Explain the concept of Information?

The main aim of communication is giving and receiving information through different kind of mediums like that of verbal, written or through body language, signs and expressions. Basically information is different from that of data. Data is simply the sign, symbols or characters without meaning where information means a processed data which have some meaning and value in its own. Bare accounts of assets, capitals, liabilities etc give no information and are just merely a data. However when this same things are arranged in a balance sheet form to give a financial position of a business it is called information. Information is a commodity that is versatile. It increase analytical skills and decisive power and guide the information towards efficiency of economy. In business one need different information to interpret the position of the business. Information is like lubricating oil that keeps the functioning of the business smooth. It is very important to make the information in the business up to date and the data processes is arrange in such a way to make it useful for the business. In order to get the precise information one needs to create the system in the company which let effective data flow and smooth functioning.

Depending on the various types of informational needs of the business the information can be either external or internal in the nature. The information regarding the politics of the respective country and the various types of the rules and regulations that have a positive or a negative effect on the business being done in that respective country. The information can be external when it is concerning the response of the various products to the consumer, the price of the product, quality etc. the information of the finance about external or internal bank loans, loans from various creditors, from various financial institution, Euro bonds, ADR, GDR. The quality of the product, price, facilities of credit, transportation, raw material supply, all account to form the external information. The external information involves efficacy and efficiency of the advertisement media. The various sociological factors that at various times effects the business that may include literacy rate, living standard, all accounts to external information. The data relevant to the science and the technology that is required in the business also account for the external information.

The information can be internal as well and includes all the information that is internal of the organisation or the firm like the objectives that are fixed by the firm internally according to the set vision for the achievement of the various respective targets and the goals. The various policies and the programmes that are organised by the company or the firm at the various times also account towards the internal information as these are set according to the needs and the requirements of the company for the betterment of the firm and for the benefit of the employees. The internal information also includes the record of the information that is maintained by the company about the employees, the respective profile that is assigned to the respective employees, the various responsibilities that are given to the employees depending on the area of the jurisdiction and the various types of the procedures and the processes that actually govern the organisation, all form the part of the internal information.

The internal information involves the various types of the authorities of an organisation, there respective designations and the amount of the control and the powers that have been given to the employees according to the respective profiles and the designations in the company or the firm. All other internal information of the presence of the amount of the raw material and the amount of the stock that is present in the stores etc to the internal knowledge of the condition of the machinery following with the experience and the skill of the employees of the company with the cash position of the firm or the company in the bank with the various financial resources that can be looked towards there respective generation in the future. The information can be attained from the sender with the help of the various types of the resources and these generally include the mass media, libraries, the chamber of the associations and the commerce, the research in the market, interviews that can be personal too, various types of the meetings, seminars, conferences, workshop, exhibitions and the various types of the trade fairs. In the present scenario of the globalisation in the world, the presence of the digitalisation has become a very major part and hence the internet forms the very frequently used source of the information.

The other sources of the information may include the various office records and the grasping of the information with the help of the observations made at the personal level. The newspapers, television, journals and the radio play a very critical role in the updation of the information to the business. The chambers of commerce along with the different types of association makes the provision of the information of the sales, address of the members, exports followed by the taste of the customers including the change of the taste of the customers, the libraries act as a very convenient source of the information and make provision for the individuals to have the access to the various books of any particular reference, annual reports, the publications of the various research work done in India as well as abroad, statistical reports, various kinds of government publications etc, all of these and many more contain particular type of the information for the business. The market research provides the individual with the different types of the questionnaires that are designed very carefully supported by the interviews that make provision for giving information of various likes and dislikes of the respective customers. The interviews can be personal at times as these types of interviews take place in the case of the politicians, prominent personalities and the various experts in different professions and these types of the personal interviews with such personalities make the provision to attain specific type of the information that helps in the prediction of the products’ future depending on the various types of the policies of the government that are applicable at that time. Observing personally acts as a very good source of information as such type of the personal information play a very critical role in providing first hand details of the employee, such observations include sincerity, loyalty, honesty, efficiency, spirit, accuracy etc. after this comes the turn of the officers record and these are such a source of information that provide details of the past correspondence or the performance supported by various particular of the employees. Internet acts as the lifeline of the individuals or a group of the individual in the various companies in this world of digitalization and globalization. With the help of the internet it becomes possible to link the individuals that are present over different types of the locations in the world with the help of the computers and satellites that in turn are linked globally. With the help of the internet it has become very instant and easy to have an access to the various types of the information depending upon the requirement of an individual. The information can also be obtained from the execution s and the various trade fairs that are arranged on specific themes or particular subjects that ultimately provide a lot of the information in particular relationship with that theme or field. The various meetings, seminars, workshops and conferences act as a great source of the information as it is able to provide the large amount of the knowledge of the various developments that have been made in the research work of that particular field. These types of the sources of information are generally conducted with the help of the large houses of the business.