Managing Business Information
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5372 Downloads I Published: 15 Jul ,2017
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.
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.
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 information.
Primary sources: To gain knowledge and collect that data about the business improvement or planning organization can rely on primary sources. Primary resources are original material that that collected through research, observation and history of similar course (Williams, 2009). For Newly Startup company past sales data, market shares, distribution channel and financial documents. Market research and analysis results can be consider as primary sources of information.
Secondary sources: These are the information that derived from documents like order forms, invoice credit notes and cash flow information are the secondary sources of information. In addition to that bulletin post by government, news letter of corporate council and internet those are most reliable and validate (Zhang and et.al., 2003). By assessing information through these sources, Newly startup company can understand the current process and trends of market.
Internal source: In business all organizations generate substantial amount of information regarding to their operations and work culture. According to internal sources organization can use the performance, revenues, market share and operational as well as financial information to develop business.
External sources: This source of information concerned with what happening beyond the boundaries of organization. In that management Newly startup company can access the census figures, judgments of courts, customer opinion, government notices and industry standard (Gupta, 2011). This information will help management to make decision for developing business and managing resources for meeting the goals of company.
Newly start up company can use the information in different aspects of business to develop business familiar conditions as well as manage the operations in effective manner. Following are the different purpose of information which can influence the work of organization if it used effectively.
Updating knowledge: For a business organization it is important that it needs to be up dated about the market conditions, trends and changes in perceptions of customers. This will help Newly start up company to make changes in products and services to achieve the business goals. Information about economy and tax policies required for managing resources and planning about process.
Future development: A business cannot be adopt or establish with planning and complete process that requires for building understanding among staff (Andrews and Russell, 2012). The key purpose of information is to develop planning about future and making decision for adopting new things that help to increase knowledge about market.
Communication: Information is the key sources for developing communication and interaction within organization. Management can use the information for interacting with people and offering them details about the working process as well as product of Newly start up company.
Recording transaction: Information plays important role to analyze the business and monitor the process according to plan. In management information system data saved in the database and used for future needs (Benbya, Passiante and Belbaly, 2004). In that recording of transaction is used for evaluating the business performance and managing resources.
Prediction: Information will help Newly start up company to forecast the conditions and develop plan that could help to achieve goals and objectives in effective and efficient manner. If organization wants to get more benefits or competitive advantage over the rivalry firm that management have to use information to predicate the market and operations.
Evaluation: 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 (Clutterbuck and Hirst, 2002). Newly start up 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. It is the responsibility of manger to check the reliability of information and communicate to subordinates.
Organization can use the information in many ways to establish business as well as craft new possibilities for increasing business limits of Newly Startup Company. Following are the key uses of information for business purpose:
Decision making: The major use of information in organization is for making decision about operation, management, production and strategy which determine the process of business for Newly Startup Company (Gupta. 2008). The key use of information is to develop planning about future and making decision for adopting new things that help to increase knowledge about market. It is responsibility of staff member or management to provide relevant data about the current operation or issues that influencing the work of organization.
Operational support: Use of information is not just for analyzing conditions and forecasting of market. It is important for determination of operations and providing support for employees to get the better understanding of work. Through effective information flow and co-ordination Newly start up organization can provide the support to employees to perform operation more efficient manner.
Increase market share: Information is useful for expanding the business limits and increasing market share. According to business principles, a business cannot be adopt or establish with planning and complete process that requires for building understanding among staff. For a business organization it is important that it needs to be up dated about the market conditions, trends and changes in perceptions of customers. This will help Newly startup company to make changes in products and services to achieve the business goals (Clutterbuck and Hirst, 2002). 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.
Competitive advantage: In order to gain the competitive advantage over the rivalry firm organization can use the business information. Through that organization can analyze the process or working in other organization and impalement changes. If organization wants to get more benefits or competitive advantage over the rivalry firm that management has to use information to predicate the market and operations. In addition to that management can use the information for interacting with people and offering them details about the working process as well as product of Newly Startup Company (Desouza and Awazu,, 2006). This will also help organization to develop coordination to maintain quality and sustain position in market.
In information system and sharing there are many legal factor must be consider by Newly startup organization to maintain the importance of information and meet the ethical and legal criteria of managing information for business. Following are the key legal issue that has to be considered by management:
Data protection Act 1998: There are many changes in this particular legalization made by the government of UK. Data protection Act 1998 defines the processing of data and privacy of information that flow in system of organization (Doole and Lowe, 2008). It was enacted to bring British law into line with EU data protection developed in 1995. Following are the key principle of Data protection Act 1998 which going to be consider by management of Newly startup company.
Freedom of information Act 2000: This Act of Parliament of UK is created for public "rights of access" to information held by the local authority. This Act helps organization to provide the information to all business associate and community member to get most out of information. This Act of sharing information and data needs to be considering by the Newly Start up organization to increase the level of faith and believe within organization (Tofanelli, 2012). Under the Act management and employees are free to communicate information to top management provide assess of data. This needs to be considered by Newly Startup Company. Through effective information flow and co-ordination Newly start up organization can provide the support to employees to perform operation more efficient manner.
