CHAPTER 5
Information, Data, Governance, and Analytics
Scientia potentia est.
—Thomas Hobbes1
The Latin saying scientia potentia est perfectly sums up our argument in this chapter: “knowledge is power.” Add to this power the capability of intelligent systems to develop insights, know the status of supply chain assets in real time, and make decisions, and one can easily state that data is the new currency of business and supply chains.
DEFINING DATA
First, let’s define the terms data, information (given the two are often used interchangeably), and analytics.
• Data is individual facts, quantitative and nonquantitative, that can be related or unrelated. Data forms the base of any decision-making and insight.
• Information is data that has ...
Get Breakthrough Supply Chains: How Companies and Nations Can Thrive and Prosper in an Uncertain World now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
