Paul Boynton, COO and Co-Founder of CSI led a discussion on transforming data into business intelligence, the Data, Information, Knowledge, Wisdom (DIKW) hierarchy of knowledge at the International Credit and Trade Finance (ICTF) Global Credit Professionals Symposium in Las Vegas, held April 7-9. Paul commented on the significance of the DIKW hierarchy and why it’s important for understanding the Business Information industry.
ICTF is an educational organization centered on credit management and trade finance. Their members are professionals that make real-world decisions for trade and commerce, navigating their businesses through a very uncertain world. Access to reliable information is mission- critical. It’s important to understand how raw data is transformed into credible, reliable information in the DIKW hierarchy framework. DIKW is a sophisticated process that information users should have a basic understating of.
Credit managers can be inundated with data on customers- financial, legal, trade, media, to incident logs. However, simply having the data isn’t enough but by applying context and analysis, data is transformed into information where patterns and trends reveal insights and potential risks. But the intelligence chain doesn’t stop there, progressing up the DIKW pyramid, knowledge is formed by combining information with experience and expertise. A credit manager with knowledge can not only identify risks but also assess and benchmark the likelihood and impact of risks.
Ultimately at the top of the pyramid lies wisdom – the ability to make judgments, rationalize, organize, and strategize business going forward. In other words, the insight needed to plan and run an organization.
CSI BIZ INFO is a thought leader in the Business Intelligence industry and the DIKW hierarchy is a core part of our process to provide continuous, fresh, relevant information and product development. Our big data sets us apart from our peers to provide intelligence and analytics on customers, vendors, supply chain, ownership, products, markets, and media. We work hard to provide the intelligence needed to understand not only your customer, but how that company fits in their business community- the true “DNA” of your customer. Understanding your customers DNA with a platform like CSI is what modern day credit managers need to fully understand the environment their customers operate.
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