The value of information management is never for its own sake, but to provide insight and leap innovation.
Nowadays information is the lifeblood of the organization, all forward-looking organizations claim they are in the information management business, managing information and the information position of an organization is what ought to be called Information Management. Information Management is to make sure that the right information is in the right place at the right time and shared to the right persons for making the right decisions. IT is often the information steward of the business, and information management is a thresholding competency for running a digital IT.
IT stands out as a value-added function by managing information effectively and efficiently: Information Management entails organizing, retrieving, acquiring, securing, maintaining, updating, distributing, sharing, publishing and finally archiving information. It can abstract business and customer insight from explosive information, and bring to the table tailored solutions that meet customers’ needs, while reducing the cost to market, without sacrifice of strategic goals and strategies invoked on it by its business partners. If IT does it well, it will achieve high business value. Information Management means that the business has the information, that the information has the right quality, that the information is used properly, but also that managing information (the information provisioning) is a strategic imperative. But often the poor information management most organizations have are caused by (a) not understanding what raw data they have to play with. (b) not applying worthwhile evaluation to it to reveal the inherent value, but mostly (c) not understanding why they should do these things in the first priority. Today the recognition of information management is maturing with boards being educated on the power of information adding to the bottom line and top line business growth, and, of course, the increasing cost as there's more of it.
From information management to innovation management: The abundance of data and information bring both significant opportunities and enormous risks in business today, as organizations can harness the power of data to provide the emergent business trends with a more fact-based vision of where to aim and how to get there, through identifying the right data, validating it and communicating it to right people at the right time. Information abundance can bring new ideas; ideas have always driven business success. From information management to innovation management, IT must bring to the table innovative solutions that meet customers’ needs, also digitize the touch point of customer experience via innovative service and products. IT has the thresholding competency to build an information savvy and high-innovative organization. If IT can do this, it will achieve unique value for business’s long-term success.
From information to insight: Information is the foundation of creating the insight, the insight perceive the new business opportunities and risks. However, the organizational modern data environment is fraught with inconsistency, redundancy, and multiple data and knowledge platforms, the modern IT needs more integrated data lifecycle management solutions to conquer information management challenges, to provide information accessibility and availability, ensure transparency and visibility, enable trust and reliability. Organizations need to have Information Management strategy as an integral element in the business strategy. It determines the strategic objectives, their risk appetite for achieving them, identify and assess the risks and make sure it’s all joined up. Information is a key enabler to help you achieve strategic business objectives – having the right information to make informed management decisions to develop the right products for serving the right customers.The value of information management must be qualitative, measurable, and defined uniquely by an organization. Information Management is the threshold competency in running digital IT because the ecoinformation Life Cycle Management (Data-Information-Knowledge-Insight-Wisdom) is to build a high intelligent organization via capturing business insight and foresight in making the right decisions timely, bringing table innovative solutions to delight customers and achieve the high-performance business result for the long term prosperity.
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