What is knowledge defined as in a business context?

In a business context, knowledge is defined as "facts, information, and skills acquired through experience or education." This definition encompasses the idea that knowledge is more than just raw data; it includes the understanding and experience that individuals or organizations gain over time. Knowledge allows for informed decision-making, effective problem-solving, and the ability to innovate.

Unlike data, which represents unprocessed facts, or trends observed in the market, which may not always be comprehensive or actionable, knowledge incorporates the context and insight necessary to apply information effectively. Additionally, knowledge is distinct from opinions, which may vary widely and lack the foundation of structured understanding. The emphasis on skills acquired through experience highlights the practical aspect of knowledge, where learning through real-life applications enhances understanding and effectiveness in business scenarios.