Business Management - Intermediate 2 © Copyright free to Business Education Network members 2007/2008B105/078 – Bus Enterprise - ICT Business Enterprise – Information Technology and Communication 1

Business Management - Intermediate 2 © Copyright free to Business Education Network members 2007/2008B105/078 – Bus Enterprise - ICT Business Enterprise – Information Technology and Communication 2

Business Management - Intermediate 2 © Copyright free to Business Education Network members 2007/2008B105/078 – Bus Enterprise - ICT Business Enterprise – Information Technology and Communication 3

Business Management - Intermediate 2 © Copyright free to Business Education Network members 2007/2008B105/078 – Bus Enterprise - ICT Business Enterprise – Information Technology and Communication 4 BUSINESS ENTERPRISE Business Information and ICT Sources of Information Types of Information Uses of Information in Business

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Business Information and ICT 1.Sources of Information 2.Types of Information 3.Uses of Information in Business B105/078 – Bus Enterprise – ICT

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Sources of Information What is information? Data Data is a collection of facts, figures and statements which have been gathered together. Information Information is data which has been processed in order to make it more meaningful and useful. B105/078 – ICT – Source of Information 1. Business Information and ICT

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Sources of Information - continued Quantitative Quantitative information deals in things that can be measured accurately ie mainly figures and facts. Qualitative Qualitative information deals with views and opinions and therefore can to be less reliable than quantitative. B105/078 – ICT – Source of Information 1. Business Information and ICT – continued

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Information can be obtained from 2 main sources: Internal Internal information comes from within the organisation. External External information comes from outwith the organisation. Sources of Information - continued B105/078 – ICT – Source of Information 1. Business Information and ICT – continued

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Information can be: Primary Primary information is obtained by an organisation (or individual ) for its own specific purposes. Secondary Secondary information is information originally collected for one purpose then used for another one (ie its second hand). B105/078 – ICT – Source of Information Sources of Information - continued 1. Business Information and ICT – continued

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Examples of sources of information: Internal Financial report Statistical data – (sales trend for 3 months) External Competitors’ prices Magazines/Journals B105/078 – ICT – Source of Information 1. Business Information and ICT – continued

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Primary Staff questionnaires Customer comments/interviews Secondary Article from a business journal Textbook B105/078 – ICT – Source of Information 1. Business Information and ICT – continued Examples of sources of information (cont):

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Information can therefore be: Internal and Primary Internal and Secondary External and Primary External and Secondary. B105/078 – ICT – Source of Information 1. Business Information and ICT – continued

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Types of Information Information can be: Oral – eg a verbal message passed on Written – eg a memo, a letter or a report Pictorial – eg a photograph or a picture Graphical – eg a bar chart showing sales figures Numerical – eg a profit and loss account. B105/078 – ICT – Types of Information

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ A benefit of each type of information. TypeBenefit WrittenYou can refer back to it and keep it as a record. OralYou get an instant response, issues can be clarified instantly. PictorialIt can make information easier to remember. GraphicalComplicated information can be easier to understand and comparisons can be clearly identified. NumericalNormally factual (quantitative) and allows for forecasting, choosing alternative courses of action. 2. Types of Information - continued B105/078 – ICT – Types of Information

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ Uses of Information in Business To monitor and control activity For example, measuring budgeted costs against actual costs; taking into account external factors such as the rate of inflation when setting prices. To help in making decisions For example using information to help make the best and most ‘informed’ decisions possible. NOTE Information needs to be accurate and up-to-date in order to achieve this. B105/078 – ICT – Uses of Information

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ To input, process and provide information for stakeholders. To provide efficient communication – through , video conferencing. To provide information to help make good business decisions. To maintain efficient records – stock, staff. B105/078 – ICT – ICT in Business 3. Uses of Information in Business - continued

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ To identify new business opportunities For example, by researching changes in market conditions so that we can react to these. To measure performance For example, by comparing last month’s production (or last year’s) with production this month in order to find out how well we are doing. 3. Uses of Information in Business - continued B105/078 – ICT – Uses of Information

Business Management - Intermediate 2Business Enterprise – Information Technology and Communication © Copyright free to Business Education Network members 2007/ To make sure that we abide by the law For example, by keeping up-to-date with current Health and Safety legislation. To help keep accurate records For example, by ensuring that information is carefully collected and recorded so that we can find it and use it. 3. Uses of Information in Business - continued B105/078 – ICT – Uses of Information