In the Information Age, information was a relatively scarce resource that conferred competitive advantages on those who obtained it. In the Knowledge Era, by contrast, information is virtually free. We often feel we’re drowning in the stuff. In theory, the true competitive advantage stems from turning all this information into useful knowledge. It’s a nice theory, as far as it goes. The truth, however, is that even knowledge holds little value until we use it to make decisions. Decision making is the all-important intermediate step between knowledge and action, between strategy and execution.
Source: American Management Association (AMA)
Subjects: Decision Making, Information, Knowledge