A (short) Introduction to Information Management
Let's start with an overview of what information is and why we need it. This does not go into high level theory. It's a "5 minute read", just a practical guide and a useful reminder of the basics.
What is Information?
The Oxford English Dictionary defines information as:
1. Facts or knowledge provided or learned.
2. What is conveyed or represented by a particular sequence of symbols, impulses, etc.
Simply put, information can be any stimulus, be it what we see, hear, smell or touch.
In order to be "usable", information should fulfil the following three basic elements:
* Timeliness.
* Relevance.
* Accuracy.
The definition of what is timely, relevant and accurate will be dependent on the individual standpoint of the consumer, ie how quickly, specific and detailed you need the information to be in order to support your decision making process. Regardless of your information requirements, there are three generic points to keep in mind:
* Timeliness - Information is only required at the time a decision has to be made.
* Relevance - Information is only needed if it will be used to support a decision.
* Accuracy - Information only needs to be sufficiently accurate to make the decision.
What is a Decision?
A decision can be simply defined as the choice of one among a number of alternatives. It should however contain an action who's outcome will influence the speed and/or the direction of events.
What is Decision Support?
Decision support is a broad practice area which cuts across many disciplines.
In the context of these articles it is used to describe the activity of providing as much information (which is - timely, accurate, relevant) to the decision maker as possible, in order in order to support them in making the right choices based on the information available.
Why is it important?
Collecting, understanding and interpreting information is an essential part of building an effective resilience strategy. If an organisation does not understand what information it needs, how to get it and what it means, then the best plans and procedures in the world won't help.
Effective information management has a dramatic impact on the speed of response during a crisis/disruptive event. Done right, it will deliver timely, accurate and relevant information to ensure a faster more informed decision making process for your team.
With existing plans and procedures in place to support the actioning of decisions, effective information management will reduce business impact and create significant competitive advantage.
Shortly I will upload a simple one page form which will help you identify and understand your information requirements. Please sign up on the left if you want to receive email updates for new posts to this blog. I look forward to your feedback and comments.