Topic 2 & 3: Value, Importance and Quality of Information Flashcards
What are the qualities of high quality information?
For information to be high quality, it must be accurate, up to date and complete. It should also be targeted, comprehensible and relevant.
What are some of the costs associated with ensuring information is high quality?
High quality data can be costly to produce due to the need for resources such as: employee time, manual data entry, data storage and back-up, third-party services, hardware, maintenance, analysis and reporting.
What risks are associated with a customer’s information not being up to date? Give an example.
If an e-commerce website for groceries holds an out-of-date address, the customer’s order will not be fulfilled. Another risk is that a business could be taken to court under the Data Protection Act 1998 if, for example, an individual is refused a job because an incorrect data says they have a criminal record.
Why could a business end up in court if a customer’s personal information is not managed according to high quality standards?
Under the Data Protection Act 1998, anyone who collects, stores or processes personal data must ensure it is both accurate and up to date.
Apart from being accurate, complete and up to date, what else makes information high quality?
Information should be targeted for a specific purpose. It should be easy for employees to understand quickly. Only relevant data should be stored, in order to keep costs down.
What is unstructured data? (not an exam question)
Unstructured data cannot be saved in a spreadsheet or traditional database. Examples include video, audio, social media content and emails.
How does good quality information add value to an organisation? (how do they use it?)
Profile customers - find out what they want and if there is a gap in the market
Monitor and improve employee efficiency
Target resources (such as employee skills) to achieve goals
Optimise company strategy to set effective goals
Track competitors’ activities - follow their press releases and new product launches
Improve product design - find out how people use the products
Many other examples.