Today, every data worker is responsible for a lot of data, some of which are inconsequential, while others play critical roles in business decision-making. The competitive nature of your business world makes it even more challenging for your knowledge professionals to gather, process, analyze, retrieve, and ultimately manage data. When your enterprise functions in an increasingly dynamic global market, where the risk of making one bad decision is monumental, it is only fair to rely on data-driven decision-making processes.
Therefore, with the increasing realization of the importance of well-analyzed data, firms focus on finding a solution that allows efficient storing and managing of data using information management systems, fast and accurate delivery of information, smooth data flow, and easier accessibility of information across the organization.
The solution is well-strategized information management which bridges these gaps. So, understanding what an information management system is and its features, types, and advantages can help you leverage data competently.
This blog defines an information management system and elaborates on its features, types and advantages.
What is an Information Management System?
An information management system gathers and maintains data in several formats and makes it available to those who require it. For example, one small firm may merely need to manage and share office documents and spreadsheets with colleagues, while another may need to collect and handle detailed data. In contrast, a major corporation may require an information management system to make data available throughout the firm or even to the general public. Regardless of the purpose or objectives, successful information management should allow you to gather, store, process and manage data in the required formats and share relevant information with key stakeholders on appropriate platforms.
So, you can consider an information management system as a set of rules established by your firm to decide how employees collect, store, and access data rather than a single software program.
Evolution of Information management system
Information management systems have gone through several stages of development.
- It all began with mainframe computers, which were huge computers that took up entire rooms, used punch cards, and required operators to give reports of processed data physically.
- Minicomputers followed, which replaced punch card operations with data entering via a computer interface.
- Personal computers changed the way businesses operated. They were low-cost, high-efficiency systems that necessitated the presence of data on individual computers due to the lack of connectivity.
- Employees desired to transfer information quickly and efficiently as technology became more complex, which led to the advent of client/server networks.
- Enterprise computing ushered in a new era marked by high-speed networks and data aggregation from multiple departments into software platforms. These corporate software programs make it simple for computers to connect to all of a company's servers, allowing for even more refinement of the data generation process.
- Cloud computing, which allows users to access various services via the internet, is used by the current generation of information management. It enables users who are not physically present at the company's headquarters or are not directly linked to its private network to access its servers.
Features of an Information Management System
When it comes to the features of an information management system, remember that it is capable of multiple informative operations. However, the primary ones can be explained as five key roles it plays.
1. Collecting Information
Gathering and analyzing data is what this role entails. Standard information management includes collecting the different types of business data, measuring them, and presenting them in proper formats.
2. Storing Information
This function allows the system to preserve data and make it available to users. The information management system saves this information on a storage device, a hard disk or a database server. Nowadays, data can also be saved to cloud storage, accessible via the internet, as this information has more advantages than those stored on drives and discs.
3. Processing Information
Any set of procedures that deliver results is referred to as information processing. It entails modifying data to provide usable information, which must be transformed from one format or medium to another. An information management system automates data processing and displays the findings effectively.
4. Distributing Information
An organization's process of conveying information to its stakeholders is information distribution. Different stakeholders have different interactions with this data.
5. Accessing Information
The capacity of an information management system to provide information in formats that allow stakeholders to avail themselves of the content is referred to as information accessibility. Although the content supplied is generally equal, it can vary depending on the stakeholder categories.
Benefits of an Information Management System
The list of benefits of employing the right information management system is endless; however, some of the most valuable advantages include:
1) Enables Planning
It provides relevant information for efficient decision making. Moreover, data workers operate remotely now, and an information system proves beneficial in such scenarios.
2) Allows Easier Control
It increases the data processing and storage capacity and reduces the cost by acting as a tool for relating to managerial planning and control.
3) Promotes Decentralization
It enables the decentralization of authority, allowing decision-makers to change organizational plans and procedures based on performance measurement.
4) Enhances Co-ordination
It connects all decision-making nodes in an organization, facilitating the uptake of specialized operations so that each department is aware of the issues and requirements of the others.
5) Reduces Information Overload
It helps auto-categorize data into smaller relevant parts for efficient decision-making, reducing the confusion and burden of managing large unorganized data sets.
Different types of Information Management Systems
An information management system can vary based on the primary function and objective. The different types include:
- Transaction Processing System (TPS)
- Office Automation System (OAS)
- Knowledge Management System (KMS)
- Decision Support System (DSS)
- Executive Information System (EIS)
Manage Information with Needl.ai
Having understood the need and relevance of information management in your enterprise, the only question that remains unanswered is how to achieve this.
Go-through a list of must-have features of an Information Management System, before choosing the best solution for your organization.
Needl.ai, a cloud-based AI-enabled collaboration platform, aims to manage fragmented information flows and eliminate data silos within the company. Our technology aids users in handling large amounts of data and distilling insights in a simpler and faster manner. We help separate data across apps, devices, and platforms and stitch it into a single repository, providing a unified picture of all your data.
Needl.ai provides an information management solution that matches your company's current and future needs.