Information is the most important asset in an organization. This is because information is used to pass relevant messages that boost progress in a place of work. According to Pieterse (2007), there are six dimensions of corporate information management.
Strategic sense making
The corporation in this case is usually faced by a lot of information that is out-sourced from different places. Vital information that can be used to criticize the organization and easily identify change trends is hidden in a number of external sources. Corporate management of information is left with the task of identifying information with credibility and the external sources that build sense thus allowing business tracks to deliver information that is interpreted ready for appropriate responses (Khosrow-Pour, 2006, p.35).
Planning for future needs
Future needs in an organization come along with change making change to be involved in the normal running of business. New business initiatives are driven by various projects in the corporate companies. In the process of changing the manner of operation there must be emergence of new information. In monitoring of new business progress information is vital in the supporting of new business decisions. The process of welcoming changes is real risk taking but to fully succeed in implementing strategic initiatives one needs to plan in advance for new information needs (Pieterse, 2007).
Increasing the utility value of existing information
Running of business is sustained by information lifecycle. The requirement of information are defined, captured and distributed to the point of need and later distributed to the decision making point. Information’s utility value is determined by the fact that if it is increasing the effectiveness and efficacy of the process of operation. Utility of information is related to the functions of how relevant it is how complete and accurate. Utility value on the other hand is measured by the fact if the information increases efficacy and effectiveness rather than just functioning (Choo, 2002, p. 27). Organizations ensure that information lands ton the highly placed people in a dignified manner and also information that is of high quality. It is in this stage that the distinction between information technology and human resource emerges (Pieterse, 2007).
Eliminating redundant information
Over informing is simply to confuse recipient with unnecessary information. This redundant information needs to be reduced. There are modules and software in organizations that create information that no one is interested in. Corporate information management should identify the important information and keep away the unimportant bits of information. By controlling information production, the cost of information technology maintenance decreases hence cost cutting in a company (Pieterse, 2007).
Ensuring compliance to legislation
Legislation implies that an organization protects its client’s information from abuse. The other type of legislation is where the shareholder is enabled to access quality information that will be of relevance. This is done by interpretation of the legal requirements that will see to it that all the measures are observed to the letter (Choo, 2002, P.27).
Increase of the returns on investment in information technology. Its implication is that increase in total generated income will meet decline of the cost of maintaining information technology and hence reduction of business risk. Corporate information checks that every information resource that is technological is exploited to the full by the business. The key function of corporate information management is to see that the company’s information is fully protected from hackers and other malicious persons who may access fraudulently and mess with sensitive information (Pieterse, 2007).
Information is taken to be a real strategic business asset because it is through being informed that all other things come to be. Information is the valuable but unvalued asset because most people ignore its strength. From the setting of employment to, information has become a vital asset that manages all the business activities. Information has ability to perform so many functions like delivering services, improve performance, achieve competition, make better decisions and finally it can be sold as a product in direct manner (Moody & Walsh 1999).
When one refers to information in terms of manufacturing data, becomes the raw material while the hardware and software becomes the processing plants of data and in the end the result is information. In this case information is an end product of manufacturing process. This means that it can be distorted at the place of manufacturing or made more suitable for the consumer purposes (Khosrow-Pour, 2006, 35).
Information meets all the characteristics of an asset which for instance that it has service potential. I t qualifies this characteristic simply because it is capable of providing ability to the delivery of services as well as meeting effective decisions. It is also possible for information to be controlled by the organization in that information capacity to be received by the members of the organization is regulated by others and in this case it is entirely done the information technology department (Moody & Walsh 1999). The organization has a right to patent their information and also share it if they feel so to their chosen target group (Choo, 2002, p. 28).
