Reliable business
information creates
business assurance

What is business information?

The words data and information often get used interchangeably.

When we use the term ‘business information’, however, we mean something very different from data.

Data are the individual bits of detail that we collect, obtain or generate as part of our business function. They get stored in databases and we instinctively know that our business data stores are valuable. We spend a lot of money, time and effort ensuring they’re well managed, safe and usable.

When your staff use that data by analysing it, reporting on it, generating metric measures or figures, identifying trends, feeding it to dashboards or doing anything else of meaning and significance to your business, what they’re doing is creating business information.

Information is made from data and has been transformed into something that has meaning, value or significance. Business information is information that holds meaning, value or significance for your business.

It would include any reports, spreadsheets, metrics, regulatory reporting, web pages, documents, dashboards etc that fit the definition of having meaning, value or significance to your business.

It can even be collections of data sources – for instance, we would call your data warehouse a piece of business information, because it brings together your data into something that generates meaningful information.

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Why specifically manage Business Information?

Intraversed are experts in designing and implementing best-practice business information management.

When business information is poorly managed, it can undermine business growth and profit, create unseen profit leakage, incur huge administrative costs, waste significant amounts of staff time, result in IT project budget and time line blow outs, unsuccessful IT project outcomes and, perhaps most worrying of all, can put businesses into legal, regulatory or reputational risk without anyone realising it.

Business information is that important.

So managing it is also that important.

Well managed business information creates broad scale business assurance by giving you the confidence that the information you’re receiving from your team is accurate, reliable, consistent, thorough and you understand what it represents and how to use it to make your decisions.

In best-practice business information management environments, you’ll also have access to details of any issues that have been identified with that information, so you can know how reliable that information is, you’re not just taking your direct report’s word for it.

That’s business assurance.

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