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8/22/2019 Information -- Needs and Role
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InformationNeeds & Role
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Contents
Introduction
Meaning
DefinitionCharacteristics
Needs
RoleConclusion
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Introduction
Information is of critical importance for
setting up, running, survival and prosperity
of a business organization.
Information isalso imperative today as it
enables an organization to gain and retain
competitive edge.
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Meaning
Information is data that is collected,
collated, processed, logically organized and
analyzed so as to be of use to the decision
maker.
In simple words, Information is processed
data that is used in decision making
process.
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Definition
Data that has been processed into a
form that is more meaningful to the
recipient and is of real or perceived
value in current or prospective actionsor decisions.
Davis & Olson
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Characteristics
Improves representation of an entity
Updates the level of knowledge
Has an element of surprise
Reduces Uncertainty
Aids in Decision Making
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Stored Data
Data(Input)
Processing Information(Output)
Fig. Information Generation
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Information Needs
Information is needed or required by
all the levels of Management for
decision making purpose i.e. at the
Strategic Level
Tactical Level
Operational Level
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Operation Management
Top Management
Unstructured
Non-Programmed
Futuristic
Approximate
External
Structured
ProgrammedHistorical
Exact
Internal
Fig. Information Needs of Different Levels of Management
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Role of Information
Information, Information Technology andthe resultant Information Revolution arechanging the rules of the game and creatingnew paradigm shifts, giving companies new
ways to outperform their rivals. Thus thenew role of information can be studiedunder :-
Functional Uses
Strategic Uses
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Functional Uses
Information helps organization to enhance:
i. Quality of their operations
ii. Quality of their products
iii. Quality of their services
Information can help simplify:
i. Products
ii. Product Processes
iii. Production Cycle Time
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Information helps lower cost in any/allparts of Value Chain.
Information enables organizations tocommand a competitive premium.
Information helps organization
i. Meet Benchmarking Standards
ii. Improve Customer Serviceiii. Improve quality and precision of design
and product.
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Strategic Uses
Information gives organization new ways to outperform work.
Information helps in making precise development ofstrategies, planning forecasting and monitoring.
Information facilitates a more comprehensive analysis andadd value for/ to: 1) Problem Solving
2) Decision Making
Information enables organizations to Think Globally and ActLocally.
Information yields strategic opportunities and enables changethe rules of competition very fast and bestows competitiveadvantage.
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Information helps organizations to acquire strategicflexibility.
Information enables organizations to restructure work-flows.
A firm can use four basic competitive strategies to deal withthe competitive forces
i. Product Differentiation
ii. Focused Differentiation
iii. Developing right linkages to customers and suppliers
iv. Developing a low cost product without compromising with
quality.
It is where Information helps an organization in gainingcompetitive advantage.
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Conclusion
Information is a strategic resource It
is scarce, has significant cost and has
alternative uses bestowing
competitive edge to the organizationwhich possesses it.
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