The Value Of Information
Information, in a broader sense, is structured, processed and organised data in an electronic format. It provides context to data and allows effective decision making on the basis of facts. For instance, a single customer’s sale in a restaurant is multiple data this becomes multiple information when the company is able to classify the most preferred or least preferred dish. In addition, information helps business executives and managers understand the current market position and predict the future course of events.
To achieve maximum productivity, organizations need to process large amounts of information in optimum time. Organizations have developed systems based on certain rules like “the more the merrier”. However, these rules are often violated because of human error or the absence of data quality control measures. Processes must be automated to improve efficiency. Also, to facilitate processing, certain information must be excluded that are irrelevant to the processing of that information.
It is important to store relevant information in the form of information hierarchy. The information hierarchy system is a set of tools and techniques used to build information from diverse sources. In other words, it is a process of finding what is relevant, capturing it, storing it and making the system robust enough to serve the needs of a particular organization. Organizations should use relevant information in strategic ways to improve productivity and reap benefits that will last for years to come.