It refers to the information attain by analysis the different aspects of a business. This information is used to identified the changes that needed. It is the information which is find out from various sources to make decisions regarding business. They are of three main types: scientific, technical and medical, educational and training. It may help in doing typical future decisions by communicating the information in better way and finding better options regarding business.
Verbal information is one of the way to communicate between the employers. I t is the best way of communicate information as there is less chances of misunderstanding the information regarding the employees. It helps the employees to gain information through symbols and voice. It needed a better communication so that the information is gained accurately.
Written information refers to the way of communicating the information through physical visuals like using interpretation to make it understandable. The graphs, pie charts, diagrams helps in this type to communicate information in a written form and also easy to understand. It may includes the sources available in articles, books, publications and journals, newspaper etc.
On screen information refers to the delivering of information through multimedia, televisions, graphics, videos, audios, animations, websites with voice system etc. It may be displayed, recorded by a device. Through advertisement peoples can know about the business.
Web based information refers to the information gained through online by using of technology. It is used to determine the future decisions, a SWOT analysis, information regarding the development of business. Uploading website of the company to know people about them and gain business information.
All the information regarding business must be available on time, must be accurate and reliable, fulfill the objective for which it is analyzed.
There are various types of sources of business information some of them are:
Internal Sources: It refers to gathering information through within the business itself. Various aspects of internal sources of a business are financial records, cost analysis, customer information, order records, maintenance of all records, acquire from the various departments like production, marketing, sales, HR, maintenance and administrative heads through the information maintained by them. All these departments helps to convey information regarding the business that plays a major role in taking future decisions.
External Sources: These are the information gathered through the outside stimuli about the business, these may be through articles, newspapers, internet, reports etc provided by the government and commercials. The common way to gain information through external source is market survey through one to one survey, overall survey. All these provide market information that helps in taking future decisions regarding business.
Primary Sources: These information are gathered from the fresh survey done for a particular purpose to find whether it is to be done or not. Through, questionnaire, mouth to mouth survey, telephonic survey etc. It is a costly method of doing survey. This is reliable and carries high rate of accuracy.
Secondary Sources: These are the sources acquired from the existing data or already used data which is surveyed for another purpose. It is cheap in cost. It is not reliable and not accurate as it is done for some other purpose.
It is necessary for a business to analysis how business is going. To find whether the performance is going according to plans. To make the targets according to the goals, cut down the over costing, reduces expenses that occurs more than cost, determining the market conditions and according to them take decisions regarding the supplies. Calculating costs, salaries, wages, deciding budgets according to the expenses. All these are analyzed to know how to maintain the business activities so that business goals are achieved efficiently and effectively. If a business needs to be success important decisions are to be taken on time, this will helps them to analyzed all the facts and making decisions according to them. In current time there is young generations so this is the way to analysis how to use them in a better way that may result in the growth of business. Rapid development in the technology, wants business to change with time so that they may compete with others. To determine every aspect of business that relates to the growth of a business we need to analyzed business information to deals with them.