Hi everyone, this is my third blog and in it im going to discuss the importance of relevant information in relation to the topic “the value of information”.
In my opinion, I feel that its very important that organisations collect and gather information that is relevant to their firm. If firms are not careful and they gather information that is not relevant to the topic, then it’ll be worthless and a waste of precious time. Getting the correct information can be the difference between a firm making profits and a firm losing a lot of money.
There are many negative results that can occur because of firms basing their decision on irrelevant information. One of these is that the firm can become bankrupt. If a firm put a large amount of their money into a project and at the end if the gathered information is not relevant to the project the firm will stand to loose all their money. E.g. A firm looking to introduce a new product send out a survey to find out what people are currently looking for in a new product but instead they only find what people don’t want in a new product. This information will lead to firm to create the wrong product.
Firms,when gathering information, need to do check-ups regularly to ensure that they are collecting relevant information. By doing so they are making sure that there time and money is not being wasted and they are on right on track.