Scenario Analysis No. 8 – What you need to know about “Data” and “Information”?

HIGHLIGHTS FROM THE PANEL DISCUSSION DURING THE #1SME1Sistem MEGA CONFERENCE SHARED BY GNZ BUSINESS ALLIANCES

For a business entity, “data” is captured into its business system in line with the Standard Operating Procedure (SOP) of the business. However, this data is of little help to people who make decisions for the business entity as this data represents scattered pieces of knowledge embedded in the business system.

Transforming this data into meaningful consolidated knowledge that helps decision-makers is vital. This transformed data or meaningful consolidated knowledge is called “information”. People who have to make decision critically require information, and not data per se. Good decisions, invariably, require good and timely information.

Decisions are, without doubt, normally made on the basis of incomplete information especially when time is of essence. SME stakeholders such as owners and managers held accountable for the business entity attempt to make quality decisions based on what is available at that particular point of time, and “gut-feel”. Good information that comes too late is of little value to the decision-maker.

This is where a business system that is accessible anywhere and anytime can help a business in providing the required data which can be analysed and consolidated as information. This information, in a way, helps to reduce the blind-spots faced by the decision-makers in their tasks.

And as the saying goes: “He who runs the information, runs the show”. Thus, having a business system is critical for business to manage information for decision-makers to make quality decisions if it is serious in business growth and success. GNZ

 

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