Information and Environmental Scan - Essay Example

Information and Environmental Scan Institution: Student Name: Date of submission: Information Definition It is simply described as meaningful data. Information is the processed and meaningful data concerning the world we dwell in.  In this sense, any observation may be considered data and once processed and made meaningful to a recipient it is then defined to be information. Information is data that minimize the options available to a manager.  An uninformed manager can do anything; an informed manager is likely to have less rational options.  This definition relies on the role of information in influencing manager's decisions (Bates, 2002). Information literacy in a place of work perspective is the set of skills for individuals to identify when information is required and to find, asses, organize and make use of the information efficiently, as well as the skills to generate, put together and present information efficiently to the supposed audience. With the current information revolution, everyone must gain knowledge of how to learn and work smarter in order to be capable of competing effectively amidst an ever more competitive planet, at each stage of their lives. Through information literacy, people are capable of becoming self-sufficient learners, and efficient thinkers. Their ability to form a habit of this makes them lifelong learners (Bawden & Robinson, 2008). Advantages of information Decision making At a given time in every organizations functioning, decision making is required. Decision making involves the process of recognizing, picking, and implementing choices. The correct information, in the correct form, at the appropriate time is required to make precise decisions (Piper, 2000). For example, after considering information about customers, competitors, and production capabilities, a manager may decide to alert top executives that a strategic decision needs to be made. Top executives would use the information received to identify alternatives for consideration. Each alternative would then be evaluated based on feasibility, cost, time to implement, consistency with corporate strategy, and other criteria (Buhler, 2002). On the basis of their assessment, top executives would select the alternative that makes the most business sense and begin implementation. Finally, information would be gathered to assess the quality of the decisions that were made. By use of management information system, an organization can store, track, alter and dispense information to appropriate individuals when required. These information systems enhance decision making in business by availing the critical data required. Information systems serve to promote the organization’s communication, sustain short-term and long-term business goals, reduce human labor and distribute complex information (Hochstotter & Lewandowski, 2009). Disadvantages of information Information overload The availability off too much information has led to information avoidance, library, and information anxiety. The efficiency of individuals in their workplace is hindered due to the quantity of significant, and relatively useful, information at their disposal. The overload feeling is associated with situation control loss, and often with overwhelming notions. In extreme cases, information overload can cause health problems. Psychological conditions have been associated with overload, such as impatience and distract ability resulting from excess mental stimulus (Morris, Teevan & Panovich, 2010). Information overload takes place when the received information becomes a barrier rather than an aid to efficiency, despite its potential usefulness (Johnson, 2003). With the latest technologies, such as e-mails and the internet, indications depict how information over load has become a big problem to individuals as well as organizations. It affects effectiveness, and also the well being of workers, mainly managers in industries, and is alarmingly affecting productivity and efficient working of businesses (O’Sullivan, 2002). Several surveys of business managers have revealed these statistics regarding information overload; a majority believe that it has caused a decrease in job satisfaction, two thirds blame it for damaging personal relationships, one third attribute health problems to it, and nearly half thought that decision making would be faster with less information to use. The current information setting presents individuals with various forms whereby our prior experiences and senses are not well equipped to handle. These are numerous and complex causes of overload; thus the intricacy in delivering any single fast solution (Keaggy &Hurst, 2002). Environmental Scan Environmental scanning is the process of getting and using information regarding trends, events, relationships and trends in the business's external environment, the knowledge of which would help managers in planning the business's future course of action (Choo, 2004). Businesses scan their external environment to enable them understand the external dynamic forces thus developing effective response strategy which is aimed at improving or securing the future position (Choo, 2004). Benefits of the Environmental Scan Environmental Scanning helps the Business Manage Economic Uncertainty Economic uncertainty is whereby the decision makers or rather those handling management issues concerning economics are not in a position to tell what the economic outcome will be like, thus the probability of economic decision makers estimating the economic results is not certain or rather the cannot guarantee the results (Hoe, 2008). Over the recent years the world has been receiving or than experiencing the economic an expected and estimated outcome that has brought mixed reactions from different groups, organizations, citizens among others, despite economic management measures and effort (Wall, 2002). Economic uncertainty was or is still brought about by globalization that is the regular changes in environment, need of effective and talented management and also different corporate cultures bring about this economic uncertainty under globalization. Environmental Scanning thus helps the business in managing economic uncertainty (Hoe, 2008). Environmental Scanning Identifies Business Threats and Opportunities Based on the research, it indicates that as a result of threats ranging from political uncertainty, taxation, poor relationship between the stock sales, an expected changes of economy and also that with investors among many others have led to high cost