Wednesday, March 18, 2020

The Monthly Summary: The Unique Competency of Information Management Mar. 2020

Information is the most valuable commodity individuals and organizations produce in the digital environment in which they currently function.

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 Unique Competency of Information Management   

Information Management as a Core Digital Capability Compared to digital laggards, high-performing organizations can manage the two most invaluable assets in business well: People and information. Nowadays, organizations large or small, process an enormous amount of data, information simply becomes the lifeblood of businesses. Information Management is all about having the right people to have the right information to make the right decisions at the right time. Given this assertion, there is no limit to the value of information in running a high mature digital organization. Information Management is, in fact, becoming the core digital capability of the business.

Information Management as Differentiator between Digital Master and Digital Laggard  Information is the most valuable commodity individuals and organizations produce in the digital environment in which they currently function. Nowadays, organizations large or small, collect an enormous amount of data. Data is a raw material, information is processed data, information only has a value when it is needed. When businesses manipulate information in meaningful ways that give you something to interpret and utilize, then you have established the value from the information you get. Therefore, Information Management is a key differentiator between digital masters and digital laggards.

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?

The Potential Value of Information Data is raw, unorganized facts that need to be processed. Data is simple, random and unorganized; on the other hand, information is processed data. Information is structured and presents facts in context to targeted situations and conditions that facilitate business in making the right decisions at the right time. Given this assertion, there is no limit to the value of information in the digital economy.

The Transcendence of Information Management Besides people, information is the most invaluable asset in businesses today. Not only is information interesting economic goods, but the value is also difficult to determine, it could be utilitarian, intrinsic, extrinsic, hedonistic, social, practical epistemic, etc. Managing information and the information position of an organization is what ought to be called Information Management. The tricky bit with information is that, depending on the level of granularity and aggregation, you can use it for multiple purposes. The transcendence of Information Management into various business management accelerates business performance and unlocks business potential.

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