Knowledge > Data

Knowledge derived from data is more valuable than the data itself. This is a conclusion I came to in my last thought post on why 'Data != Knowledge'.

Data ➙ Knowledge ➙ Decisions ➙ Actions ➙ Outcomes

Reading and listening to data industry talk gives me the opposite impression. "Data is the source of truth". "Data is to be worshipped". Of course I'm exaggerating somewhat but it makes the point clear. And not all data professionals speak in this manner. I really like those that also talk a lot about knowledge, application, and outcomes.

My proposition is that knowledge is more valuable than data because data analysis is a value adding process. That's why we pay large sums to data professionals to do it. In the same way that clean and well structured data is more valuable than its dirty and unstructured counterpart. The data cleaning phase adds value. As do all the phases in data analysis.

Note that the value added may not be tangible. For example, a data validation step may not alter the data. But it does generate confidence; confidence that subsequent steps will execute without error.

The proposition can sound a little strange if all you've heard is 'data this, data that'. But I think most accept it when pointed out.

Yeah, yeah. It is called the 'data' industry and not the 'knowledge' industry. But maybe it should be! The whole point of data is to produce accurate and relevant knowledge. Data that doesn't is noise. And noise has has no value. No, noise has negative value.

I feel we don't discuss knowledge in and of itself enough. Because data is much easier to talk about in comparison. We can show off code and write about industry practices. We can produce beautiful and compelling visualisations to attract the masses. But basic epistemology (study of knowledge) doesn't seem to be LinkedIn or Twitter glamorous. Shame, its benefits are diffuse but a real power up for critical thinking.

I've spent a fair few years on the study of knowledge and intend to do a lot more. It's an incredibly deep and insightful topic that any growing data professional worth their salt should have a basic understanding of.

My recommendation. A legendary book called 'Knowledge and Decisions' by Thomas Sowell. Originally written in 1980 then updated in 1996, the breadth and depth of wisdom is astounding and arguably more relevant today than when it was written.

It will help you understand why your well meaning and well articulated findings are ignored by the very souls that asked for your expertise in the first place.

“It takes considerable knowledge just to realize the extent of your own ignorance.” - Thomas Sowell