3.3 Categories of information used by organisations

Question 1

Knowledge management and creation

Answer 1

The process of bringing together all of the information held by one organisation to gain a better insight (sharing information within departments)

Question 2

Management Information Systems (MIS)

Answer 2

A system designed with the tools to organise, manage and analyse information to support the decisions of managers.

Question 3

Marketing, promotion and sales

Answer 3

A system that identifies trends in order to market products/services, promote products/services and increase sales.

Question 4

Financial analysis and modelling

Answer 4

Used to analyse financial information and build models of real-life financial situations eg sales forecasts

Question 5

Contact management

Answer 5

Allows for quick access to account names and contact information eg bookings for a pilates class

Question 6

Decision making

Answer 6

Information that is required in order to make a business decision eg how many mats are required for a pilates class

Question 7

Internal and external communication

Answer 7

Information that is shared with people within an organisation, or vice versa.

Question 8

Big data

Answer 8

Large volumes of data - structured or unstructured - that can inundate a business day to day - used to analyse in order to make better business decisions.