Data needs to be converted before it becomes information, and information needs to be put together in some sensible / logical manner to make up knowledge. The reasons why it is often said that organisations with control over information have advantage over the others are:
1. With global competition increases, sources of other competitive advantage becomes scarce
2. Advancement of ICT (Information and Communication Technology) allows capture of and accessibility to information to be done very easily.
With information management comes issues of ethics. Selling information about your customers' preference in purchase isn't illegal as long as it is kept to a level that exact details of individuals are not disclosed. However, it is viewed as unethical. The question of what encompasses unethical act remains unanswered. Within the world of internet, there is an ethics vacuum that is until today unaddressed.
With information comes knowledge. Organisations that manage knowledge effective could benefits from it. For examples:
1. They will be able to avoid expensive mistakes when previous mistakes are recorded (the cause, how to prevent, how to fix etc).
2. Knowing more about the market, about your competitors and customers will help you to speed marketing of your products and win new businesses.
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