They say that information is key, the lifeblood of an organisation, without it a company works alone, independent of the outside world, immune to trends, to sales projections, to the changes in customers and opinions, to advances in technology.
Information is power, and a critical resource for performing within organisations.
Business managers spend most of their day in meetings, reading, writing, and communicating with other managers, their staff, customers, suppliers, and other business associates via telephone, in person, or by e-mail.
The management function itself is information processing. It involves gathering, processing, and disseminating information.
Managing information involves coping with a wide range of information sources before finally making decisions about what to do with it.
A manager must track and react to information flowing from sources inside and outside the business. The manager processes this river of information and disseminates it in one of four ways: stores it, uses it, passes it on,
and/or discards it, e.g., during the course of a normal business day, a marketing manager for an IT company receives information in the form of e-mail, telephone calls, letters, reports, memos, trade publications, and formal and informal conversations.
All these are used to benefit the company and they better they are processes, the faster, the more usable and readable the format, the better the business function.
Interpretation differences – What a company or government or other intends to do with the information will also dictate what kind of information they will be looking for.
If I am to place it in a report than it can be quite detailed, if it is to be shown in a chart form then it needs to be quantitative, if it needs to be seen then pictorial form.
The output medium can limit then amount of information shown and limit the method to Sound, Video, Textual, Financial or Opinion based.
Time sensitive – On a global scale, time is everything, especially money. Time can restrict the method by rushing it for publication, email rather than posted, it can hasten the interpretation if it is necessary
to act upon right away, it can change how different companies manage the information depending on their ability to interpret it quickly. E.g. share trading relies on information being instant, within
a fraction of a second, money depends on it. Whereas climate change or foreign policy changes slowly.
Task 1 – Choose a country outside Europe and North America and research the following information:
Change in the last 10 years of its primary food product exports.
Change in the last 10 years of its imports of American goods
Change in the last 10 years of the country’s population under 16
Change in the last 10 years in the country’s employment rates
Currency changes between the country and the Euro.
Political changes (leadership)within that country.
Present this information in a form that analyses trends and a relationship between this information.