Having already discussed accuracy in my first blog i will now advance onto discussing the importance of timeliness with relation to ‘The value of information’. Timeliness involves knowing when to make the right decisions and at the right time. If decesions are made at the right time then organisations will know when to drop an out of date product and when to compete during times of high competition.
If information is out of date it can result in wasted investments and a loss of profit by acting too slowly when a profit making opportunity arises. If a business knows about a product early it can become dominant in the competitive market and can set the price if the good is homogenous. It is important to know in advance the type of output that is to be produced,quantity\price of the good and the availability of raw materials and labour required. You must be aware of the threat of competitors in advance..When Ballygowan felt the threat of other bottleed water companies advancing in the water market they wasted no time and splashed out 850,000 on advertising so to keep a leading position in the market.
It is also important that duties are performed in the most time efficient manner in an organisation. Ways of doing this are (1)efficient planning (2)setting targets and goals and making strict deadlines for employees. This helps an organisation run more efficintly and all of this is down to the importance of time.