What You Need To Know About Knowledge and Information Management

Historical Ages can be classified by cultural, technological or natural changes which define a particular period. Many ages in human history are named after the materials harnessed to make tools and weapons, such as the Bronze Age or the Iron Age. Since information and Big Data have been used as tools and weapons in various industries since the invention of the internet, historians call this the Information Age. The business and technology sectors are becoming more intertwined, making Big Data, data analytics and knowledge and information management systems and services more in demand by all types of eCommerce companies. Before investing in these toolsets, it is beneficial to understand what these terms mean and how your company can grow through embracing this type of tech.

General Definitions

Knowledge management services and information systems fall under the umbrella of data analytics in that information systems are the structures. In contrast, knowledge management is the set of methods used to store, gather and analyze data. In other words, managing the information systems, analytical teams, and data warehouses is knowledge management. Executives in the Information Technology sector, like Peter Dodge Bridgehampton, have helped make these services and systems more readily available through firms specializing in data management.

Benefits of KM and IS

Many companies can see the benefits of information systems and knowledge management without realizing how these methods fuel eCommerce. Large corporations will have KM teams working on analytics to predict market trends, streamline supply chains and even target advertisements to those consumers most likely to make a purchase. Search engines and social media platforms will use their information systems to gather personal preferences and general shopping trends and then sell targeted ad space to marketers. By using some of the information system tools these platforms provide to place and target your advertisements, even individual artisan vendors can take advantage of Big Data. Information systems will generate the reports used by team leaders and executives to see where your company has thrived or struggled in the past and predict which changes will have the best impact on your business moving forward. The more data you can use to generate these reports, the more accurate your picture of market forces and the impact of your company’s policies and procedures.

Getting Started

Outsourcing your Knowledge Management needs to an IT firm can be one of the easiest ways to dip your toe into Big Data without jumping in with an entire IT department. By outsourcing, you can also find firms offering a range of eCommerce and data tools, and you can also scale up your investment as your need and company grow. If you want to build your own KM department from scratch, you will need to start with identifying the problems or issues you want that department to work on. You can then gather the hardware, software and personnel required to collect, clean and analyze the information you need. The most significant barrier to creating your own Knowledge Management department or firm is the data processing and storage needs. Most data warehouses and analytics companies have server farms and backup server farms to safely and securely store information; they also use supercomputers for the immense processing necessary for analytics. Even if you do not decide to outsource all of your IS needs, it is good to work with an established data warehousing firm and invest in quality data analytics software.

Doing business in the Information Age means tackling Big Data and all the tools involved in harnessing that power. In other words, having Knowledge Management services available to help you design your information systems, mine data for your reports and analyze the metrics you have established is crucial for your company. When done right, you can use Big Data to target advertisements to your ideal customers, find the most effective suppliers and even predict when the weather will affect sales.