Wednesday 21 December 2011


THE VALUE OF TIMELY INFORMATION


TIMELINESS

- An aspect of information that depends on situation.
-Some organization such as stock traders and banks required   consolidated, up-to the-second information, 24 hours a day, seven days a week.
-Other organization, such as insurance and construction companies, required only daily or even weekly information.

  REAL TIME INFORMATION

-Immediate, up to date information .


  REAL -TIME SYSTEM

-Provide real-time information in respond to query requests.
-Many organization use real-time system to exploit key corporate transactional information.
-Organization need fresh, timely information to make good decision
-Also needs to be timely in the sense that it need meets employees needs. 



 THE VALUE OF QUALITY INFORMATION.

Characteristics of High Quality Information:

-Accuracy

Are all the values correct?
Eg: is the name spelled correctly?
     : is the dollar amount recorded properly?



-Completeness

Are any of the values missing?
Eg: is the address complete including street, city, state and zip code?



-Consistency

Is aggregate or summary information in agreement with detailed  information?
Eg: do all total fields equal the trough total of individual field?


-Uniqueness

Is each transaction, entity, and event represented only once in the information?
Eg: are there any duplicate customer?



-Timeliness

Is the information current with respect to the business requirement?
Eg: is information update weekly, daily or hourly.



The four primary sources of low quality information are:
  • Online customers intentionally enter inaccurate information to protect their privacy.
  • Different systems have different information entry standards formats.
  • Call center operators enter abbreviated or erroneous information by accident or save time
  • Third- party and external information contains inconsistencies, inaccuracies, and errors



UNDERSTANDING THE BENEFITS OF HIGH QUALITY INFORMATION.

-Improve chances of making a good decision and directly increases company bottom line
-Example: Lilian Vernon Corp ( as catalog co.) used web analytic to discover that main preferred to shop at Lilian Vernon Corp Websites instead of looking its paper catalog.
-Help company to make solid strategic business decision.
-Ensures basis of decision accurate. 





:)

No comments:

Post a Comment