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Categories of information used by organisations - Coggle Diagram
Categories of information used by organisations
Marketing, promotion and sales
Definition: Identifying patterns or trends in sales figures, so that certain products or areas can be targeted
Examples: Patterns, trends and what if models
EPOS – Electronic point of sale.
ESMS - Effective Stock Management System.
Financial analysis and modelling
Definition: Information would be used to analyse profits, yearly spends, buying, best selling products etc.
Examples: Performance evaluation, investment and risk management.
Predictive financial modelling and forecasting is a process used in predictive analytics to create a statistical model of future behavior using a process of data mining in order to forecast probabilities and trends.
Contact management
Definition: Managing contact between a business and the customer
Examples: Netflix, spotify
It involves using technology to organise, streamline with computer interfaces or automatic recognition, and link together sales, marketing, customer service, and technical support.
Decision making
Definition: Using available information to make decisions
Examples: Hospitals for new equipment, education for learning platforms
Decision making unit (DMU)
Internal and external communication
Definition: Providing a communication medium to staff/or customers
Examples: Posting christmas opening times on a website, or sending a staff email invite to a christmas party
Internal: Financial Information, personal, marketing, purchasing, sales, manufacturing.
External: Government, trade groupings, commercially provided, database and research.
Big data
Definition: Any data is too large or complex for traditional data analysis techniques to be used.
Examples: Social media, banks
Big data can be analysed for insights that lead to better decisions, and strategic business moves.
Knowledge management and creation
Definition: Managing information across an organisation e.g. sharing information between branches in different cities.
Examples: Tettra, confluence and notion.
Knowledge management system (KM)
Management information systems
Examples: Focus, unifrog and UCAS.
Definition: A system that provides an overview of key information
Management information system = (MIS)