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VALUING ORGANIZATIONAL INFORMATION - Coggle Diagram
VALUING ORGANIZATIONAL INFORMATION
Information is everywhere in an orginization
Employees must be able to obtain and analyze the many different levels, formats and granularities of organizational information to make decisions
succesully collecting, compiling, sorting, and analyzing information can provide tremendous insight into how an organization is performing
Information levels
- individual, department, enterprise
Information formats
- document, presentations, spreadsheet, database
information granularities
- detail(fine), summary, aggregate(coarse)
Value of transactional & analytical information
encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support the performing of
daily operational tasks. Example, making an airline reservation
ensompasses all organizational information, and its primary purpose is to support the performing of
managerial analysis tasks. Example, future growth projections
The value of
timely
information
Real time information
- immediate, up-to-date information
Real-time system
- provides real-time information in response to query requests
The value of
quality
information (characteristics)
accuracy
completeness
consistency
uniqueness
timeliness
Four primary sources of low quality information include:
Online customers intentionally enter inaccurate information to protect their privacy
information from different systems have different entry standards and formats
Call center operators enter abbreviated or erroneous information by accident or to save time
Third party and external information contains inconsistencies, inaccuracies and errors
Understanding cost poor information
Inability to accurately track customers
Difficulty identifying valuable customers
Inability to identify selling opportunities
Marketing to nonexistent customers
Difficulty tracking revenue due to inaccurate invoices
Inability to build strong customer relationships
Understanding benefits of good information
High quality information can significantly improve the chances of making a good decision
Good decisions can directly impact an organization's bottom line