Ø Information is everywhere in an organization.
Ø Employees must be able to obtain and analyze the many different levels, formats and granularity of organizational information to make decisions.
Ø Successfully collecting, compiling, sorting and analyzing information can provide tremendous insight into how an organization is performing.
Ø Levels, formats and granularity of organizational information.
ThE VaLuE Of TrAnSnAtIoNaL AnD AnALyTiCaLLy InFoRmATiOn:-
· Transaction information verses analytically information.
ThE VaLuE oF TiMeLy InFoRMaTiOn:-
ü Timeliness is an aspect of information that depends on the situation.
ü Real-time information – immediate, up-to-date information.
ü Real-time system – provides real-time information in response to query requests.
ThE VaLuE oF QuALiTy InFoRMaTiOn:-
· >Business decisions are only as good as the quality of the information used to make the decisions.
· > You never want to find yourself using technology to help you make a bad decision faster.
· > Characteristics of high-quality information include;
· Low quality information example;
UnDeRsTaNDiNg ThE CoStS oF PoOR InFoRMaTiOn:-
v The four primary sources of low quality information include;
ü Online customers intentionally enter inaccurate information to protect their privacy.
ü Information from different systems have different entry standards and formats.
ü Call center operators enter abbreviated or erroneous information by accident or to save time.
ü Third party and external information contains inconsistencies, inaccuracies and errors.
v Potential business effects resulting from low quality information include;
ü Inability to accurately track customers.
ü Difficulty identifying valuable customers.
ü Inability to identify selling opportunities.
ü Marketing to nonexistent customers.
ü Difficulty tracking revenue due to inaccurate invoices.
ü Inability to build strong customer relationships.
UnDeRsTaNDiNg ThE BeNeFiTs oF GoOD InFoRMaTiOn:-
· >High quality information can significantly improve the chances of making a good decision.
· >Good decisions can directly impact an organization’s bottom line.