Characteristics of information needed in company
For business implementation of business system and use of information is very important to utilize the opportunities and improve the process of business. Newly start up company is going to start business and business consulting company is advising for managing business information to support their business decisions (Adeoti and Adekeye, 2009). Following are the key characteristics of information that will help Newly start up company to manage or analyze the importance of information.
Valid: This characteristic of information refers to correct and useful information that help organization for making decision for improvement of develop improvement plan. Valid information that can be trust by the supplied governing bodies for determine the operations and functions of organization to sustain position in industry.
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Reliable: This is an important characteristics which known as good information. If Newly startup company rely on the information that receive from valid sources (Bakewell, 2006). For example reliable information would be from the head of the departments which manage the operation and determine the process. It is the responsibility of manger to check the reliability of information and communicate to subordinates.
Timely: This is another important feature of information that increases the significance of information in organization. If information will not sent or receive on time than it will curse company in development of plan and decision making. Timely information is that data that use on correct time of period (Chapman, 2004). For example if Newly startup company wants to analyze the current data about sales and profit than timely information is required, otherwise it will influence the decision and actual evaluation of company's performance.
Fit for purpose: In the characteristics of information, it is required that information should fit for the purpose that aim by Newly startup company. For example organization is collecting information to develop business than it that collected information need to be relevant to plan and action that going to be performed by the company.
Accessible: Company needs to use the information that will accessible at any time for making decision. This would help organization to use information at the time of need to get the best results (Hanuliak and Hanuliak, 2006). As Newly startup company is going to setup business than the access of information is important and needs to be easy.
Cost effective: This could be the key feature of information that access or use by the company. The information going to be use by the organization has to be cost effective as it will not influence the financial planning of company. However information and data about business information is available on internet or in text books but the processing and analysis increase the cost of information which needs to be consider by management of Newly Startup Company.
Simple and understandable: In the characteristics of information, it has significant role as the collected information would be understandable to all employees. Information has to be in simple format and according to work based language which could be understood by whole staff members of Newly Startup Company (Maguire, 2002).
Relevant to purpose: The information is access or collect by the management of organization needs to be relevant to task and contribute in decision making. It is responsibility of staff member or management to provide relevant data about the current operation or issues that influencing the work of organization.
Sources of information needed for organization
For information organization can relay of the following sources of information which will provide the data according to need as well as support to make decision for developing business. It is very important for organization to collect information from reliable and validated sources which will help to craft effective business decisions (Nikolopoulos and Assimakopoulos, 2003). There are internal and external sources of information and understating for employees to evaluate and assess the business activities. In the internal sources, management of Newly Startup Company can use the past sales data, market shares, distribution channel and financial documents. In addition to that documents like order forms, invoice credit notes and cash flow information also involved in internal sources of in