of Serious Insights feels the elements of the knowledge economy are forever evolving as new forms of expression arise. In fact, his definition is not totally inclusive of IT and philosophical rhetoric, but also embraces a biological element. He has gone even further to include a fourth element of the knowledge economy as wisdom, specialized knowledge (Rasmus, 2018).
     The information above are just two examples of hundreds of thousands opposing and contrasting definitions. Having read our MIS 5114 Unit 3 Discussion Introduction, I found a straightforward, no frills, easily understood explanation of the three (Smith, 2019):
  • Data provides the foundation of information and knowledge,
  • Information is data in a form that is more consumable by human beings as have limited data processing capabilities.  
  • Knowledge is Information that is internalized by an individual using their unique context of life experiences.
     Even with the multitude of definitions, I found the flow of information always streams or progresses in the same direction where data is collected, information is extracted and knowledge is formed. This process is often expressed as a pyramid, plus or minus wisdom topping knowledge.
MhkHvG3gs7jdU1Yh8jiIYVqACWLU5-iikNd43i_Daj4H7jhw8AXgyOY05ks40PKV_iVVyZHTo6onCB5Tt8SsHFrzqziZnXhx7vpzKtQ9InbWnCnMKJzAZtKYg_rEdPIiwB2UWxD_ 
Source (Gollner, 2014)
     Competitive advantage is derived from mastering the process. Even though each level of the pyramid is separate one builds upon the other and should be viewed as a system to be managed, a knowledge management system. When a company manages a knowledge system  effectively, it gathers data, knows exactly what information they want and how to extract it. Then form knowledge that they can benefit them competitively about all facets of business. Organizations that do this report improved company success over those who don’t (Mankin, n.d.).  Efficient knowledge management allows companies to experience the such competitive advantages as (Mankin, n.d.):
  • Allows organizations to get the right information to the right people at the right time.
  • Enables an organization to create, apply, share valuable information thereby increasing usage of valuable data.
  • Allows teams to share and communicate company data without being in the same building which unrestricts its talent pool.
  • Allows organizations to have the right tools and culture in place to help employees find information that enables them to grow within the company.
  • Allows communication and data sharing between departments and gives enthusiastic employees the power to succeed.
Discuss the role of data and data management solutions in organizational decision making.
     Customer service is one of the most important areas on an organization’s concern. Companies use data management solutions to effectively personalize their customer service decisions to improve engagement and retention. Kroger did this expertly as they followed the their customer service data management trail to a $12 billion increase in revenue during the global recession. In similar decision making strategies using real-time data, Sprint increased their customer base without employing extra resources and money. They did it by using the data they managed to reduce network errors, optimize resources, and improve customer experience (Madan, 2018).
     Other companies leverage their data management solutions to make decisions about automating processes, selling strategies, and enhancing overall performance. For example Tesla vehicles are highly integrated with tech sensors that send information back to servers for data analysis, information extraction and knowledge formation to improve the performance of their cars. Because of their data management solutions, they’ve made better informed decisions (Madan, 2018).
     Business intelligence and performance management hinge on data that is continually assessed for decision making reasons. This means effective data management solutions enables better decision making. Proper management of data can lead to better business performance, strategy, scope, and operations when making important decisions (Ringlead, 2012).
References
Gollner, Joe. (April, 2014). Knowledge. Putting Content in Its Place. Retrieved from https://www.gollner.ca/knowledge/
Madan, Naren. (October, 2018). 3 Ways Big Data Can Influence Decision-Making for Organizations. Retrieved from https://www.simplilearn.com/how-big-data-can-influence-decision-making-article
Mankin, Lori. (n.d.). The Competitive Advantage of the Knowledge Management Solution. Retrieved from https://bloomfire.com/blog/competitive-advantage-right-knowledge-management-solution/
Rasmus, Daniel. (March, 2018). What is the Difference Between, Data, Information, Knowledge and Wisdom. Retrieved from https://www.seriousinsights.net/what-is-data-information-knowledge-and-wisdom/
Ringlead. (2012). The Importance of Data Management Solutions. Retrieved from https://www.ringlead.com/blog/the-importance-of-data-management-solutions/
Smith, Kandice. (April, 2019). Learning Guide Unit 3 Introduction. MIS 5114. Retrieved from https://my.uopeople.edu/mod/book/view.php?id=171719&chapterid=185731
Waller, Tracy. (September, 2017). Defining the Nuances of Data, Information and Knowledge. Retrieved from https://www.verisk.com/insurance/visualize/defining-the-nuances-of-data-information-and-knowledge/

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