Tuesday, June 8, 2021

Information as Clue to Management

The fundamental concept of management is still the same, to orchestrate all critical elements into business competency with information as a clue to either unlock business performance or catalyze innovation.

Nowadays, information is the clue to run a hyperconnected and independent business. The tricky bit with information is that, depending on the level of granularity and aggregation, you can use it for multiple purposes. 

In fact, Information Management is a holistic business process of aligning the use of information through a multitude of management practices to improve business responsiveness and effectively.

Business decision management is based on information and generates information: The amount of data required for a decision, and the amount of information generated by a decision, can both be measured in bits. Information is a liability unless it helps to create a certain value to make effective decisions or solve problems. Information contextualization helps business leaders or professionals understand information from different perspectives, and share information across functions and improve decision maturity. If there's a lack of quality information and holistic understanding, the business intends to solve symptoms but cause more problems later on. Data quality is important. If you mine, cleanse and improve the data to produce information, combine that information and visualize it in different ways, then you gain business insight for making excellent strategic and tactical decisions.

The real-time business insight can help business leaders and professionals make effective decisions timely, and this is more imperative when uncertainty, velocity, complexity and doubts are major hindrances to decision making. Information Management activities & scenarios should understand and manage complexity, know how to prioritize based on the business needs, communicate extensively, focus on information adoption to ensure right people getting the right information to make the right decisions; be able to mitigate risks and deliver tangible and visible business benefits and improve user experience. Time is a critical factor in decision-making scenarios. You do not and can’t afford to defer the decision until such time that all facts and information are available. The decision is necessary as a result of limited resources in time, knowledge, capital, and people.

Information based enterprise performance views enable the business management to refine and optimize actions: With the overwhelming growth of information, knowledge is outdated sooner than later. Information-led performance measures help the management do value justification in a language the organization understands for making wise investments and track progress in business improvement initiatives. Technically, it’s about figuring out an enterprise-level information management solution that cleans and merges data from multiple sources, securely shares information across functions, and refine it into business insight which can instruct organizations to adapt to changes systematically.

Information interaction at various levels of an enterprise inform and influence business management effectiveness at the different levels of the organization. Good performance data enables the management to scrutinize behavior and dig into the root cause of problems. It is a multidisciplinary approach to achieving organizational objectives by making the best use of its invaluable asset -information in a timely manner and building a real-time digital organization.

Information based talent management improves digital workforce competency: Organizations should have data orientation in anything they do, rather than following the traditional subjective model. It is critical to create a vision and path for workforce analytics in building a competitive digital workforce. Information based talent management is always important to help identify talent gaps in the system and ensure the right people with the right capabilities are put in the right position to solve right problems timely.

The logical scenario is to create a vision and path for talent analytics; engaging workforce planning & deployment & development based on performance. The right metrics information can be helpful to track progress in improvement initiatives, providing companies a holistic view of their business performance, help them understand their staff better and get to know their employees deeper, pave the way towards true employee engagement, partner collaboration, and ecosystem connection, with the goal to run a highly adaptive people-centric business.

Information is the lifeblood of digital business, and makes an impact upon all different aspects of business. Information Management is a scientific management discipline which is created whenever people start applying the Scientific Method of observing, creating hypotheses, and proving or disproving those hypotheses. The business world has shifted from industrial age to information age, now in the digital era, the fundamental concept of management is still the same, to orchestrate all critical elements into business competency with information as a clue to either unlock business performance or catalyze innovation.


Post a Comment