April 5, 2017
Information is the foundation success for any company. Those with accurate, trustworthy and timely information have a significant economic advantage over their competition. Thus, it is important to manage information with the same sort of care that you steer your most valuable assets, such as the capital, the equipment and the workers. For this reason, one needs to carry out a careful data management, strategically controlling it. That way it becomes possible to gain competitive advantages over your competition, increasing one’s notoriety within the market. After all, many sociologists say that we are living in the era of informational capitalism, in which knowledge is gold. What are the cons of an ineffective information management? Opportunities are wasted Businesses that rely on poorly systematic, laggard and hasty methods in their information management practices end up finding out that they have actually lost critical information when they were making decisions. Thus, unique opportunities are wasted, something that gives your competitors a chance to stay ahead of your company. Erroneous choices are made With the wrong kind of information, your company can commit irreparable mistakes. Many investments require accurate and updated information about their own business, such as the most searched products/services, the most productive workers, the equipment’s age, financial health. A wrong decision can put in jeopardy the whole company. An overall ineffective development Any company must grow organically. After all, we shouldn’t confuse an increase in profits with continuous development. We can have high rates of profits, but register a negative evolution in relation to the remaining actors of the market. So, in a blink of an eye, a high income can become a major loss. Thus, it is important to share information in a strategic way. Your managers need to know the real situation of your business in order to make decisions. Your collaborators need to have advanced information in order to present better ideas. Businesses that confine information out of fear of leakage can be severely impaired. What are the advantages of managing your business information with efficiency? An effective information management improves the organisational efficiency, as well as the business’s results, fostering measurable competitive advantages, such as intimacy with the customer, optimisation of suppliers, risk mitigation, decision-support based on data, and internal transparency. Actually, any process that relies on delivering quality, trustworthy and appropriate information to its users requires good information management practices. Check this: Intimacy with the customer Your customers are tired of cold relationships within the business environment. When your company seems to be in a frenzied quest for profit, without caring about its relationship with customers, the chances of having them switching to a competitor that provides better conditions are much more likely. On the other hand, when we establish a bond with them, which they respect, and even when they happen to have affection for your company, they will thoroughly think before making the decision to quit on us. So, even if your competitor happens to provide superior conditions, the customer will prefer
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