of living which brought about chaos and lose of life in the process of protest and violence in some countries hit by the outcome of high cost of living due to economic uncertainty (Warr, 2008). Another outcome is that of drop of the stock returns this is also as a result of the effect of business economic threats which has made business investor uncertain on how to carry out their investments or rather fear of what is to come of the investments the opt to carryout thus the shy off which in turn lowers business investment opportunities. Environmental scanning helps business organizations to identify effective and talented management in order to curb the threat of globalization in the platform of business. On the same matter, environmental scanning has helped organization on the issue of adopting a flexible regulatory environment. Also on the same note environmental scanning facilitate achievement in business, realization of economic scope, skills and scale that helps the business in curbing economic uncertainty by also aligning capable operating strategies in the business (Majid & Choo, 2009). Environmental scanning, on the issue of political threats that brings about uncertainties of the economy helps the business to elect capable and elite leaders who will be of interest to the economic growth and smooth peaceful politics in order to avoid chaos as a result of high cost of living. On the issue of tax it should be listed and indicated its expiration in order for those taxed to be well informed and aware of what is expected of the on tax issues. Also on the matter of drop in stocks returns, environmental scan help control it by providing information necessary in ensuring a smooth relationship in the market for the investors and the sales of stock in the market (Ganzha, Paprzycki & Standnik, 2010). Environmental Scanning help the business to gain competitive advantage Business market strategy is characterized to embrace, extinguish and extend to dominate the market. The uncertainty of the economic status in the environment it is operating in has led for the company to constantly scan its environment (Cheuk, 2008). A business having environmentally scan, places itself as an admired place to work with as it tend to win various innovation awards as well as flexible work arrangements which are critical in a diverse economy. When the environment is demand deficient, organizations are not only constrained by costs but also by a lack of perceived demand. When the economy is operating under uncertainty, it results to reduction in efficiency and productivity. However, environmental scanning help breed innovation in businesses when the highly skilled are tasked to give ways for sustainability and growth in tough economic times (Cheuk, 2008). Environmental Scanning improves long-term and short-term planning Financial and economic benefits are not the only advantages of environmental scanning. Environmental scanning is a significant component of the business strategic planning process that improves the business ability to react and implement change in response to external forces. Additionally, environmental scanning has contributed to enhanced communication among the business staff and line personnel and also improved employee involvement in the organizational decision making process (Albright, 2004). The research studies done have proven that environmental scanning has a positive effect on the business in these areas: Strategic planning management, shared vision and communication, shared vision and future orientation. The most important effect is that scanning provides a well thought-out process which encouraged individuals to frequently participate in one on one discussion on planning matters (Albright, 2004). References: Albright, K. (2004). Environmental scanning: Radar for success. The Information Management Journal, May/June p.39 Bates, E. (2002). A day in the life of an information broker; or, “so, you’ve tired of a steady paycheck?” Searcher 10(7), p. 24 Bawden, D. & Robinson, L. (2008).The dark side of information: Overload anxiety and other paradoxes and pathologies. Journal of Information Science, (35)2, p.180 Buhler, M. (2002). Building the learning organization for the 21st century: a necessary challenge.SuperVision, 63(12), p.20. Cheuk, B. (2008). Delivering business value through information literacy in the workplace. Libri, 58, p.137-143 http://www.librijournal.org/pdf/2008-3pp137-143.pdf Choo, W. (2004). Environmental scanning as information seeking and organizational Learning, Information Research 7(1), p. 112 http://informationr.net/ir/7-1/paper112.html Ganzha, M., Paprzycki, M. & Standnik, J. (2010). Combining information from multiple search engines preliminary comparisons. Information Sciences, 180, 1908-1923. Hochstotter, N. & Lewandowski, D. (2009). What users see: Structures in search engine results pages. Information Sciences, 179(12), p. 1796 http://www.sciencedirect.com.ezp01.library.qut.edu.au/science/article/pii/S0020025509000541 Hoe, L. (2008). Benefiting from customer and competitor knowledge: A market-based approach to organizational learning. The Learning Organization (15)3. p. 240 Johnson, S. (2003). Digging for Google holes – Google may be our god, but it’s not omnipotent, Slate Magazine http://www.slate.com/articles/technology/webhead/2003/07/digging_for_googleholes.html Keaggy, B. &Hurst, M. (2002). Face-off: are web logs legitimate business tools? Network World, 19(44), p.40 Kennan, M., Willard, P. & Wilson, C. (2006). What do they want? A study of changing employer expectations of information professionals. Australian Academic and Research Libraries, 37(1), 17 Majid, S. &Choo, C. (2009). Environment intelligence: An innovative information service. Singapore Journal of Library & Information Management, 38 http://www.las.org.sg/sjlim/SJLIM20092Shaheen.pdf Morris, R., Teevan, J. & Panovich, K. (2010). A comparison of information seeking using search engines and social networks. Proceedings of the 4th International AAAI Conference on Weblogs and Social Media. http://teevan.org/work/publications/posters/icwsm10.pdf O’Sullivan, C. (2002). Is information literacy relevant in the real world? Reference Services Review, 30 (1), p. 7 Piper, P. (2000). Better read that again: web hoaxes and misinformation. Searcher, 8(8), 40-49. Wall, B. (2002).Evolution in the forecasting process at Krispy Kreme, The Journal of Business Forecasting Methods and Systems, 21(1), p.15 Warr, W. (2008). Social software: fun and games or business tools? Journal of Information Science, 34. 591-604. Read More