Information Analysis and its Benefits

What is Information Analysis?

The process of collecting, refining, examining, and evaluating the strategic, operational, or statistical information to take the useful decision is known as information analysis. Information analysis is the fundamental life support system for any organization for its sustainability, continuity, and growth, whether it is a commercial organization or a non profit organization. Effective planning, monitoring, and control are the important constituents of a growing business, which can only be achieved through information analysis.

The similar sets of data can be processed in different ways to obtain the different type of information when required.

Information can be classified into the the following categories-

Strategic- This type of information is required by the persons to create the business policies by taking the long-term decisions. These decisions are taken on the basis of the future goal and vision of an organizations.

Operational- This type of information is required by the users to run the day-to-day business operations successfully. The volume of the operational information is more than the volume of strategic information. 

Statistical- This type of information is the systematic presentation of facts and numerical figures related to various entities, such as the production of crops, the population of a region or a country and the trade report of a company. The facts and the figures can be the result obtained through different kinds of the mathematical analysis or the scientific analysis.

Benefits of information analysis-

1. The information analysis has the following benefits
2. It allow organization to identify market trends. The knowledge of market trends is required to make the necessary change in the current business process.
3. It provides solution to the business problems.
4. It enables the top level manager to track the organization's performance so that effective action can be taken when required.
5. It enables the organization to create business strategies and tactics to sustain in the competitive business world.
6. It helps the organization to perform day to day business operation successfully.