There is a hierarchy that says data informs information, which creates knowledge that leads to wisdom. But the concept that is missing is one that is often discussed in marketing and advertising and that is insight. Insight transforms data, information and knowledge into actionable wisdom. Find out how here in a Golden Minute.
From Data comes Information. From Information is Knowledge.
And from Knowledge comes Wisdom as the saying goes.
But the fact is what transforms data into information and knowledge is an often-misunderstood concept of insight.
It is not simply a pattern, or a data regression, or an algorithm.
It is using the data, information or knowledge to obtain or achieve a new understanding of your customer and their needs, wants, desires and behaviours.
That’s an insight. A customer insight.
And customer insights are the foundation of wisdom.
So perhaps it should be insights turns data, information, knowledge into wisdom.