The ubiquity of information has provided both growth opportunities and increasing risks to organizations.
This ubiquity has transformed how people consume information, moving away from traditional sources to more diverse sources, and leverage information to harness growth and innovation.
Information Growth: "Information abundance" refers to the vast and rapidly growing amount of information available due to advancements in technology, particularly the Internet and mobile computing. This abundance has significantly impacted organizations, economies, societies, and individuals by transforming how information is accessed, shared, and utilized. Information abundance has increased access to information systems, which is crucial for full participation in modern society. However, it has also highlighted the digital divide, where disparities in access can lead to social problems or unfair competitions.
Information and Innovation: The disruptive nature of emerging digital information technology is highly likely to have implications for business innovation. Digital organizations as information hubs can become the hotbed to nurture and incubate great ideas. There are some critical pieces of information needed for connecting wider dots to spur innovation and accelerate idea validation such as facts about business ideas. The refined information allows businesses to perceive customers’ behavior patterns they have never seen before. It also helps to uncover the interdependence and hyper-connection of business nature and bring to the table innovative solutions that meet customers’ needs and wants.
Misinformation and disinformation: While information abundance offers numerous opportunities for innovation and connectivity, it also presents significant challenges that require careful management and regulation to ensure ethical and equitable use. The ubiquity of information has facilitated the spread of misinformation and disinformation. Misinformation is the unintentional spread of false information, while disinformation is deliberately misleading information intended to confuse fact and fiction.
False narratives: The pervasive nature of information, coupled with cognitive biases, can lead to the entrenchment of false narratives, even after they have been debunked. In such false narratives, objective facts are less influential in shaping public opinion than emotional appeals and personal beliefs. Digital literacy, which involves critical thinking skills to evaluate and produce media content, is essential in navigating this complex information landscape.
The ubiquity of information has provided both growth opportunities and increasing risks to organizations. Therefore, it takes systematic thinking and planning upon strategic fit, structural capability, risk intelligence, and an executable business model to manage information effectively, harness innovation, and improve organizational maturity.
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