So this is it…my final blog. This concluding post will be a culmination of the various aspects of the value of information discussed by my team-mates ‘sad111403808’, ‘sad111405462’ and ‘sad111408872’ and I over the past few weeks.
In our previous posts we have documented and explored the value of information to firms in today’s extremely competitive environment. I hope that our discussions have been accurate and insightful in demonstrating the undeniable importance of using high quality information in the information systems’ arena. We have explained the value of information in various contexts such as in the sporting world as well as in the business world. The advantages of using high quality information and the disadvantages of using poor quality information have been underlined with reference to real-life life examples from the efficiency of Hallmark cards to the collapse of the Lehman brothers.We also outlined the primary functions of information which include aiding business strategies for competitive advantage,business decision making and business processes and operations(O’Brien, 2005).
Having outlined the uses of information in numerous contexts I also discussed the issue of information security and the major challenges faced by organisations in preventing dangerous cyber-attacks from ‘hacktivist’ groups such as ‘Anonymous’,particularly in Europe. As aforementioned this is an ever-present threat despite strong being taken on an international level to fight cyber-crime.
In conclusion, to sum up everything discussed until now,it is clear that we are be able to put a monetary value on the cost of implementing and maintaining efficient information systems in order to facilitate the effective utilisation in information.However, as for the true value and importance of high quality information to business firms??Priceless.
O’Brien (2005), Introduction to Information systems, 12th edition.