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Importance of information and knowledge management
Importance of information and knowledge management
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Dynami Perspective DP 2.1
Managing Information: What You Need and Why You Need It.
Our opening series for 2010 is going to be about management of information. Information is the trigger that causes virtually everything in business to happen. Processes are initiated, executed,and terminated based on information. Sometimes the information is inherent, nothing new needs to be communicated to cause something to happen. More often processes “wait” for information before something can begin. For appropriate action to take place information must have three characteristics.
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It has to be timely,
it has to be accurate and
it has to be available to whoever needs it.
All other things being equal, the company that can get timely and accurate information into the right hands at the right time will have an advantage over their competitors and an opportunity to optimize their cost structure.
Generally speaking, the industrial world has understood this notion for a long time. The scope of available technology has increased steadily over the past fifty years. Busine...
is the driver of technology; and the technology, in turn, is driving fundamental changes in
The new era of virtual to real manufacturing is under way which will increase productivity, efficiency and innovation, speed-to-market, and flexibility, resulting in a powerful new cycle of growth and value creation. The advanced manufacturing facilities of today and tomorrow are clean and replete with robots, computers, lasers, and other ultramodern machine technologies for example the most common tools carried on the new auto plants are not wrench or screwdriver instead it’s IPad (Ludwig & Spiegel,
Information Literacy is an important skill for the 21st century do to our busy and always on the move schedules. Recognizing when information is needed and being able to efficiently locate, accurately evaluate, effectively use, and clearly communicate the information, will help out when time is of an essence and the information needs information.
Information is a key component, which is virtual source in all aspects of business. Information helps create a well balance between analytics, business information, customers, vendors, and sales. Without proper use of information, businesses may struggle to understand components of their business, such as monitoring information, validated decision making, performance measuring, and the ability to identify new business opportunities. In this text, there will dialogue on how a Laboratory Corporation of America, also known as LabCorp, uses each one of these functions, to ensure better business practices, and proper regulatory control of the business components, that make this business strive.
Technology has grown in more ways than one, where it has reached the point of
In his analysis, Charles Fine goes on to note that as the speed of an industry accelerates, the advantage one company may gain shortens – advantages are temporary. This conclusion is somewhat intuitive since the research and development to production cycle gets s...
The company has a very good information systems support in being able to make strategic and routine decisions. They research and look into every available option prior to committing to purchasing or contracting with the companies in making sure that they are able to make the best quality product at the lowest costs.
As science and technology begin to improve society as a result of the growing numbers of factory and industry.
In a world of fast-challenging technology, we can only remain competitive by continuously refining and expanding our technical capability.
"Although fully searchable text could, in theory, be retrieved without much metadata in the future, it is hard to imagine how a complex or multimedia digital object that goes into storage of any kind could ever survive, let alone be discovered and used, if it were not accompanied by good metadata" (Abby Smith). Discuss Smith's assertion in the context of the contemporary information environment
The "pervasive, invasive information infrastructure...is as much a part of our lives as religion was for medieval surfs" (Tetzeli 1994, p. 60). But is it too much? We've all seen the mind-numbing statistics about the exponential growth of information and of technological means of distributing and accessing it. However, some people question whether the problem really is one of overload. One source of the problem is actually the multiplicity of communication channels. Unlike earlier eras, such as when printing presses replaced manuscript copying, new technologies are not replacing older ones but are adding to the host of media choices (Davidson 1996). With these multiple channels the information flow is now simultaneous and multidirectional. However, most traditional information management practices are too linear and specific: they were pipes developed for a stream, not an ocean (Alesandrini 1992). The sheer quantity of information and the speed with which it can be acquired give an illusion of accomplishment (Uline 1996).
University of Phoenix. (2006). Course Syllabus. Retrieved September 26, 2006, from University of Phoenix, CIS/564.4 - Information Management in Business Web site, https://classroom.phoenix.edu/afm203/secure/view-thread.jspa?threadID=1176244
The ever-decreasing length of product lives has diminished the role of new technologies as a source of satisfactory profit and sustainability, as in today’s economies they become commoditized in a growingly fast manner. Nowadays, innovation must include business models rather than just technology and R&D (Chesbrough 2007), and with the greater frequency of disruption and dislocation in many industries, business model lifecycles are shortening as well.
In the world today, information is an important aspect in almost every part of our life. From what time the movie we want to see begins to whether we should buy stock in Dell or IBM, we depend on accurate information. Is this kind of information a commodity? The dictionary defines a commodity as something valuable or useful (Webster 1993). Presently, information is a commodity because people are willing to pay high prices for information in order to make better decisions. In this paper, I will give many examples of how information acts as a commodity. I will also show how information acts as a commodity in other areas than just technology and business.