Company Performance Reports - Assignment Example

?INFORMATION MANAGEMENT Features of Data/Information Information has various features which make it unique. These features include availability, accuracy and reliability. Accessibility is a feature of information which means that it should be accessed easily by the user. Accuracy of data or information describes the level at which the information is correct. Reliability of information or data reflects its truthfulness. This means that good information must be true so that its helps in solving the problems which the information seeker is faced with.1 Furthermore relevancy is a feature of data or information which reflects that good information must be congruent with the reason or purpose for which it is required by the user.2 Significantly, completeness of information is used to describe the length into which it is detailed or its scope which must be sufficient to meet the needs of the information seeker. In additionally, timeliness of information shows that it must be timely or availed at the correct time for it to be useful. Finally, good data or information must be cost effective and, thus, affordable and also presented in the correct format.3 Sources of Information and Its Analysis Information within an organization is captured from a variety of sources with a view of enabling the management to make effective use of it for strategic planning and decision making. Reports have been presented as one of the most significant sources of information and data for organizations.4 These reports include financial reports, economic statistics, reports on market research, employee appraisal reports and company performance reports. Managers, therefore, capture information and data from these reports for informed decision making. For example, the financial reports of the company can be used to make strategic decisions on improved performance. Additionally, reports on employee appraisal are used by human resource managers to make decisions related to recruitment, promotion, motivation, training, and compensation and employee development. Other sources of information for managerial decision making include letters, memos, approvals, contracts, online sources, advertisers, the media, financial reviews, market trends, meeting agenda and discussions.5 The analysis of information within an organization is aimed at making the decision making process of managers as easy as possible. Statistical data are often analyzed through the use of statistical packages and programs such as Microsoft Excel and financial packages. These data are often presented in graphical and tabular forms so that managers are able to understand the business trends and, as a result, make informed strategic decisions on the business activities of the organization.6 Comparative analysis is the most appropriate method in the analysis of information within an organization. This method enables the management to compare the performance of the organization with the previous financial periods. Additionally, comparative analysis enables managers to be able to analyze the company in relation to its competitors and market trends.7 This causes managers to reach appropriate strategic decisions which help a company to achieve a competitive advantage within the business environment.8 The Impact of Management Information Systems Management information systems describes computer systems and applications which are designed to present management information to managers in the most effective and efficient manner. Management information systems have caused a positive impact on the decision making process of managers.9 This has been achieved through the efficiency with which managers are able to access information on various functional areas of the organization. Therefore, the management team has been enabled by these systems to understand the needs of each functional area and, thus, make decisions related to the fulfillment of these needs.10 Management information system has promoted collaboration within an organization. This is achieved through enhanced communication between the management and the subordinates. The transformational leadership theory or approach and its advantage for collaboration, communication and enhanced relationships within the working environment have been achieved through effective use of management information systems.11 In this regard, managers are able to communicate with project teams from wherever they are and, therefore, promote the sharing of ideas in the organization. This, in return, leads to the increased innovativeness and creativity within the organization. It is, therefore, management information systems which have promoted the role of managers in ensuring that the goals and objectives of an organization such as increased productivity are achieved with effectiveness.12 Legal Aspects of Information Management The legal and ethical frameworks protect the privacy and confidentiality of personal or private information of individuals.13 In the contemporary work environment, there has been an increase in the adoption and implementation of information and communication technologies. This has in return resulted into growing security concerns on data or information of individuals such as clients and employees which a company keeps within its information systems.14 Therefore, the sharing of information within organizational networks and systems must be guided by information security policies and procedures. These policies play a role in defining ways of access, retrieval and use of data or information with a view of ensuring that security standards are adhered to. Failure of companies to meet their legal obligation on securing the user information and data would lead to the loss of the customer confidence and legal suit. It is, therefore, necessary for organizations to put the necessary measures such as encryption and cryptography so that data on clients is secured from both internal and external attacks to systems.15 Security safeguards are important because they protect the users or clients of the company’s networks from possible fraud or disclosure of private information and the related legal, ethical and economic consequences. Formats of Information/Data The format which data is presented, processed, stored, processed, retrieved and used depends on the level of technology which an organization has implemented.16 Nonetheless, the modern business organizations, institutions, companies and agencies have adopted technology in their processes. In this regard, electronic formats are common in the contemporary information management systems.17 The electronic formats include data or information which is stored in CDROMs, hard drives, memory cards and online databases. Such data or information is managed through the use of computer systems which include hardware and software applications for information management. Electronic data could also be stored and managed within remote databases or through outsourced storage services. However, print formats are also common in organizations which include paper formats of information such as letters, physical files, contracts and memos. Evaluating Information Management Information management is evaluated within all processes of information management. This includes the collection, analysis, storage, retrieval, use and transfer of information.18 The efficiency at which the processes of information management are achieved is one of the most viable criteria of evaluating the management of organizational data or information. This means that data should be collected, analyzed, stored and retrieved quickly and effectively. The evaluation of the information management within an organization can be achieved through the assessment of the management systems.19 For example, the information systems of an organization would be assessed in relation to their usefulness. The interface for information management must be user-friendly for the management, employees and clients to be able to access and retrieve the information with ease. The information management within an organization is also valuated on the basis of how effective it is in aiding the decision making process of managers. More important is the element of security in the assessment of information management. This means that the management of information must be evaluated to determine if there are policies which define the securing of the system from unauthorized entry and, thus, prevent the infringement of the privacy and confidentiality of user information. References Davies, N.J. & Revett, M.C., "Networked information management", BT Technology Journal, (2007): vol. 25, no. 3-4, pp. 285-298. Dearstyne, B.W., "Strategic Information Management: Continuing Need, Continuing Opportunities", Information Management Journal, (2004): vol. 38, no. 2, pp. 28-36. Fourie, I., "Personal information and reference management", Library Hi Tech, (2011): vol. 29, no. 2, pp. 387-393. Jose Pocas Rascao, "Objectivism: Why The Information Management Needs A New Background?", Revista Universo Contabil, (2011), vol. 7, no. 1, pp. 88-105. Powell, M., “Information management for development organizations”, (2003): Oxford, Oxfam GB. Thomas, G.H. & Langemo, M., "A New Look at Information Systems and Records Management", Information Management Journal, (1992): vol. 26, no. 3, pp. 3. Read More