1. Explain Information Management.
- According to Wikipedia," Information management (IM) concerns a cycle of organisational activity: the acquisition of information from one or more sources, the custodianship and the distribution of that information to those who need it, and its ultimate disposition through archiving or deletion."
- Information Management is a continuous process that uses Information Technology (IT) tools and methods to collect, process, consolidate, store, and secure data from sources that are often fragmented and inconsistent.
2. Why do organization still have Information deficiency problem?
- Data Silos
Data silos can also occur when departments compete with each other instead of working with each other towards common business goals. Data silos means one particular data cannot be accessed by other information system that needs the same data. It occurs due to lack of IT architecture, only support single function, and do not support cross-functional needs.
- Loss of bypass data
- Poorly designed interfaces
- Non-standardized data formats
- Cannot hit moving targets
3. Explain KPIs and give example.
Key Performance Indicators (KPIs) are the measures that demonstrate the effectiveness of a business at achieving organizational goals. Some examples are : Current ratio,
The issues of data management in modern business can be listed as follows:
- Constantly changing organizational landscape
Modern business changes its structure in order to survive in this competitive business world. And thus, the type of data also changes according to the organizational landscape. This leads to problem in data management.
- Data Recovery
Sometimes data tends to get lost due to many reasons. It is easy to recover small amount of data by creating backups. This is only possible for small amount of data but for large amount of data backing up each and every this in not possible.
- Increasing Data Volumes
As business tends to grow, the amount of data it requires also grows. And today's modern business is totally dependent on large volumes of day to day data. Thus, to efficiently manage these large volumes of data is a serious problem.
- Lack of trained people
Data management is a niche field and the rapid increase in requirement for data management experts has not been met by an increase in the number of skilled people in the workforce. This has led to skills shortages and organizations being forced to take progressively less experienced and qualified staff onboard (Tony Bain, 2009).
- Inefficient use of Resources
In modern business large amount of data are managed by the help of resources like people, hardware, software. But these resources are not being used efficiently and the resources are being wasted.
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C. Data and Business Intelligence
Data bring uncountable opportunities to the retail industry. Some of them can be:-
- Increase efficiency
Day to day data regarding wastage and lags can be vital to reduce the valuable resource of the retail industry and which directly increase its efficiency.
- Innovation
Data regarding change in customer's taste and preference can lead the retail industry in innovating new product and services.
- Growth
Quality data provide valuable information regarding possible new markets which presents the retail industry with the opportunity of growth.