Benefits of information
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  • 1. QUALITIES OF INFORMATIONAccuracy. How accurate is the information or how much error does it contain?Reliability. How dependable is the information?. It is related to how the information was obtained, e.g. the quality of the source of the information.Completeness. Does it contain all the important facts?
  • 2. CONT...• Verifiability. Can the correctness of the information be checked?• Relevance. How pertinent is the information to the question or decision?• Timeliness. How up-to-date is the information?• Simplicity. How complex or detailed is the information?
  • 3. CONT...• Cost. How much did it cost to produce the information?
  • 4. CONCLUSION• Data-Information-Knowledge-Wisdom• Knowledge consists of knowing which action alternatives are available and what information is required before one can decide on a specific course of action.• knowledge often includes rules to validate new information, algorithms by which to obtain or derive• information, frameworks that indicate what types of information are relevant in which context, information about the information and its structure (meta information) etc.
  • 5. Expertise• expertise, consists of more detailed and validated (proven) knowledge in a selected area e.g. a car mechanic is supposed to have a lot of specific• knowledge about the functioning of a motor car and its engine.• Expertise has the connotationof being specific to a more restricted (often quite technical) domain, but also deeper or more detailed than knowledge.
  • 6. Wisdom• wisdom is the combination of knowledge with experience,• The issue of representing higher levels of information e.gwisdom is also still very much the subject of current research.• No computer has (yet?) been able to generate original wisdom. But then, so have few humans!
  • 7. Uses of Information systems• In finance and accounting, information systems are used to :• forecast revenues,• plan business activities,• manage financial resources• audit the performance of the organisation.
  • 8. Cont...• In sales and marketing, information systems are used to :• determine the potential market for new products• plan advertising campaigns and predict sales revenues• determine product prices and manage customer relations.
  • 9. Other Benefits1. Enhanced global competitiveness2. Capture market opportunities3. Support corporate strategy4. Enhance worker productivity5. Improve quality of goods and services6. Shorter product life cycle7. Easier business growth8. Automation of decisions
  • 10. Cont...• Reduce costs• Increase revenue• Increased accuracy