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Competing in the Information Age

In: Business and Management

Submitted By shahzaman1995
Words 1043
Pages 5
Q.1 Describe the information age and the differences among data, information, business
Intelligence and knowledge.
Ans: We currently live in an information age where massive amounts of information and facts are available to anyone who knows how a computer works. The information age has four fundamental rules to work which are data, information, business intelligence and knowledge.
The difference among these are that firstly data, which to put into simple words is the facts that describe an event or object.
Information is that same data but the difference is that now the data is transformed into useful and meaningful content relating to the object or event.
Business intelligence is the gathering of information from different sources such as suppliers, customers, competitors, partners and industries and gathering them into one place to figure out the patterns, trends and relationships for a successful business to flourish.
Knowledge are the facts, information and skills acquired through experience and expertise put together with information and intelligence. As we start form data and move to knowledge we are including more and more information which is relevant, accurate and precise that results in more efficient decision making and problem solving.
Q. 2 Identify the different departments in a company and why they must work together to achieve success.
Ans. Companies are split up into different departments which allow the company to run smoothly and efficiently such as finance, accounting, marketing, human resources, sales and operations management. Although each department has a different function but in order for a company to run smoothly all of these must be coordinated and none can work on its own.
It is essential that all the departments work together and for example it is easy to note the importance of sharing information like…...

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