Relevant information

Relevant information
See also
ASTRA analysis Functions of research Internal analysis Simulation scenarios Strategic foresight Strategic analysis methods Importance of strategic management Role of information Importance of swot analysis

Relevant information is one form of describing some aspects of information quality. Relevancy of data and information prepared by management information system is crucial for effective decision making processes, strategic planning, marketing, production and logistic planning, etc. Relevant information is analysed from point of view of particular manager or employee, it provide means to solve particular problem, diagnose its causes and search for probable solutions. It can be derived from internal knowledge base or external environment.

The relevant information is the basic functional unit of existing every organizations or business. The demand of valuable information is very big. The multiplicity and universality of data acquisition sources increases with the progress of technology. The essence of relevant information proclaims: the source (where information comes from), substation of entity. The dynamic business environment, in which companies function, forces the dynamic adaptation. The decision making process is connected with verification information. Choosing the relevant information ensure success. The values of information depend on analyzing, selection and of course the right off take, following these aspects inverts information on a useful knowledge.

Importance of relevant information to business

• Relevant information allows businesses to make sound decisions about their operations and strategies. By providing up-to-date and accurate information, businesses can better understand their current state, identify opportunities and risks, and make informed decisions about the future of their organization.
• Relevant information can help businesses to spot potential areas for improvement and ensure that resources are being used effectively. By having access to the right information, businesses can develop more efficient processes and maximize their potential.
• Relevant information can also help businesses to stay competitive in the market. By having access to the latest data, businesses can better understand their competition and identify new opportunities to gain a competitive edge.
• Relevant information can also help businesses to identify and predict future trends in their industry. By having access to the right information, businesses can better understand the direction their industry is heading in and plan accordingly.
• Relevant information can also help businesses to make better decisions in times of crisis. By having access to the most up-to-date and accurate information, businesses can make informed decisions about how to respond to changing market conditions.
• Finally, relevant information can help businesses to better understand their customers, identify areas of improvement, and develop better customer

Improving the relevance of the information

There are several ways to improve relevance of the information:

• Use data analysis to identify and select the most relevant information. Data analysis tools can help to evaluate and prioritize data sources and identify the most relevant information.
• Collect data from multiple sources. Different sources can provide different perspectives and insights, which can improve the relevance of the information.
• Make sure the data is up-to-date and accurate. Outdated or inaccurate information can lead to poor decision making.
• Make sure the data is organized in a meaningful and useful way. Data should be organized by categories and should be easy to access and interpret.
• Verify the information with multiple sources. Cross-referencing data with multiple sources can help to ensure accuracy and validity.
• Solicit feedback from stakeholders. Feedback from stakeholders can help to identify areas of improvement and ensure that the information is relevant to their needs.

Indicators of low information relevance

In order to uncover low relevance of the information, one can perform several steps:

• Monitor the accuracy of the data. Inconsistent or inaccurate data can indicate low relevance.
• Check the validity of the data. Data that fails to meet certain criteria can indicate low relevance.
• Monitor the currency of the data. Data that is out-of-date can indicate low relevance.
• Analyze the data for trends. Data that doesn’t reflect current trends can indicate low relevance.
• Monitor the quality of the data. Data that is poorly organized or difficult to interpret can indicate low relevance.
• Monitor the consistency of the data. Data that is inconsistent across sources can indicate low relevance.

The quality of relevant information

The quality of information is determined on using attributes. There are many attempts to define attributes of information in the literature. The most frequently mentioned are attributes such as: timeliness, comparability, efficiency, purposefulness, addressability, availability, consistency, real existence, accuracy, integrity, diversity, correctness, timeliness. Precise of defining the data depends on the managers decisions’ about the usefulness of information. The requirements regarding to relevant information are higher along with the growing importance of the company. Management operates system of verifying and selecting the most relevant information. Comprehensive data compilation streamline the analysis of individual segments.It is a fundamental representation of dynamic developments. The proper data rescores affects to the decision-making process. The value of information affects the image of the company, because an appropriately developed and maintained image allows for:

• conducting an expansive sales policy, and obtaining high profits,
• faster launch of new products on the market,
• developing greater financial stability and lower risk related to crisis situations.

Transfer of relevant information

In the past, there was a belief that access to relevant information should be for the very selected group. In that consequence was time's elongation of changes’ effectuate. Nowadays that model is ineffectual. It is common that the company should properly distribute the inventory of knowledge to employees by giving them a wider scope of decision making. It is proved that substitution of relevant information between employees’ different department impacts on motivation to gaining company's goals. To make safer relevant information, these aspects should be done:

• the information flow time was not too long,
• eliminate situations, in which important information does not reach the right person,
• there was a selection of information to minimize the “information noise”,
• prevent an early leak of information that may lead to loss of trust in the management.

Every organization should think carefully about the way information flows inside the company. Many IT systems have been created that systematize and improve the internal flow of information in the company. However, few of those that are integrated with the operational activity of the production company.

Importance of study

The term of relevant information is definitely connected with business environment and basically pertains:

• Marketing segment
• Business plan
• Accounting
• Behaviour of company
• Human Recourses
• Strategy and goals

Researching valuable data means making questions. Looking for answers has a big influence on developing the company.The training methods ensure opportunities discover and countercheck of information. Sometimes the way of investigation is more important than why do you investigate. Training in research methods is very valuable to acquire substantial information because:

• It stimulates your awareness, which methods are properly for the topic. Choosing most appropriate information is meaningful for analysis and techniques to making a project, which is realising.
• To implement the right method it should be remembered to follow properly “step by step” and what need to be avoided.
• It provides you an inquiry in overall process. This is an opportunity to plan researching and make you think about connected between issues and a picked method.

References

• Alcami R.L., Carañana C.D. (2012)Introduction to Management Information Systems ISBN 978-84-695-1639-0. (p. 5-11).
• Celsi Wolfinbarger, Hair Jr.J.F., Money A.H., Page M.J., Samouel P.(2015) Business Research Methods (vol.2.) ISBN 978-0-7656-2631-8. (p. 3-6).
• Daymon C., Holloway I.(2011)Qualitative research methods in public relations and marketing communications (p. 301-306)
• Hoashi, K., Matsumoto, K., Inoue, N., & Hashimoto, K. (2000, July). Document filtering method using non-relevant information profile. In Proceedings of the 23rd annual international ACM SIGIR conference on Research and development in information retrieval (p. 176-183). ACM.
• Laudon J.P., Laudon K.C.(2010)Management Information Systems,Managing The Digital Firm.ISBN 0-13-214285-6. (p. 68-70)
• Morecroft J.P.W.(2015).Strategic Modelling and Business Dynamics, Feedback Systems Approach, (vol.2.) ISBN 978-1-118-84468-7.(p. 215-220)

Footnotes

Author: Daria Maniak