The Link Between Innovation and Prosperity: How to Manage Knowledge for the Individual's and Society's Benefit From Big Data Governance?

The Link Between Innovation and Prosperity: How to Manage Knowledge for the Individual's and Society's Benefit From Big Data Governance?

Sonia Chien-i Chen (SC Company Limited, Taiwan) and Radwan Alyan Kharabsheh (Applied Science University, Bahrain)
Copyright: © 2019 |Pages: 18
DOI: 10.4018/978-1-5225-7077-6.ch009

Abstract

The digital era accelerates the growth of knowledge to such an extent that it is a challenge for individuals and society to manage it traditionally. Innovative tools are introduced to analyze massive data sets for extracting business value cost-effectively and efficiently. These tools help extract business intelligence from explicit information, so that tacit knowledge can be transferred into actionable insights. Big data are relevantly fashionable because of their accuracy and the capability of predicting future trends. They show their mightiness of bringing business prosperity from supermarket giants to businesses and disciplines of all kinds. However, with data widely spreading, people are concerning their potential risk of increasing inequality and threatening democracy. Big data governance is needed, if people want to keep their private right. This chapter explores how big data can be governed for maintaining the benefits of the individual and society. It aims to allow technology to humanize the digital era, so that people can be benefited from living in the present.
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Background

The digital era accelerates the growth of knowledge to such an extent that it is challenging for individuals and society to manage it traditionally (Hesse et al., 2015). These challenges can be divided into three features of data: Volume, velocity, and variety. The massive volume of the data at rest will need a cluster of computers to process them. Digital data in motion are generated with higher speed than ever, which is called the velocity of data (Sutherland & Soares, 2012). The variety of data are produced in many formats that conventional tools are far to manage (McHugh, 2015). Therefore, innovative tools are introduced to analyse massive data sets for extracting business value cost-effectively and efficiently. These tools help extract business intelligence from explicit information, so that tacit knowledge can be transferred into actionable insights. Big data are relevantly fashionable because of their accuracy and the capability of predicting future trends.

On the one hand, the growing big data movement gives rise to new business opportunities. They show their mightiness of bringing business prosperity from supermarket giants to businesses and disciplines of all kind. On the other hand, it also brings the concerns over data security, privacy protection, and ethical boundaries of accessing personal digital data (Chen, 2018). With data widely spreading, people are concerning their potential risk of increasing inequality and threatening democracy. BDG is needed if people want to keep their right. In order to have insightful proposal for BDG, more comprehensive understanding of knowledge, innovation, and big data management are essential to be reviewed throughout this section.

The generation of new knowledge becomes more and more important than just storing knowledge, in this fast-changing world. New knowledge is not limited to the organization any more. Frequently, new sources of data, such as Web sites, mobile devices, and physical sensors, have the characteristics of being appeared in digitalized format and stored online or cloud platform. The shift of information storage format will change the way knowledge to be organized and to be processed. Consequently, it may offer unprecedented opportunity in KM and open innovation and create new jobs. Not only jobs for computer scientists and systems administrators, but also for knowledge workers having strong business analytic or marketing skills.

Key Terms in this Chapter

Big Data Governance: It is a comprehensive way to protect information assets both for organizations and their customers to ensure they are used in a reliable and secure approach.

Ethics: They are moral principles that govern a person's behavior or the conducting of an activity.

Innovation: It can be defined simply as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs through developing a new idea, device, process, or method.

Prosperity: It is the state of flourishing, thriving, good fortune, or successful social status.

Digitization: It is the process of converting information into a digital format, in which the information is organized into bits.

Business Intelligence: It refers to the meaningful and useful knowledge extracted from data and information.

Big Data: They are data sets that are so voluminous and complex that traditional data-processing application software is inadequate to deal with them. The technology of processing big data sets is often called as big data as well.

Knowledge Management: It is an efficient way of managing information and resources within an organization.

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