The Main Features Of Information Management

Information Management has to do with capturing information, efficient planning, organizing and evaluating the information to interpret for an organization to make well informed decisions. (Hinton, 2006) The main reason organizations depend on information is to improve its overall management in

Information management is a conscious process that needs to be planned. Having regular updates of the business is information gathered and this assists in any decision making. This is to be used by the business and is most useful at the starting point of the decision making process. The information gathered should be used at all levels of the business not just at senior management positions.

Information Management is the collection and management of information from one or more sources and the distribution of that information to one or more audiences.

Knowledge management was defined as the turning of information into actionable knowledge which can be accessed by people who can apply it. Robbins (2003) gives a time perspective in his definition of knowledge management. He mentions as part of knowledge management the distribution of the right information to the right people at the right time. Lytras et al (2002) gives a definition of knowledge management which emphasises the purpose of knowledge management. In the definition creation of new capabilities, enablement for superior performance, encouraging innovation and enhancement of customer value were mentioned. For the purpose of this study the researcher summarised knowledge management as the intentional process of coordinating people, technology and systems to optimise creation and sharing of intellectual

Knowledge is defined as “an understanding and one that gains knowledge through experience, reasoning, intuition and learning” (Cong, & Pandya, 2003, p. 2). Individuals can inflate their knowledge when they share their knowledge with others, and when knowledge is combined with other people’s knowledge they will begin to build new knowledge. It is also considered as a mixture of values, experience, background information, grounded intuition and authority insight that offers a framework and environment for integrating and gauging new information and experiences. It “is applied in the minds of knowers and in organizations, where it is often embedded not only in documents or repositories but also in organizational routines, processes, practices and norms” (Cong, & Pandya, 2003, p. 2).

The report aims to address the issue of information management within Lanway. Information, may feel is the most important resource any firm has, yet many firms have no appreciation of the cost, value or importance of the information they hold.

Each person brings particular expertise and experience – which although subjective, is the part why KM is so important and why reliance on people are needed. According to Davenport and Prusak (1998), knowledge embodies experience, values, and expert insights that provide a framework for evaluating and incorporating new experiences and information (Davenport, 1998)

Knowledge can be viewed and approached in different ways. Personal, social, artefact, framework are some of the approaches of knowledge management. In today’s world the ability to manage knowledge is very crucial, more so in organisations where proper knowledge management can lead to growth and profits (King, 2009).

Zheng(2017) states that knowledge is the organization’s most important strategic resource that can provide organizations with a sustainable competitive advantage; at the same time, knowledge

Chapter 12 generally discusses the various processes that assist in managing business knowledge. The author of this chapter demonstrates clearly to the readers how knowledge management is closely related to information systems in three unique ways. The author also gives a clear explanation on why data, knowledge, and information should not in any way be viewed as interchangeable in any way. According to this chapter, knowledge is considered to be more valuable as compared to information that is more valuable as compared data due to the level of human contribution that is involved. The chapter on “managing business knowledge” elaborates on the two forms of knowledge that include explicit and tacit categories.

Information Management refers to management of principles to the procurement, organization, control, dissemination and use of data pertinent to the compelling operation of organizations of numerous sorts. 'Information ' refers to a wide range of data of value, including data resources, such as generation data; records and files related, statistical market research data. Information management manages with the value, quality, possession, use and security of data with regards to organizational performance. Management is achieved by the professionals having various roles and positions that are allocated solely for the purpose of successful ventures in an organization. The professional which I aspire to become is the one who is responsible for a project from the initial stage- Business Analyst.

Sustainable competitive advantage entirely depends on how an organization performs in a competitive environment. In order to sustain and consolidate the company’s position, innovation becomes crucial. Companies should be in a position to embrace the changes in order to be abreast of the competition and hold its position (Daniela, P ,2014). Apart from innovation, the internal and the external forces along with the knowledge management form the vital factors. For an organization to gain the competitive advantage and sustain it, it has to innovate and globalize the vital factors mentioned.

This report looks at the use of Knowledge Management (KM) and Innovation as a strategy in an organisation and how organisations have adopted the concept and principles behind the Knowledge Management theory and implementing them into the organisation to measure the successful delivery of the strategy.

The 21st century marks the beginning of the information age, where knowledge is the source of competitive advantage in organizations. Properly managed knowledge can foster new innovation, competitive forecasting and employee problem solving. (Fey, C., & Furu, 2008, p.1302). In the past, organizations used their production capacity to achieve economies of scale and cost reduction. Today, it is more important for organizations to leverage their intellectual capital and knowledge sharing to achieve sustained competitive advantage. Knowledge firms are no longer evaluated based on their tangible assets, but rather on their capacity to produce shared knowledge (Fey, C., & Furu, 2008, p.1302). Studies have shown managing and

Traditionally any information management system has been defined as the collection and management of information from one or more sources and information dissemination to relevant stakeholders.