Organizational Information
- Information is everywhere in an organization
- Employees must be able to obtain and analyze the many different levels, formats, granularities of organizational information to make decisions
- Successfully collecting, compiling, sorting, and analyzing information can provide tremendous insight into how an organization is performing
The Value of Timely Information
- 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
The Value of Quality Information
Characteristics of high - quality information include :
- Accuracy
- Completeness
- Consistency
- Uniqueness
- Timeliness
ACCURACY
☺ are all the values correct? For example, is the name spelled correctly? Is the dollar amount recorded properly?
CONSISTENCY
☺ Is aggregate or summary information in agreement with detailed information?
- For example, do all total fields equal the true total of the individual fields?
UNIQUENESS
☺ Is each transaction, entity, and event represented only once in the information?
- For example, are there any duplicate customers?
TIMELINESS
☺ Is the information current with respect to the business requirements? For example, is information updated weekly,daily, or hourly?
Understanding
the Costs of Poor Information
vThe
four primary sources of low quality information include:
1.Online
customers intentionally enter inaccurate information to protect their privacy
2.Information
from different systems have different entry standards and formats
3.Call
center operators enter abbreviated or erroneous information by accident or to
save time
4.Third
party and external information contains inconsistencies, inaccuracies, and
errors
vPotential
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
vHigh quality information can
significantly improve the chances of making a good decision
vGood decisions can directly impact an
organization's bottom line
No comments:
Post a Comment