You should consider at least three inner and two external useful areas which usually provide types of information that an organisation may use to advise its decision making. Types of information
There are two types of data qualitative and quantitative. Qualitative data is prepared and quantitative data is definitely numerical info. The advantages of qualitative data is that you will get a more depth and fine detail about a matter and therefore you may analysis it better in fact it is has a much more validity regarding it. Qualitative information that could help you against your competitors could be monetary reports. This may be useful as it would tell why they may have made financial decisions and perhaps how they are yet to cut down on overhead. The advantages about quantitative info is that you can create graphs and compare the information a lot more quickly and acquire statistics. This could help your company because you can evaluate where the finance goes towards and how other businesses have put in their money. This will allow you to assess your performance on your competition. Nevertheless , it is important to accomplish this with related sized companies otherwise the financial info would be unimportant.
Purpose of info
Businesses use data for different reasons to make the business perform better. I am going to clarify how the organization use it to get operational support, monitoring and improving efficiency, identifying styles, decision making support and getting competitive benefit.
Operational support. The business must know how, what and when goods are going to be built or bought. They use an operational support system to help them gain this data The strategy of doing this is certainly by EPOS – electronic digital point of sale. The information of what and how very much people buy goes into this and this means people may evaluate it. It can keep an eye on the stock which will inform the people working it when ever stock can be low and what is in high need....