HOW INFORMATION MANAGEMENT ADD VALUE TO THE BUSINESS?
According to Schwalbe (2015), Information plays an important role in organization as a life blood. Information management is most important for any kind of business or organizational strategy, process and so on. Information management is not only for a single department in the business and a particular set of employees but also for whole the business or organization. Information is key resource for finance department in organization. Every organization needs information management for achieving organizational strategic objective. Information related to business strategy, organizational future plans and techniques are also important to make sure about business progress and its continuity.
Additionally, in current time, information management includes both types of information, electronic information as well as physical information. As per research study, information management provides the management towards organizational planning, organizing, structuring, processing, evaluating, controlling and reporting (Galliers and Leidner, 2014).
These activities are needed in order to fulfill the requirement of those with organizational function which are depended on information. It also provides the management for organizational life cycle as creation, acquisition and distribution. With the help of the information management, organizations are capable to improve understanding of the systematic nature of revenue system within the economy.
In another word, Information management is closely related with the management data, system, process, and technology and it is also related with the situation where the availability of information is rare for organizational success strategy (Bloom et al., 2014).
The information management is essential to the smooth running of organizational function and operations. In present, organizations constantly try to improve their operations in context to achieve higher profitability and they can attain their targets by operational excellency with the help of information management (Van Grembergen and Haes, 2018).
Further, information management helps to organizations in creating models so these can explain how a organization manufacture, create and sell its product in the market. Information management can also provide the help to create good relationship between organization and customers by providing the information to the organization about the customer’s need.
In addition to this, Information management improves the decision making of the organization so that organization can capable to take decisions for its future success (Letellier and Eppich, 2015).
This information management makes organization efficient to use real time data at the time of decision making. Therefore, organization take best decision and not have to waste time to find the information. The additional advantage of information management is competitive strength. This provides the strength of organizations to face competition in this competitive era and it also helps to sustain in competitive environment with strong competitive strength.
Bloom, N., Garicano, L., Sadun, R., & Van Reenen, J. (2014). The distinct effects of information technology and communication technology on firm organization. Management Science, 60(12), 2859-2885.
Galliers, R. D., & Leidner, D. E. (Eds.). (2014). Strategic information management: challenges and strategies in managing information systems. UK: Routledge.
Letellier, R., & Eppich, R. (Eds.). (2015). Recording, documentation and information management for the conservation of heritage places. UK:Routledge.
Schwalbe, K. (2015). Information technology project management. UK:Cengage Learn
Van Grembergen, W., & De Haes, S. (2018). Introduction to the Minitrack on IT Governance and its Mechanisms. In Proceedings of the 51st Hawaii International Conference on System Sciences.