Information is application of data in context. Information also has the element that it can be acted upon. The weight of an elephant, for example, is a piece of data. Knowing if a bridge is strong enough for the elephant to cross is information.
Information can be costly to acquire. Generally speaking, the harder a piece of information is to learn, the more of a competitive advantage it bestows. When everyone knows something, there is often no way to use the information in a unique way.