Irrespective of the size of the company, every manager needs precise and fast information, including all the crucial areas and specifications of the company’s activity. This information should have a few essential qualities.
What qualities should be included in effective information?
- Promptness – information should be delivered regularly, in specified time intervals (currently the most common are weekly), in an appropriate form. Time set out for their delivery should be adequate to the needs of a person getting them. They need to be delivered in such a moment, so they are needed in the decision-making process.
- Verbosity – means that the information is supposed to effectively inform the manager about a situation in his firm. Transferred data should not be poor, as they have no value and shouldn’t be too detailed, because they cause demoralization and disorientation of the recipient
- Appropriate substantive value – measures and indicators should be used in the firm to give optimal information for the management team, repetition of the information source and reliability of the data – this quality is crucial for the financial, and accounting system
- Actuality – information has to mirror an actual situation in the firm. Today the historical data flow is being cut off, and the main emphasis is being put on the presentation of the current situation and predicting the future.
- The objectivity of the information – it makes every attempt to manipulate information be excluded
- Comparability – placing the same economic categories as in budgets facilitates the assessment of the level of implementation of tasks, is a foundation to correctly draw conclusions and set future goals.
Nowadays, it is assumed that effective gathering of information isn’t possible without support from IT solutions.
Has been working with the implementation of IT systems supporting management for 15 years. He specializes in Business and Workflow solutions. Enthusiast of using AI to support business processes. Archman’s CEO and chancellor of College of Economics And Computer Science in Cracow.