The Value Of Timely Information
The need for timely information can change for each business decision.
Timeliness is an aspect of information that depends on situation.
Real Time Information
· Define as means immediate, up to date information.
Real – Time System
· Provide real-time information to query requests.
· Many organization use this system to exploit key corporate transactional information.
· Information also needs to be timely in the sense that it meets employee needs.
· Organization needs fresh, timely information to make good decision.
The Value Of Quality Information
Characteristic of high quality information
· Accuracy : All the detail given or stated must be in correct. For example, is the name spelled correctly or is the amount of money recorded properly.
· Completeness : All the detail must be in complete information. For example, is the address complete including street, state, city, and zip code.
· Consistency : Is aggregate or summary information in agreement with detailed information? For example, do all total fields equal the true of the individual fields?
· Uniqueness : Is each transaction, entity and event represented only once in the information? For example, are these any duplicate customers?
· Timeliness : Is the information current with respect to the business requirement? Foe example, is information updated weekly, daily, or hourly?
The Four Primary Sources Of Low Quality Information
1. Online customers intentionally enter inaccurate information to protect their privacy.
- e.g : Customer give the wrong information about herself or himself in the online customers.
2. Different system have different information entry standards 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. - e.g : If the company have third-party, so they will change about customer’s information in the online customers. So that the information will be inaccurate.
Understanding And Benefits Of High Quality Information
· Improves changes of making a good decision and directly increase company bottom line. For example, Lilian Vernom Corp ( as catalog company) used web analyzed to discover that men preferred to shop at Lilian Vernom Corp web site instead of looking its paper catalog.
· Help company to make solid strategic business decision.
· To ensure basis of decision.