Information Management 4

Information Management 4

The rate of transformation in the global market provides patent evidence of exponential growth in knowledge. In turn, advancement in technologies has facilitated an inevitably continuing increase in information, which has significantly changed the concept of MIS. As such, development in technology has and is stimulating the emergence of new knowledge, which in turn improves the entrepreneurial approaches.

The information system is an intricate concept that influences all business operations. However, the current application of descriptive representation of information has been vital in simplifying data analysis and conceptualization, enhancing the content of business knowledge and hence, facilitated the decision-making process (Land, 2018). Moreover, effective information management strategies have facilitated effective allocation and utilization of resources, which in turn has improved the performance of employees and the organization at large (Laudon & Laudon, 2015). Hence, every organization needs a suitable information administration system for effective functioning.

Management of information requires a combination of a professional workforce, technologies, and knowledge. Proper strategizing and management of business innovations and information is vital in facilitating the quality of production resulting from a coordinated and integrated decision-making system based on a credible and growing database (Laudon & Laudon, 2015). Fundamentally, the persistent increase in business knowledge and data has necessitated making efficient decisions considering the speed of transmission, data accuracy, and competency of managerial staff. Information technologies and telecommunication innovations have also shaped every aspect of life, business, and overall human activities..

Primarily, a given set of knowledge forms a foundation for the creation of more knowledge. As Miege (2017) asserts, the formulation of particular information is a stimulant for further development of other ideologies and comprehensions in a continuous progression. Therefore, the traditional operative approaches in the business world have been completely transformed owing to the exponential increase in knowledge. In essence, the current online presence has necessitated the development of electronic systems of trading, including e-marketing and e-retail outlets (Harrington, 2019). Through electronic trade, it has become more accessible, quicker, and cost effective to obtain market intelligence, establish the continuously expanding needs. Also, it has encouraged investment in the production of tailored commodities, making online orders, settling payments online, and also expanding the distribution network to include direct home deliveries.

Given that information can now be established, shared, and updated instantaneous, there is no limit to the ongoing and expected growth in knowledge and business. Businesses can access diverse global information through which they can transform their operations, management, production, and distribution approaches (Laudon & Laudon, 2015). Also, clients can obtain relevant information about particular goods or services and provide consistent and instant feedback, which inspires modifying products to meet their specific needs.

Small and big businesses are tremendously investing in an online presence to capitalize on the unlimited wealth of information and potential clients. Moreover, the online platforms are rapidly transforming local companies to global status and standards, serving a widening base of international clients. Consequently, more virtual shopping outlets offering a specialized or full range of products at a go are growing daily (Harrington, 2019). In turn, this has motivated the creation of more business knowledge for the benefit of both entrepreneurs and consumers. It is, therefore, necessary to note that the internet has and is continuously promoting an exponential growth in knowledge, innovations, and business operational strategies at large.

In conclusion, knowledge is a vital tool in influencing economic situations. Given the progressive advancement in technology, especially the internet, has necessitated the heightened spread and development of global information. Consequently, MIS has seen a complete overhaul to accommodate growing data and knowledge. Moreover, business management systems have also radically transformed to keep up with the changing economic situations to include a vibrant emergence and growth of e-commerce.

References

Harrington, D. L. (2019). INTERNET RESOURCES: Electronic commerce: The technological transformation of business. College & research libraries news, 60(9), 735-740.

Land, F. (2018). Social aspects of information systems. In Management Information Systems: The Technology Challenge (pp. 11-57). Routledge.

Laudon, K. C., & Laudon, J. P. (2015). Essentials of MIS. 11^th Edition. Pearson.

Miege, A. (2017). Knowledge Creation: Globalization and Exponential Growth. Retrieved from https://open-organization.com/en/2017/04/26/knowledge-creation-globalization-and-exponential-growth/