Monday, January 14, 2019

Three Perspectives of Information Management

It will be those companies that proactively invest in information Management solutions today will be able to competitively leverage their own information going forward with accelerated speed.

Information is growing exponentially, and become one of the most invaluable business assets of the business. However, in many companies, the organizational modern data environment is fraught with inconsistency, redundancy, and multiple data and knowledge platforms, it causes confusion and decelerates business speed. Digital IT organizations should take an integral and holistic approach to manage the information cycle, and ensure that reliable information has been provided to the right people for making the right decisions at the right time. Here are three perspectives of information management.

Data is raw, information is contextual: Data' is raw content, 'a collection of zeroes and ones,' without context. Data starts to become information when we add some business context. Information becomes meaningful when we sort through, process, and add some connections to other information items; in some cases, including non-connections to things that aren't or don’t seem to be connected. When information is refined into the business foresight and customer insight, it becomes the “light tower” to navigate the business in the right direction. To put another way, data is physical, information is “mental.” information is permeating into every corner of the business and every perspective of human society right now, it becomes the "nerve system "of the digital business in the modern world. Thus, the art and science of information management are to connect the wider digital dots to distinguish between data, information, content, context, connections, optimize its usage and achieve its value.

Information Management is a threshold competency of the digital business: Forward-thinking organizations cross vertical sectors claim they are in the information management business. Nowadays information is the lifeblood of the organization, and one of the most intensive puzzle pieces of the digital transformation. The intrinsic value of information management is to turn the most valuable information and knowledge assets into corporately owned assets and improve business decision effectiveness and business competency. The information management effectiveness directly impacts the business responsiveness, performance, innovation and maturity. When information gets stuck, innovation is stifled and business suffers. Often, the poor information management most organizations experience are caused by a lack of understanding what raw data they have to play with; not knowing how to apply the worthwhile evaluation to reveal the inherent value of information, but mostly, lack of understanding why they should do these things with the top priority. Information Management is a threshold competency to enforce the strategic focus of the business, altering or changing the frame of reference to create previously unconsidered business solutions to either existing problems or emerging issues.

Take a systematic approach to ensure information coherence: Managing information well is a tough course which often does not show up on the bottom line or immediately drives the top line business growth. Most organizations are in transitions, data is in dissimilar systems which are being migrated, converted or just staying out due to budget and time management. The constraint is in getting all of the systems up to current technology to snap into an enterprise information strategy. The other main obstacle is getting everyone to agree on what is necessary and what the information lifecycles should be. Priority setting is thus, critical as well because there is a gap in understanding the information strategy for mid to long-term business growth. Information Management is a complex domain, the best approach requires to take some leaps of setting some of the right things in motion, and delicately balancing and rebalancing the results toward urgent, but hard to predict outcomes. It’s important to take a structural approach to ensure information coherence and achieve the strategic business goals such as decision effectiveness, process efficiency, employee satisfaction, customer delight, and innovation blossom.

Information is invaluable. It will be those companies that proactively invest in information Management solutions today will be able to competitively leverage their own information going forward with accelerated speed to thrive in the digital era of hyperconnectivity and fierce competitions. The full cycle of Information Management (Data-Information-Knowledge-Insight-Wisdom) is to build a high-intelligent organization via riding learning curves, keeping the pace of rapid changes, capturing business insight and foresight in making the right decisions timely, and unleashing information power for improving business responsiveness, innovativeness, and maturity.


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