Managing Information as a Corporate Asset

Challenged by the dynamic environment in which decisions are made, managers are recognizing information as a critical asset. A key to the use of information as a competitive business weapon is the rethinking of business strategies from an information point of view. Information has value, which varies with accuracy, timeliness, relevance, and other factors. Information's value is generally measured indirectly, in terms of potential consequences. Many users believe that the information they use is their own, but management information systems managers are concerned over the increasing difficulty of integrating systems throughout an organization and the resulting redundancy. A corporation should have a focal point of authority for information management and control, which should set standards for management. The organization also should manage personal data stored on computers to control it and to avoid the inability to use it, which can happen when an employee leaves the company.