INFORMATION AND BUSINESS ORGANIZATION

INTRODUCTION

Literarily, business simply means “the art of buying and selling of goods and services”. And the sole aim of any business is to make profit at the end of any financial year or term. In achieving this, all the policies and principles of the organization would be profit driven and oriented.

In the world today, business activities is not limited to be performed by companies alone, groups, and individuals also get involved. The size, Labour strength, and equipment capacity of any business would be determined by the capital used to start such a business. Hence, we have large, medium, and small scale businesses, and all these scales in their capacity contribute to the growth and development of economy of the country where they operate.

Organization connotes with a group such a club or business that has formed for a particular purpose. It also involves the way in which the different parts of a system are arranged and work together through effective planning.

In another development, business organization could be defined as “the process and state of organizing, planning, and arrangement of both human and non-human resources in a system for the purpose of buying and selling of goods and services.




BUSINESS INFORMATION

Business information is one of the main segments of the information industry. The other two segments are scientific which include: Technical and Medicals (S.T.M). Business information industry is presently estimated to be more than $358 billion market, where much of the revenues are advertising-driven. Business information segment remains largely driven by paid content, either via subscription or transaction (pay-per-view).

More over, business information contains the complete content and parts of the business it promotes or explores. This type of information at times traces the origin of either or all about business operation, system, staff capacity, non-human facilities, achievements, challenges, financial statement, and e.t.c. It is therefore imperative to be conscious of the fact that all the business information is geared towards promoting the image of the business as working towards the attainment of the pre-stated objectives and goals of the business.

FORMS AND SOURCES OF INFORMATION IN BUSINESS ORGANIZATION

Information sources made available to business organization and developers for effective management and development are in different form from various sources. It is of the essence to note that each form of information is attached and suitable to reduce Use’s level of uncertainty in finding a lasting solution to a certain problem.

The form of any information could be in any of the forms below:

PRINTED: Information to be used for problem solving in business organization could be in printed form. Most of the information used in organizations is in this form, reason may be because of its easy conveyance within the organization. These include but not limited to: Year book, Internal and External memorandum, Newsletter, Statement of account, Staff register, and e.t.c.

GRAPHIC: Information may be communicated to the users graphically, this involve vivid descriptive using drawing, painting, diagrams, erecting of images, e.t.c. Once the examples mentioned above are seen, it passes certain information to the viewer without anybody telling them.

ORAL: Information for developmental decision making in business organization could be in oral form. In this form, no write pr graphic form is involved, it only entails verbal communication within the organization, and this could be done in: giving instruction, gist, e.t.c.

Information in business organization comes from multiple sources. The challenge for an organization is to capture and use information that is relevant and reliable. These sources of information may be INTERNAL (within or inside the business) and EXTERNAL (outside the business).

INTERNAL INFORMATION: Accounting records are a prime source of internal information; it provides the details of the transactions of the business in the past, which may bee used as the basis for planning for the future (preparing for financial budget or forecast).

The accounting records are initially used to record what happens to the financial resources of a business. It raises questions like, how cash is obtained and spent, what assets are acquired, what profit and losses are made on the activities of the business.

More over, accounting records can provide more than financial information; it gives information on the following:
• Details of the product manufactured and delivered from factory.
• Data analyzed from customers’ sales invoices, all these can provide useful information about whether quality standards are being met and also provides a profile of what and to whom product are being sold to.
Adding to the above points, below are the internal information connected to accounting system:
 Record of the people employed by the business.
 Data on the costs associated with business process.
 Data from activities in direct contact with the customers (e.g. analysis of calls)
 Data from production department.

Buttressing the afore said points, internal information in business organization may be provided or sought for informally, this may be done through regular meetings of staff and management, which will result in the communication of relevant information.

