Organizational Information
- Information is everywhere in an organization.
- Employees must be able to obtain and analyze the many different levels, formats and granularity of organizational information to make decisions.
- Successfully collecting, compiling, sorting, and analyzing information can provide tremendous insight into how an organization is performing.
- Levels, formats and granularity of organizational information.
The Value of Transactional and Analytical Information
- Transactional information VS analytical information.
- Transactional information – encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support the performing of daily operational tasks.
- Analytical information – encompasses all organizational information, and its primary purpose is to support the performing of managerial analysis tasks.
- Information granularity refers to the extent of detail within the information.
The Value of Timely Information
The Value of Quality Information
Understanding the Costs of Poor Information
Understanding the Benefits of Good Information
- Timeliness is an aspect of information that depends on the situation:
- Real-time information – immediate, up-to-date information.
- Real-time system – provides real-time information in response to query requests.
- 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:
- Accuracy
- Completeness
- Consistency
- Uniqueness
- Timeliness
- Example of low quality information
Understanding the Costs of Poor Information
- The four primary sources of low quality information include:
- Online customers intentionally enter inaccurate information to protect their privacy.
- Information from different systems have different entry standards and formats.
- Call center operators enter abbreviated or erroneous information by accident or to save time.
- Third party and external information contains inconsistencies, inaccuracies, and errors.
- Potential business effects resulting from low quality information include:
- Inability to accurately track customers.
- Difficulty identifying valuable customers.
- Inability to identify selling opportunities.
- Marketing to nonexistent customers.
- Difficulty tracking revenue due to inaccurate invoices.
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.
0 comments:
Post a Comment