Business information refers to data and facts that help a business understand its environment, make informed decisions, improve sales, profits, and cash flow.
Primary Implication
The failure to convert your business transaction data into actionable information on an accurate and timely basis robs you of the opportunity to make insightful decisions. The failure to capture the data on a transaction at the time of the transaction results in lost information because the data will quickly evaporate into nothing if it isn’t captured and recorded.
The decision before you is to either start capturing the data you need to make smarter business decisions or continue to allow the data you need to evaporate into nothingness.
Overview
Business-specific information is valuable because it can affect behavior, decisions, or outcomes. A piece of information is considered valueless if, after receiving it, things remain unchanged.
Business leaders develop insight from the information when knowledge in the form of perspective, understanding, deduction, or act of seeing into a situation emerges. Again, managers who are good at analyzing their business reports see things that need to start, stop, or continue in their business. Those who don’t analyze their business data reporting never do.
Once informed insights are developed, smart managers will use what they learn to make informed decisions. A decision is nothing more than a choice made between alternative courses of action in a situation of uncertainty. The best decisions are made through business intelligence that reduces uncertainty.