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In today's society and work place information and data is becoming -ever increasingly more important.

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In today's society and work place information and data is becoming -ever increasingly more important. First we need to find out what is information and data and what makes it important. The central part behind any information is Data. Data and information if you like are two sides to the same coin, information being data with meaning. Therefore it is essential that some key properties are defined. There are two sources of information. Internal Information normally produced by processing transactions from within the organisation, this is information that directly derives from inside the organisation. It is also any information that is used internally within the organisation. 2.External information on the other hand is gained through a variety of sources outside of the organisation such as newspapers, television the Internet and other similar places. There are companies that specialise in collecting information from a variety of sources and selling on their findings to relevant organisations. This allows the receiving organisation to maintain their access to external sources without having to devote employee time to searching it themselves. ...read more.


Projected orders for the next six months, a forecast of payments and the information outlining the affect of a new store in a given area are examples of strategic information. It allows information to be gathered within an organisation to be split up into certain categories. So that the data gathered can be best used to further the companies growth and the key point to note is to get ahead of it competitors thus showing information is important to the organisation. The next important thing that has made data and information increasingly important is how accurate and up to date both the data and information is. The timing of information or how up to date it is dependent upon the type of information. For example Information regarding aeroplane tickets needs to be up to the minute since the risk of overbooking would be too high otherwise. The total volume of sales through the week may be required by the following day. It is clear that information must be on time and reach the right person since otherwise effective decisions are harder to arrive at without the necessary facts and figures. ...read more.


During the Second World War both sides tried to collect information on the other so that the most effective strategic decisions could be made. Both sides therefore tried to give out misinformation to try to make such decision-making as difficult as possible. Information is often made to simplify the data into an easily analysed form. Accounts may be rounded to the nearest �1 for simple analysis of day-to-day business whilst large decisions may be rounded to the nearest �100. The level of accuracy depends on the information itself and its intended purpose. So in conclusion I have analysed and accessed many reasons why in today's society and work place information and data is becoming ever increasingly more important. Summary: Companies can sell up to date and accurate information to other companies provided they have the consent to do so. Information can be used to expand a company or increase its profit. And finally the value of information can also be based on the source of the data so if the source is not trustworthy then it is unlikely to have much influence and not be very important to anyone. Sunesh Kakad Page 1 of 3 ...read more.

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