EXTERNAL INFORMATION: This type of information as the name suggested is obtained outside the business. There are categories of external information, namely;
a. Information relating to ways a business should undertake its activities: Business need to keep records so that they can collect taxes on behalf of the Government. Therefore a business needs to obtain regular information about the taxation system (e.g. PAYE, VAT, and Corporation Tax) and what actions it needs to take. Progressively more, this kind of information is provided in digital format.
b. Information relating to new innovations and ideas: Business is a developing organism attached to timely growth, consequent upon the arrival of new ideas, strategies, and innovation. Development planners and business developers must ensure to be aware and acquire this innovation for business growth, as such is relevant and appropriate for the information needs of the business. Information of such may be obtained from seminars, newspapers, magazines, researches, manuals, computer print out e.t.c.
c. Information relating to quality of goods and services rendered: This record need to be kept also; because it would be useful for future plans of the business. This type of information could be best obtained from the users or consumer of the goods and services been produced. Such information is provided orally, through phone calls, e-mail, and in written format, and is used to maintain and where necessary improve the quality of goods and services rendered.
EVALUATION OF INFORMATION SOURCES IN BUSINESS ORGANISATION
Evaluation of information sources for the development and growth of any business is imperative. This is because, information (sources inclusive) that are made available to developmental planners is from various sources and of different format, and not all is capable of solving an existing problem. Hence, information to be used must be; financially profitable, socially established, and locally tested. In concluding on which information to be used, the process of researching into the source of such information is significant and supportive. Below are the factors to be considered in evaluation of information sources.
i. ACCURACY: Any useful information must be accurate, among much information that would be supplied; the accuracy therein must be sought for, in order to determine if there are mix-ups. Accurate information puts the users’ mind at ease.
ii. RELIABILITY: The source of any information to be used must be reliable enough. Reliability is linked with; who supplied the information, where and how the information is obtained.
iii. TIMELINESS: Every information has its time dimension and expiring time for its usefulness. Timeliness in this context relates to getting the information at the exact time when it is needed.
iv. COST EFFECTIVE: The cost of obtaining the needed information must be bearable, because organizations do not like spending huge amount of money before obtaining particular information.
v. UNAMBIGUOUS: Good information must be straight forward and easy to understand. It must be free from all unwanted materials, as such wastes much time at dissemination stage.
vi. CURRENT: The source of any information that will mostly relevant to the information needs of the business organizations must be current and update, and must not be far from being current.
vii. SUFFICIENCY: Information must be efficient to meet and solve emerging problems in business organizations. It must have the ability to solve the problem it is obtained for.
viii. CONCISENESS: In the business context, long information attracts little or no interest by the users. This may occur because of little time that the users (Business developers inclusive) has. Hence, the information should be brief and clear.
ix. PERTINENT: Information to be considered must be relevant to the problem it wanted to solve. It must not be just any information, but the one that has to do with a certain problem and designed for it.
x. DETAIL: Good information must be detailed. This will aid wide and fast understanding it contained. While necessary facts should not be left out, it must be free from ambiguities.
In another development, the quest to determine the relevance of an information sources to solve certain problems is synonyms to evaluation information sources. The above point apart, below is the question method by which information sources could be evaluated:
a. Is the format or medium of the information useful to your needs?
b. Is the information comprehensive enough for your needs?
c. Is the information directed to general or specialized audience?
d. Does the information express a particular point of view?
e. Is the information appropriate for your needs?

INFORMATION SERVICES AND TECHNOLOGY IN BUSINESS ORGANISATION

Information services and technology are the sub-sector of information sector, which is also called intangible goods. The presses, Libraries, Broadcasting houses, Research, Archives, Publishing houses, printing, e.t.c. among others are the product of information services.

In today’s world of information age where knowledge is power, businesses are using information services and technology to gain and to sustain competitive advantages more than ever before. This is done because they (business managers) understand that what they do not know can become a set back and a source of advantage for the competition, hence value is extremely placed on information.

To be successful in business today, you‘ve got to understand and operate effectively within a dynamic, fact-placed, and changing economic. For this to be achieved, business must do the following:
• Know their competitive intelligence.
• Know their customers.
• Work closely with their business partners.
• Know how each and every part of your organization works together to provide its products and services (Stephen Haag et.al 2004)
Information technology most often time aid information services. It is indeed a key organizational resource. “Any consideration of service sector must necessarily take account of developments in the technology of information processing and communication, and the uses to which the technology is put that are important” (Popoola, 2002)
Business Organizations could access any information for its development using the services produced with the aid of information technology. It made business to enjoy new innovations and development which has moved its operation to global relevance using; e-mail, fax, telephone, computer, and scanner e.t.c also with the help of internet
Its (information technology) advantages and problems include but not limited to the following:
 It helps the productivity of the business
 It aid global scale, capacity, and reach through global delivery system.
 Creates business partnership and alliance.
 Facilitates organizational transformation.
 Enhance decision making.
 Enable global reach.
 Improve team collaboration.
 It reduces business costs, and control operational risks.
 It saves time and improve compliance
 It helps in shifting organizational focus from maintenance and support to strategic initiatives.
 It enhance rapid business growth
 Most of these technology are costly
 Skilled man power is a problem, mostly in developing countries.
 Instability of electricity supply in under-develop and developing countries remains the principal problem for the use of these technology.
In making do with information technology for service provision in business organization, electronic commerce will make serious winners out of some businesses and losers out of others. Most of the companies are out of business today because of their inability to put into correct use of those technologies. In business development, it is imperative to adopt and use sound business principles and guidelines instead of focusing solely on the technology. It is a wrong application that will lead to nothing but failure. Though information technology is a key organizational resource, yet it is one out of many.
Consequently, business must at first consider information-literate knowledge workers. Above all, no matter how profit and innovations technology brings, manpower is still needed in business, as many are tasks that can only be performed by people, and not within the capability of the technology, besides no technology will operate and even it does, program itself.