3.3 - Categories of information used by organisations

Question 1

list the categories of information used by organisations

Answer 1

• financial analysis and modelling
• MIS management info system
• Marketing
• Knowledge management and creation
• Contact management
• Decision making
• Internal and external communication
• Big data

Question 2

Financial analysis and modelling -
whats it used for + example

Answer 2

used for: looking for patterns with the information they have which can be used to make predictions for the future

• Modelling (analysing/predicting future behaviour)

Example:
Analysing sales figures to look for trends and to evaluate the progress of different products.

The data that is collected for the relevant projects - this will formulate a statistical model which then allows predictions

Question 3

MIS
management information system

Answer 3

A system that collects, analyses, stores and presents data.

It has several business functions are integrated in one place.

Example:
it can be used as a central system all employees can log into.

such as Cedar

Question 4

Marketing

Answer 4

how the organisation advertises, promotes, and sells its goods and services.
E.g:
social media marketing campaign

Question 5

Knowledge management and creation

Answer 5

Systems that organise information across an organisation - it allows new information to be collected.

Example:
Database - systems to hold customer data

Question 6

Contact management

Answer 6

The systems to hold and retrieve contact details.

E.g -
A sorting facility may be used to retrieve the details for next day’s appointment.

Question 7

Decision making

Answer 7

This is what the organisation chooses to do based on the information they have.
Example:
Boardroom, meetings discussing the latest modelling

Question 8

Internal and external communication

Answer 8

The methods used to send messages to staff (internal) and other stakeholders (external).

Internal - financial, personnel, human resources, marketing, purchasing sales, manufacturing

Question 9

Big data

Answer 9

Data which is so large and complicated that TRADITIONAL DATA processing (like databases and spreadsheets) cannot deal with them.

Example: Sales data under a popular loyalty scheme such as tesco clubcard.

Positives:
More detailed patterns/trends provided

Negatives:
Harder and takes longer to analyse.

Question 10

Examples of big data

Answer 10

transaction processing systems, customer databases, documents, emails, medical records, internet clickstream logs, mobile apps and social networks.