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MGT300 - Chapter 6: Valuing Organizational Information

ORGANIZATIONAL INFORMATION
  • Information is everywhere in an organization
  • Employees must be able to obtain and analyze the many different levels, formats and granularity of organizational information to make decisions
  • Successfully collecting, compiling, sorting and analyzing information can provide tremendous insight into how an organization is performing
  •  Levels, formats and granularity of organizational information

     THE VALUE OF TRANSNATIONAL AND ANALYTICALLY INFORMATION
    • Transaction information verses analytically information
    THE VALUE OF TIMELY INFORMATION

     -   Timeliness is an aspect of information that depends on the situation
    -   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
    -    Business decisions are only as good as the quality of the information used to make the decisions
    -   You never want to find yourself using technology to help you make a bad decision faster
    -   Characteristics of high-quality information include; 


    UNDERSTANDING THE COSTS OF POOR INFORMATION 
    -   The 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

    -   Potential business effects resulting from low quality information include;

    - 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 THE 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




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