Information potential for a successful business. In a

Topics: BusinessManagement


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Last updated: July 28, 2019

Information is a basic resourcelike materials, money and personnel. This article explains different types ofinformation such as information concept, information management concept,information systems concept and management information concept.  “Sorkoczy (1981) defined information ‘as themeaning that a human expresses by, or extracts from, representations of factsand ideas, by means of the known conventions of the representations'” (Adekeye,319). The article explains all about what information is, why it is soimportant, how it is evolving with technology, and how the management of itshould be taken very seriously.                      Thecontent of this article applies to business because an entire business runs oninformation. The idea to start the business is information and then informationis transferred to grow and manage the business.

If information is not flowingsmoothly throughout a business, it will not be as successful as its fullpotential. The article specifies different ways of information contributesfunctional elements to an organization such as perception, recording,processing, transmission, storage, retrieval, presentation, anddecision-making. All of these different ways that information can be translatedand used to benefit a business are extremely influential to the potential for asuccessful business.

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In a business, there are hundreds to thousands of peoplewho will need to know and understand any piece of given information. With theexpansion of technology today, communication of information has become easieras well as more complex. In a business it is imperative that information istranslated and communicated the right way to everyone who needs to know aboutit whether it be on high or low level. Management Information Systems would bevery important to a Board of Directors because they are overseeing a businessand the way it is functioning.                Itis extremely important that the Board of Directors for a business know each andevery part of the business and what is going on.

They jointly oversee thecompany or organization and if information is not being communicated from thebusiness or vice versa this can be detrimental to the business. In the article,Adekeye says, “information is the raw material for making decisions forcreating knowledge and fuelling the modern organization” (Adekeye, 319).Information is in everything that we do and in order to work as a group ofpeople information needs to be handled and communicated the right way. A Boardof Directors needs to know information quickly and it must be distributed onthe right level and in the right way in order to manage it in the mostefficient way possible. It may be considered the most important function of theBoard of Directors because their main job is to oversee a business/organization and its leaders.

If there is a flaw in the MIS, the Board cannotdo their job.                Inthe Adelphia case, there was no Management Information System. The company wasnot communicating enough information between the Board with the auditors andstakeholders. The Board was made up mostly of the Rigas family with a coupleother people who were not being given all of the information that they neededto make decisions with the best intentions of the business in mind. The auditorswere also not being given enough information because the Rigas family was veryclearly censoring what information was coming out of the business. As definedby the article, a MIS is,                “a system using formalizedprocedures to provide management at all levels in all functions withappropriate information based on data from both internal and external sources,to enable them to make timely and effective decisions for planning, directingand controlling the activities for which they are responsible (Argyris, 1991). The Rigas family did not have a MISand therefore were not providing appropriate information at all levels in orderto make good decisions for the company as a whole.

If they had been using a MISthey would not have run into the legal trouble that they did and they would nothave been able to personally bankrupt the entire business by using at as apersonal piggy bank.                  

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