Information Management

Essay by whiteflyer506College, UndergraduateA+, September 2006

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Information is a resource that every business must take notice of. The information can be sales, costs, profits, customer service and loyalty. Information in its raw form is only data. Information is the useful interpretation of the data (Ebert 359). Information must be managed, can change a business' operation, and improve performance.

As a business owner, I must manage information for several reasons. Information will give me an insight to my business. I can find out my sales volume, popular items, revenue, labor, customer loyalty and service, and profit or loss. By interpreting this information, I can tell what works and what does not work. I can tell where the business may be struggling and can change anything that needs changing.

My business will be changed once internet technology is used in its operations. First, my customers can view, compare, and buy my items at my online storefront. This can all be done from the comfort of their home which can drastically improve sales.

Also, over the internet, one can create a custom order through our customizing application. The consumer is given a selection of options to choose from in every category. By selling products through the internet, the maximum amount of profit is made because many costs are minimized.

Another way my business will change from the benefits of the internet is marketing. The internet will open my business to approximately 200 million more consumers in the United States than just my small town (Internet). This is through various venues of advertisement. With this benefit also comes a problem; competitors. While there are no direct competitors in my store location, there are possibly many in the internet arena. Chances are that just selling online does not guarantee success; I will have to tweak my business to rise above my...