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The world of information is changing every day. It can be said the 80% of executives rely on the information system. The number of unstructured data is growing as well. Unstructured information is challenging for several reasons. The executives cannot deny the value of unstructured data, it can be used in many steps. Along with that, any company needs information that does not cost much. The low-cost information is equally important for the executives. The information contains a lot of storage therefore the executives need to search for data that will take less space. Big data can make an organization beneficial thus executives prefer the use of big data (Smallwood, 2019). Information that helps to make managerial decisions is also important. Models can be developed on the basis of that information. Data may carry challenges and threats so the executives should not use all the information they collect. These models can analyze the past, present, and future of a company. Executives are considered to be experts in this field thus they need to filter information before using it in any project. The future of a company can be determined based on information and models can be used for a different purpose. The executives who are responsible to handle the information should analyze how much space the information will take. The use of the information will also be decided by the employees. The cost that a company might have to bear for unstructured information should be calculated. The accesses of information should be saved in details otherwise the company will face trouble finding valuable data. The chapter discussed the importance of information governance.
People who need those data
The mangers within the company need to know access to data more than anyone else. Information governors are recruited to filter the data. They decide which data will be used in developing models and which one information will be deleted. The employees of an organization and customers need data for various reasons. Every member who is involved with the information environment needs data as the future of the company depends on those (Ning, Zhang, Zhang & Zhang, 2018). Data analytics are other experienced people who handle the analyzing process of information. Employees are hired to calculate the cost of information, they need to measure the amount of information if they want to determine the accurate cost.
Methods to ensure the transfer of data
Users should have access to all data. The employees and managers need to be concerned that only the critical data gets into the hand of regular users of a company. Big data is a powerful tool, it company needs an internet connection to analyze big data. The use of big data can reduce threats. It is noticed that the healthcare industries have started to use big data models. Monetization is one of the methods that ensure that only the critical data get passes to the users (Dupuis, Katsoulakis, Pantazis & Plechác, 2016). Information governance use monetizes method because it helps to increase the value of information. The company can get control over the risks that are related to the information. Tools and techniques can be used on big data which invites new opportunities for the company.
Dupuis, P., Katsoulakis, M. A., Pantazis, Y., & Plechác, P. (2016). Path-space information bounds for uncertainty quantification and sensitivity analysis of stochastic dynamics. SIAM/ASA Journal on Uncertainty Quantification, 4(1), 80-111.
Ning, J., Zhang, Q., Zhang, C., & Zhang, B. (2018). A best-path-updating information-guided ant colony optimization algorithm. Information Sciences, 433, 142-162.
Smallwood, R. F. (2019). Information governance: Concepts, strategies and best practices. John Wiley & Sons.
Data is an important part of a business organization. Nowadays business organizations are driven by data and the need for the same has grown over the years. This is one of the reasons why the maintenance of data is considered to be one of the most important parts of the business functions. Data is analyzed to understand the pattern that becomes a decisive factor for the business to develop the right strategy. To ensure the fact that data is rightly being used it is necessary that the business takes care of the data in the right ways.
Data that is important to the executives
Executives in an organization are majorly concerned about the cost associated data. The management would like to have the information that would help the company to design the right strategy for costing. As stated by Rialti et al. (2020) management data mainly case studies that would give insights into the businesses. The case studies will make sure that the right information is depicted with the help of facts and figures. This is one of the reasons why the management needs data that elaborately discusses the business.
Need for data within the industry
Data is highly needed in the industry. In today’s time, the competitive market needs an edge that would ensure the fact that the data is managed in the right ways. The data is needed at various strategic levels in the industry. Data is useful for the development of patterns that further helps the business to develop the right strategy. The facts and figures are necessary for the cost-effectiveness of the business. As stated by Ambure & Cordeiro (2020) if the data is not analyzed in the right way it is not possible for the business to function in an effective way and be in competition with the current market.
Methods to ensure critical data protection
Data protection is essential for business. When the data is protected the information within the business is also protected. However, for the protection of data, it is essential that the business looks into the aspects of awareness of the data. It is also necessary that protective layers are developed to make sure that the data is guarded. The security manager needs to be provided with the responsibility of protecting data. It is also essential for the business organization to educate the data management system on the importance of data in the business. This is the way data protection can be implemented in the business.
Data is an important part of the business organization. The protection of data and the maintenance of data is important for the business to have a better performance of the business. If the business is unable to protect the data than there are severe consequences that will be faced by the organization. For the same reason, the protection of data is to be considered as one of the most important parts of the businesses. This is one of the ways through which the business can expand its growth in the long run.
Rialti, R., Marzi, G., Caputo, A., & Mayah, K. A. (2020). Achieving strategic flexibility in the era of big data: The importance of knowledge management and ambidexterity. Management Decision.
Ambure, P., & Cordeiro, M. N. D. S. (2020). Importance of Data Curation in QSAR Studies Especially While Modeling Large-Size Datasets. In Ecotoxicological QSARs (pp. 97-109). Humana, New York, NY.
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