Value of Information

10 Feb

I am new to this blogging scene and looking forward to the new challenge. My assigned topic is the ‘Value of Information’ and so my blogs will be based on this. However,it is not just the value of information to organisations but also to staff members and customers etc. We will look at how information influences organisations and why it is of such importance. Information in simple terms are facts provided or learned about something or someone.

 

 

 

 

The value of information varies with the importance of the topic in question. The importance of information is based on the following topics (1) Accuracy (2) Timeliness (3) Relevancy (4) Worth of cost and (5) Sufficiency.

 

In my next 5 blogs I will focus individually on each of these 5 characteristics and hopefully give my blog readers a better insight into the importance of information.

 

 

Why is accuracy so important? If management have access to accurate information and precise figures then this reduces the risk of running into problems with customers and other organisations. When managers have accurate information there is no need to make best guesses which of course the majority of the time are inaccurate. When an organisation is accurate, it has freedom from mistakes and is good for the organisation in the long run.

 

 

 

 

 

 

In my next blog I will focus on the importance of timeliness in an organisation.

 

Thank you

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