ORGANIZATIONAL INFORMATION
- information is everywhere in an organisation
- employees must be able to obtain and analyse the many different levels, formats, and granularity of organisational information to make decisions
- successfully collecting, compiling, sorting, and analysing information can provide tremendous insight into how an organisation is performing
- levels. format, any granularity of organisational information
THE VALUE OF TRANSACTIONAL AND ANALYTICAL INFORMATION
- transactional information encompasses all of the information contained within as 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 performing of managerial analysis tasks
THE VALUE OF TIMELY INFORMATION
- timeliness is an aspect of information that depends on the situation
- Real-time-information means immediate, up-to-date information
- 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:
- accuracy
- completeness
- consistency
- uniqueness
- timeliness
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 identifying selling opportunities
- marketing to nonexistent customers
- difficulty tracking revenue due to inaccurate invoice
- 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 organisation's bottom line
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