Ethical issues: These are the key issues in information management which use the IT protocol, codes of information sharing and access of data within organization. These issues needs to be consider by management of Newly startup company for developing positive environment for sharing of information and data for improvement in business.
Computer misuse Act 1990 : The parliament of UK has proposed the Act for the protection of data and information that stored in the computer. According to this act, people can not assess the computer of organization or individual without the permission. This kind of activity will consider as cyber crime which could be claimed by the individual for operating the functions and program. In addition to that unauthorized assess of computer devices and activity like hacking also consider for misuse of computer.
There are many formats available for presenting information to staff members for stakeholders of organization. The management of Newly start up company can use the following format to support decision making:
Written format: For managing information for business purpose management of Newly start up company can use the written format for communicating employees about the decision as well as craft new decision for improvement (Pulakos, 2009). This is traditional format for decision making in which management offer information in written format.
Tabular format: To make a decision management of organization can use the statics in tabular format in which company can evacuate the data about the past sales and manage resources according to requirement. This is an effective method of making decision for developing business and organizes the activity which is suitable for business.
Graphical format: This is creative and innovative way of communicating information to staff members and stakeholders (Schmitt,, 2011). By using this format of spreading information, management of Newly start up company can craft effectiveness in decision making and explaining task to employees.
Email: In order to support decision making system management of company can also use that format which is fast effective and has the privacy features that improve the quality of information. This format eliminates the extra time and cost for sharing information and support to improve knowledge. To communicate with internal stakeholder organization can use the email communication which is fast and reliable. This system provides the two way communications in which stakeholder also send data of information to management and other department.
Presentation format: Organization can use this format for making decision which provides the support of graphical interface and use of statics in combine format (About Information Systems, 2006). This is new improved method of communicating information and making decision accordingly. Management can use that system for managing business activity as well effective decision making.
Database- It is a type of tool which can be used by newly started business for collecting information in a most appropriate manner. This system helps in organizing data in a systematic order, so that it can further be accessed, managed and updated. Databases can be classified on the basis of type of content which can be bibliographic, full-text, numeric, and images.
Add- It can be used by the management of newly started business for adding data on regular basis. It allows user for recoding the data in huge amount and can also be stored in an appropriate manner (Effective Workflow for Collaborative Decision Making, 2009). Even each department of the organization can add their data into this system that can be accessed by any other department for their future analysis for carrying out appropriate decisions.
Subtract- If any data is not required by the business that can be subtracted from the database by management. It will help them in creating the space that they will be required for storing newly collected data. However, this system has got huge space for keeping the historical data to be safe within the enterprise.
Extract- From this system management of newly started business can extract data in a very systematic manner. They can extract data as per their use. For example: if management wants to extract data for a particular period then it can be extracted using such system.
Enterprise resources planning (ERP)- It is said to be business management software that is particularly used for the integrated applications. It can be used within the business for collecting, storing, managing and interpretation of data that can be used for carrying out business activities.
Financial management- Newly started company can make use it in their financial management as it helps in considering the most important modules for ERP solution.
Customer relationship management-This tool helps in dealing customer, leads and altogether helps in managing the sales of the organizations (Adeoti and Adekeye, 2009).
Information format plays a very crucial role in the working of company. It acts as a medium to provide information related to various plans and decision made by the authorities which is practiced by the newly started Company. Some of the formats used by the prescribed company along with its analysis are described as under:
Written format – It is the most effective form of transmitting information from one department to the other. The expressed medium act as the proof of acknowledging data to the concerned authority. It is said to be the most effective mode with confidentiality as well in the information. This is traditional format for decision making in which management offer information in written format (Maguire, 2002).
Table- It is said to be the most comprehensive method of describing the data. The following medium is easy to understand as well as it provides the information in brief. Thus it becomes easy to understand to the other person.
Graphical form – To make comparison between data along with their efficiency in decision, the graph is said be the best source. It compiles the data of numerical form and present it in an elaborated manner.
Presentation – The concerned method proves to be the most successful one while presenting the data in a meeting. It makes the information very systematic. Only key points of the decision are taken into consideration to make the interest of people while reading the data. This is new improved method of communicating information and making decision accordingly. Management can use that system for managing business activity as well effective decision making.
E-mail – It is conducted to get individual attention over the particular topic. All the relevant associated members are addressed with the mail to get the knowledge by their own. It is said to be the most time saving activity. This format eliminates the extra time and cost for sharing information and support to improve knowledge (Williams, 2009). To communicate with internal stakeholder organization can use the email communication which is fast and reliable.
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In order to improve the quality of business information and support decision making, management of Newly Startup Company can use the following process and systems:
Two way process: Management can apply this process for improving quality of information. This process provides the two way communication that helps to develop effective interaction between sender and receiver of information. By implementing this system of managing business information management can improve quality and support decision making to achieve the desired results (Andrews and Russell, 2012).
Use of channels: For improving quality and support decision making, Newly startup company can use the channels in which management can implement LAN or WAN system to mange flow of information and effectively craft decision which will help to expand the business and manage the resources for improvement in business conditions and possibilities.
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