Have you ever considered why your operations may be in a stagnant position? Are you collecting enough data from your audience? Is your company positioning its visibility based on market needs?
Let's explore how implementing a DIKW pyramid may be the catalyst for growth within your organization.
First things first, what is this? The DIKW Pyramid is a depiction of the possible relationship between data-information-knowledge-wisdom and how these four categories develop an in-depth understanding of a particular subject. From this compounding connection, particularly when applied to managing your small business, owners can begin to shift growth efforts based on two key ingredients: their customers' problems and the approach to providing a solution.
Data Collection.
Data is essentially raw material. It is discrete, unprocessed, and has no meaning without context. Suppose, it is a typical Monday morning and your normal routine requires loading Power BI for a quick glance at your organization's health. You log in and notice, there is nothing on screen except for numeric values. Having no context to what the values represent, the data is therefore meaningless. As a small business owner, it is vital to capture data. I want to reiterate, as a business owner it is vital to capture data. The more discrete, without context data captured, the better positioning an organization has to leverage within the marketplace. Do not focus on one specific data set, ie. your customer, but submerge your business in data sets consisting of industry specifics, competitive markets, emerging technologies, and so forth. Currently, within your company, where are the areas of opportunity to increase data capture?
Information As Leverage.
Miraculously, after hitting F5 your dashboard resumes its defined position and loads correctly. Now, context is applied and provides insight from the dashboard. Wha-la! Information is created and defined as 'data with meaning'. With context, small businesses are armed the ability to maximize growth by focusing on what the information is actually saying. When considering why an organization may be stagnant in growth, look at the information channels. Owners must maintain a revolving process of data inputs that produce information outputs. This is where and why marketing is a strategy and must be crafted thoughtfully. Marketing efforts generate the most data or lack thereof. Are your data inputs producing enough information?
Know is for Knowledge
Although subjective, knowledge defined is the use of information for action and/or execution. Looking at your dashboard and having context, you are able to determine that your latest social posting was a flop and your audience did not resonate with the CTA. You are also armed with the information that you website has the most engagement at 7pm on Tuesdays. Without applying action to insightful information, it is simply fun facts. However, information should empower organizations and owners to take action and maximize on the potential. Deciphering what information is necessary to act upon depends on company goals, the strategic vision, and overall financial objectives. Knowledge is what equips companies to withstand economic downturns and survive. Is your organization positioning itself, by use of knowledge, to create, retain, and accrue growth in the marketplace?
Wisdom Built by Experience
Wisdom is built by the experience of information applied and aligns with an organization's culture and future. To define this level in the pyramid, organizations are challenged to answer the "why" question as it relates to the predecessor categories. This category enables organizations to focus on emerging technologies that promotes relevance in the marketplace. It equips owners with the tools to diversify revenue streams. Wisdom provides owners with peeks into new markets and the ability to procure conversions. How does your organization plan to sustain growth for the future?
The DIKW Pyramid is a useful tool for any organization seeking ways to efficiently manage necessary data for growth. If you are seeking the assistance of a consultant, please reach out today!
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