Another characteristic of an asset is that it is a result of past transactions and information fits here as in it is a result of processed data. Information stands at a higher place in positioning of assets than even the customers and employees because it is fully owned by the company but customers and employees are not owned by the organization and can choose to go against the wishes of the company on their own accord. Information is classified as an intangible asset or still non-physical asset. It is not necessarily the physical form of something that qualifies it to become an asset but its potential to give service or the economic benefits. To measure its value one considers the worth of information to the company and just like other assets it has a cost too. One meets cost sin maintaining information for instance updating antivirus software to protect distortion of information (Oz, 2008, p. 83). Upgrading the devices relevant in accessing information in a fast manner for example modifying gadgets to be internet enabled and enhance one to reach any information from one desired point. Information has unique characteristics that make it differ from all other assets. Information has seven laws that apply to the application of information.
The first law of information is that it is infinitely shareable. This means that information can be shared between any number of business or people and this can be done without any loss of value to the information. In this regard internet plays this function by enhancing that any willing recipient of information has the same made available made to him or her at any time. This is done by using search instruments like Google to access voluminous information from the Web. This is a distinct difference from all other assets in that no any other asset can be shared in this perspective without losing value (Garson, 2000, p. 6). On the contrary information gains value when shared because knowledge is power in the sense that when one is denied information an opportunity is denied too. Apart from sharing information it can also be replicated and this does not double its value in any way. This is a drawback to very many processes where piracy has come in handy to fraudulent business people who pirate other people information and also plagiarism where originality of information is infringed (Moody & Walsh 1999).
The second law of information is that its value increase with use. If one can refer to vehicles, they depreciate with the continued use but on the contrary information appreciates with how it is used. Unlike all other assets like employees who retire after serving the company information only improves when used (Khosrow-Pour, 2006, 36).
To avoid collision when interpreting information one needs to have four prerequisites that are pertinent to usage of information. They first know that the information exists, secondly one needs to know from where information can be located or sourced, and thirdly you need to have access to it and finally one need to be conversant in using information made available to him (Shin, 2003, 6). When people know that information is in existence this increase its potential but the opposite decreases its potential. Information literacy is most suitable in that through learning one is at a higher ability to access and use information (Moody & Walsh 1999).
The third law is that information is perishable. Information if not given proper attenhtion can lose its value. Its perish-ability depends on three aspects that are operational shelf life, decision support shelf life and statutory shelf life. Flight tickets apply to the operational shelf life because they are valid for utmost one year (Oz, 2008, p. 85).
The fourth law is that value of information increases with accuracy because the more accurate information is the more relevant it becomes and effective because there is no hindered interpretations. For example phone number is information that needs to be 100% accurate because should one miss one digit the value of that information is lost (Khosrow-Pour, 2006, p. 37).
The fifth law states that the value of information increases only when integrated with other information. For example the sale information is important as customer information but to know how the two relate one need to combine the two and efficiency will come out. In this sense one will relate customer and sale information and help in predetermining future transactions (Garson, 2000, P.7).
The sixth law states that more information is not necessarily better because it is the effectiveness that matters not the voluminous information. The problem with information departments is that they are over informed and there are no strategies of prioritizing the information. In that case it becomes more or less under informed because there are no mechanisms to use the existing information (Moody & Walsh 1999).
The final law of information is that it is not depletable in that new information comes up when you summarize the existing one or still analyze it. Data mining is a technique used to generate new information from existing data. The general aim of information management is to enhance that there is availability of the right information at the right place and time (Garson, 2000, p.7). Technology-oriented information management comes in handy to reduce the management of information in reference to how it was done tradition where there were hand-in methods (Eppler 2006). With technological advancement there is software that process and store information in the right manner (Khosrow-Pour, 2006, p. 35).
Information lifecycle management involves the policies, practices, processes and tools that are used to align the value of business with the most cost effective and appropriate information from the time of creating to the disposing of information. Information is placed hand in hand with business through policies in management and levels associated with applications (Moody & Walsh 1999).
The life cycle of information is simply from creation, how it changes, how it is archived or stored to the final point of destroying information. Information is relevant in conducting business and virtual provision of information is the best because there is reduced costs (Garson, 2000, p.6).