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.
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