Wednesday, November 13, 2019

The Monthly Insight of Information Management: The Information Management Strategy & System Nov. 2019

 Information becomes the lifeblood of digital business, and digital technology is lightweight but more powerful than ever.

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, in order to make the right decisions. The value of information is qualitative, measurable, and defined uniquely by an organization.


The Information Management Strategy & System

The Business Benefit of Information Strategy With overwhelming growth of data, information and its life cycle become much more complex. Organizations need to have Information Management strategy as an integral component of the business strategy. Information Management strategy determines the strategic goals of information management, their risk appetite for achieving them, diagnoses existing issues, identifies and assesses information management effectiveness, and makes sure it brings the great business benefits.

Three Characteristics of Information Management System A system is a group of interacting, interrelated, or interdependent elements forming a complex whole. A system has a purpose to perform a set of functions to achieve well-defined goals. A system which is composed of interacting and interdependent pieces has a specific structure which is defined by its components and processes - the interrelationship between components. Managing information and the information position of an organization is what ought to be called Information Management. Information Management is a system with interdependent processes, technologies, and a set of interdisciplinary practices for moving the business to a dynamic, iterative, integral and interactive digital flow.

Do you have Enterprise-Wide Data/Information Strategy Information is the lifeblood in modern businesses today, however, from industry survey; a very real gap exists with just over one-third of respondents having an enterprise-wide information management strategy in place currently. What’s holding these organizations back from building out an enterprise-wide information management strategy? What’s needed to close the gap? Also, keep in mind, data/information strategy needs to be the key element of the IT strategy, which is also an integral component of the overall corporate strategy.

Three Perspectives of Information Management 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.

How Important an Information System can be in Digital Business Success? In the industrial era, the majority of IT organizations are supporting functions to keep the business light on; the cost center to maintain legacy applications and infrastructure, and the gatekeeper to control the status quo. Nowadays IT and its value implication to the business have changed drastically; information becomes the lifeblood of digital business, and digital technology is lightweight but more powerful than ever. The question is –How important an information system can be in today, can you separate technology from an information system in order to achieve the intended results? And how to make Information Management as 'powerful' and 'worthy' to an organization as possible?

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