The Value of Information

8 Feb

Blog2

 

 

 

According to Curtis & Cobham as mentioned in my previous blog post on 01/02/2013 the characteristics of good information are as follows:

  •       Accurate
  •       Timely
  •       Relevant
  •       Just Sufficient
  •       Worth its cost

Having already discussed the first topic in my previous post I will continue to discuss the characteristics of information and its value to organisations. I will examine the second characteristic of information in this blog post. Good information is timely it is produced on an ad hoc basis, for a specific purpose under consideration and as and when it is required. Organisations and business managers require up to date information for the purpose of making the right decision; for example: “A report for last month’s sales is required by a business manager and it arrives two weeks after it was initially required, the information contained in that report is of a reduced value to the manager and it may in fact be of no use at all; the manager if he/she was provided with the information in a timely manner may have been able to make changes to the sales price and range of products offered etc… in order to maximise revenue streams and/or minimise costs.

Blog2.1Being provided with information that is timely will aid an organisation and the business manager in making his/her decisions such as: decisions based on what type of output to produce, at what quantity and at what price; how will the output be produced, how many workers are required, what supplier to use for raw materials etc…  “Being provided access to timely information gives managers the ability to make changes which should lead to enhanced performance as they are able to respond more quickly to changes in the environment and see the consequences of their actions.”( Luriea & Swaminathan, 2009)

“Crucial decisions are essential in order to deal with the problems that may arise at an early stage to avoid unfavourable consequences, if the required information comes too late, it can’t be utilised as a platform for decision-making for the future” (Panatda Chennavasin, 2011). Not having access to timely information is risky; however the issue lies in how we gain access to that information in a timely fashion in order to use it to its maximum potential.

I attach a number of article links that I recommend that you have a look at in order to gain a full understanding of just how beneficial it is to have access to timely information.  In my next blog post I will examine the third characteristic of information as listed in my previous post, the characteristic of relevancy.

*To get you thinking about how you deal with information I really recommend that you watch the talk given by JP Rangaswami entitled Information is food, (see the link below) in the video JP Rangaswami muses on our relationship to information, and offers a surprising and sharp insight: that we treat it like food. (ted.com)*

http://www.ted.com/talks/jp_rangaswami_information_is_food.html

 

Links for further reading:

http://www.theregister.co.uk/2011/03/02/better_business_timely_info/ http://www.nationmultimedia.com/business/Hi!-Manager-Importance-of-accurate-and-timely-info-30172293.html

 

References:

Nicholas H. Luriea, Jayashankar M. Swaminathanb, Organizational Behaviour and Human Decision Processes, Volume 108, Issue 2, March 2009, Pages 315–329

Curtis & Cobham, 2001. Business Information Systems; Analysis, Design and Practice: Fourth Edition.

Clock Image:

http://www.ipinglobal.com/ipin-live/blog/287149/ipin-live-and-the-changing-face-of-timely-information

Decision Image:

http://www.opensrs.com/images/wordpress/uploads/2008/08/decision-making.jpg

 

Thank you

111562473

5 Responses to “The Value of Information”

  1. sad112759089 February 8, 2013 at 9:41 pm #

    Great Blog!

  2. sad111408478 February 10, 2013 at 5:46 pm #

    Very good blog, interesting video link.

  3. sad111511053 February 18, 2013 at 12:34 pm #

    Excellent blog!

  4. sad111408872 March 1, 2013 at 10:20 pm #

    excellent blog and very informative video link

  5. sad111490988 March 4, 2013 at 10:07 pm #

    Very interesting blog

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