Saturday, March 3, 2018

Take a Journey of a Thousand Steps for Information Management

Information Management is the management with knowledge as a focus, involves the use of technologies and processes with the aim of optimizing the business value that is generated. 

IT is only increasing in importance and relevance with each passing day. IT shifts from “T” technology focused to “I” driven - information, intelligence, innovation, and improvement. Information Management is the overall process of aligning the use of information through the management, assurance, and exploitation, guide the business in the right direction and deliver services and solutions. It is a thorny journey with a thousand steps. IT leaders should set principles to ensure information is managed effectively and guide the business in the right direction and deliver value-added services/solutions effortlessly.

Assessment: Information is the lifeblood of the enterprise, but if not properly managed, it becomes at worst case liability and at best case an underutilized asset. IT should first work to identify how information is associated with the valued tangibles of businesses; products and resources. Information, with the inclusiveness of data as input, is primary drivers of decisions when they apply to automated systems, not human beings. Potential information value all depends on how the information will be used again in the future. IT managers need to make an objective assessment: What data you have, in what format and the location and method it is held? And how to refine information into knowledge and business insight. Like information flow in processes, and then its own value will become readily apparent and quantifiable by association.

Prioritize according to business needs: All forward-looking organizations declare they are in the information management business. Given this assertion, there is no limit to the value of information in the digital economy. But every business is at a different stage of the business lifecycle. The value of information is qualitative, measurable, and defined uniquely by an organization and prioritize according to business needs. If done well, information can unleash the business full potential. Information Management makes information available and useful, exert lots of intelligence, do analytics, look for insights, leverage imagination, but make validation and predictability. Information is structured and presents facts in the context of targeted situations and conditions that facilitate business in making the right decisions at the right time. Information Management has to break down silos, to keep data flow and apply an integrated information lifecycle management solution to conquer business challenges. IT priorities should become all CXOs’ priorities. The executive team will provide input upon the maturity of IT function and expectation business leaders demand from IT via immediate, short-term, and long-term priorities of the organization. The goal is to refine information and maximize the digital potential of the business.

Deliver tangible and visible business benefits: Information is useless if it is not being used to achieve the business purpose. The aim of modern Information Management has often been described as getting the right information to the right person in the right format and medium, at the right time, to make the right decisions. Information and knowledge do not stand still! It flows into the company, it gets stored, processed, refined, and hopefully flows to the customers of the company in terms of products and services delivery. The digital ecosystem is complex and volatile, for complex problem solving, understanding information context is often the first and the important step in gaining insight, creating the relevant context to make a more lasting business solution. The effectiveness of information management is based on how well it delivers tangible and visible business benefits and achieves high-performance business results.

Aim to deliver a seamless user experience: 
Digital is the age of information as well as customers. Customer-centric information management is about how to align the IT process to keep information flow so that customer preferences and requirements are reflected throughout the value chain. The business benefits in terms to speed up to enable the management to listen, engage and cultivate the trustful relationships with consumers and build an integrated view of information derived from data extracted from different sources and aim to deliver a seamless user experience. When you really understand or attempt to capture the insight about what the customer actually wants, that is when you can really develop an experience that fits them and their needs or desires. Customer-facing applications are critical at the end of the day as they generate revenue for the business.

Mitigate risks: The overwhelming growth of information brings both opportunities and risks to the business today. There are two aspects to managing risk, assessing it and then evaluating it against acceptable levels (risk appetite). To quantify risk is one of the most challenging aspects of risk management. The purpose of assessing risk against consequence criteria is to determine what risk must be managed, and who needs to be involved in that management. The method and kind of information to quantify risks really depend on what the risk is about, so 'risk attitude' is a critical element in orchestrating information, to make a touch upon systematic risk management approaches. To further the business attention in the risks they have tolerated, and the appropriate measure will be then considered with the cost in terms labor, finance, etc, of the measure, and risks can be mitigated and managed smoothly.

Information Management is the management with knowledge as a focus, involves the use of technologies and processes with the aim of optimizing the business value that is generated. It is the journey with a thousand steps. Information flow can further streamline the idea flow, catalyze business growth and build business competency.


Post a Comment