“We are data rich, information poor,
insight starved,” said Steve Betts, CIO of AON, at ITC 2012.
The traditional sequence is data, information, knowledge, wisdom. But I like Steve's formulation better. The problem with “knowledge” as a business aspiration is that it's inert. Knowledge isn't exactly power – you have to act on it, and action requires other capabilities, and even other types of knowledge. (Let's not even start on wisdom.)
“Insight” is a good term to use. It conveys the idea of our existing ideas being changed or clarified by the addition of new information. It implies we're looking to take action. And it very clearly asserts that we're interested in how other people think. I also like “starved”. We really do need insights. We'll perish without them.
Steve also talked about turning intuition
into insight via data. This is a great way of encapsulating the exploratory
nature of business development – and, I guess, all kinds of innovation. It also
reminds us how we need to be ceaselessly asking questions about the performance
of the business and its future. (Steve Betts is a member of the ACORD Board of Directors)
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