Let’s understand the DIKW hierarchy with an example.
Data, data, data – we hear it all the time, but do we really realize how important it is? At its most basic level, Data is a collection of different facts, such as numbers, measurements, calculations, and observations, that have been converted into a format that computers can understand and process. It’s enough to wonder, governments and corporations for the first time in history have the power to hack human beings. By this I mean, if we have enough data and strong computing power, we can understand people better than they understand themselves, and then we can manipulate them in ways which were previously impossible. In such a situation, the old democratic system stops functioning. We need to rebuild democracy for this new era in which humans are now hackable animals.
[Prof. Yuval Harari].
There’s a saying about the digital world, “if you’re not paying for a product, then you are a product.” The implication is that many of the services we use every day. Facebook, Google, Twitter, Instagram, etc. make their money by supplying personal data to advertisers. Only worth for such companies is only the data. Data is fundamentally altering the society we live in and the way we work. If you own a business and want to expand, you most probably know that data is important to taking the next step. It’s important to remember that data equals to knowledge. The more data you have at your disposal, the more equipped you will be to make wise decisions and seize innovative opportunities. Good data will also provide you with the justification and proof you require to support these decisions, allowing you to confidently defend your thinking in the future