Strategic Information Management
Strategic information management can be defined as an integrated way of managing data in an organization with an aim to reduce risks as well as enhance competitiveness. The value of information is critical in the success of any organization. However, despite the crucial role information plays, it has not been traditionally managed in a manner to reflect its value to the consumers, businesses and employees. Strategic information management is an emerging trend in the modern days to help manage data for successful operations. This essay discusses the importance of strategic information management in the 21st century.
Bruening et al (2008) consider information as important asset when doing business in the 21st century. The authors argue that the viability of any organization depends on its chances of obtaining reliable, timely and accurate date throughout the enterprise. Traditionally, organizations have failed to manage information in a manner to reflect its importance to the human resource factor despite the crucial role it plays. Many organizations have focused on protecting crucial information from either theft, misuse of theft. The management of information has been left to different departments thereby lacking coordination on how to manage the current and future data. The emerging approach of strategic information management (SIM) pays attention to the utility and power of information as a vital business resource. SIM focuses on a 360-degree approach which accounts for all aspects of information in every stage of their lifecycle.
SIM focuses on the critical value of each an every information resources. Organizations that strategically manage all the information recognize and understand the value of broad range of information. Traditionally, companies protected information only when such data was considered vital to their interests. Following the introduction of privacy and security laws in many countries, companies are forced to expand such protections to also cover personal information about individuals. With the advance in computing and analytical techniques, companies are able to use the information that was considered as traditionally non-identifiable.
SIM also facilitates the process of decision-making as well as ensuring that information needed can be accessed any time. As previously mentioned, traditionally, a company’s information was managed by the different departments in the company. The coordination of the current and future use of data was not a priority. SIM recognizes the need to bring the key stakeholders together in order to facilitate strategic-decision making for the whole organization. In conclusion, data is very important for the success of any business, SIM is an important tool in such a process and all companies should embrace the new approach of data management.