why is data, knowledge wisdom and uderstanding important to businesses?

Answer 1

I will assume you are missing a comma after knowledge. Also I will add "information" to your list after "data". We would need to define each term to develop an answer that would be no more than management philosophy. Your sequence of terms explains your perceptive understanding that at one end of the spectrum raw data is virtually useless per se, while at the other end understanding is really knowing how to apply it it. So, I will share my philosophy with you. "Understanding", for a business, should be very important after they have processed the "data", to convert it into "meaningful information", that will give them the "knowledge" which may or may not evolve into "wisdom" to finally understand what is good for the enterprise, its customers, and society at large. However, the business motives, i.e., the profit motive for instance, may get in the way of the correct understanding of the business objectives. Hence, the real world: imperfect, greedy, and misguided corporations.

Answer 2

data is fact that pin point at the problem, knowlegede wisdom is the real world experience dealing with people. Data is showed how well or how bad you did. Knowledge wisdom is the instinct decision or gut decision. when combined the two bode well for business