A work colleague was speaking over the phone and he used the phrase:
Danke für die Auskunft
I googled it and found that is also a synonym for information, so what is the difference between both?
Thank you in advance for your input
(You've sort of answered the question yourself by distinguishing "information" and "input"...)
Auskunft is an answer to a request for information.
It means the act of answering such a request, or the content of such an answer. Information is just a content, hence a kind of thing, in and by itself. Therefore, "Information" has a much wider range of uses.
Incidentally, "Auskunft" can also mean an information desk or an institution that answers requests for information (e.g. "Wikipedia Auskunft" - https://de.wikipedia.org/wiki/Wikipedia:Auskunft ). Like the information desk in a train station. Nowadays, however, they prefer to call it "die Information" in Germany. But this does not refer to "information" (the content) per se; it means it is a place where they provide information. Providing information when needed is Auskunft.
"Information" is a more neutral term for an information. "Auskunft" has the connotation of an information that you didn't know and have been told. Think about a phone number you needed, or the opening hours of a store. Chances are you asked somebody for the information, but that's not strictly necessary.
Today, "Auskunft" has a bit of an outdated ring to it. It's mostly used in set phrases like the one you've heard, or in professional settings, when it is a person's job to answer questions and give out information. Think of a help desk, for example.
Instances like a help desk or a phone directory service may be called "die Auskunft" for short themselves, too. For example, the inquiry service of the phone provider Deutsche Telekom calls itself "11833 - Die Auskunft der Telekom", with the number being the phone number of the service.