We often face this question whether Information and Knowledge is the same. Let us deep dive into these.
Information touches all human actions and perhaps so it is repeatedly said that we survive in the 'Information Age'. Information is an important resource to organization. It represents the tangible intangible resources and all transactions relating to the resources.
Right Rule: The Right Information needs to be delivered to Right person in the Right fashion and at the Right time to ensure efficiency and effectiveness.
Knowledge is Power. Knowledge is derived from Information. Knowledge represent information with potential use retained for reference in future decision situations.
a) Explicit Knowledge: Explicit knowledge is that which can be formalized easily and as a consequence is easily available throughout the organization. It is articulated and represented as spoken words, written material and complied data. It is codified, easy to document, transfer and reproduce.
b) Tacit Knowledge: Tacit knowledge resides on single person or a small group of persons. It generally is not captured by the organization or made available to others. It is personal, experimental and context-specific. It is difficult to document and communicate the tacit knowledge.
Let us also see a comparison on some more points:
To sum this up, Information is essentially Data in Context and Knowledge is Interpreted Information