The fundamentals of managing and using information along with a sound, unique business vision is a core for future success in a business Abstract
Now a day, more and more businesses conduct their businesses over the internet and are using information technology and information systems to gain competitive advantages. Understanding information use is critical in the context of a goal-oriented information problem. Strategic information systems often change the organization as well as its products, services, and operating procedures, driving the organization into new behavioral patterns. Successfully using information systems to achieve a competitive advantage is challenging and requires precise coordination of technology, organizations, and management. The purpose of this paper is to hypothesise the fundamentals of managing and using information along with a sound, unique business vision is a core for future success in a business. Introduction:
The growth of computer technology in 1950s had initiated increasing development in information storing and processing. Computer technologies increase the use of information due to its capabilities of analyzing massive amount of data and in producing accurate and timely reports. These unique features of computer capabilities have lead to the introduction of various information systems such accounting information system (AIS), manufacturing resource planning system (MRP) and human resource system (HRM). Information system technology has definitely changed the way businesses are being operated (Elliot, 1992). Firms that are responsive to these changes are perceived to be able to gain competitive advantage. (1). An understanding of the effective and responsible use and management of information systems is important for managers and other business knowledge workers in today’s global information society; it became a vital component of successful businesses and organizations (3). Managing Information
In the organization, probably we are well aware of the amount of information that’s gathered about various aspects of the business. Sales targets; sales achievements; customer satisfaction; turnover; profit; competitor growth; cost of sales, etc, etc, etc. There are simply endless lists of information that get gradually filtered down as they rise up through the management chain, until the person at the top gets a simple summary about the position of the business and can therefore make informed decisions about what to do next. Managing information is a critical skill for success in today’s business environment. A manager who does not understand the basics of managing and using information cannot be successful in current business environment (3). How business is doing is the only way to decide how to grow or perhaps consolidate your business. As a small or medium business owner, probably know roughly what turnover is, but do actually know how much profit are making and more importantly, are some of activities or customers generating more cash that others – who or what do rely need to concentrate on? We might have sent out dozens of quotes or advertising leaflets, but how many turn into a sale – could be spending more time and money more wisely to generate more sales? These are just a couple of examples of how good information systems can benefit even very small businesses and in the age of the internet and low cost software. Using Information System
In general Information systems perform three vital roles in business firms. Business applications of IS support an organization’s business processes and operations, business decision-making, and strategic competitive advantage. Major application categories of information systems include operations support systems, such as transaction processing systems, process control systems, and enterprise collaboration systems, and management support systems, such as management information systems, decision support systems, and executive information...
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