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Managing Communications, Knowledge and Information week 3 notes.

Managing Communications, Knowledge and Information week 3 notes. Types of Internal Sources of Information Cont’d. 4. Purchasing information: collected by purchasing department that is responsible for buying products needed to run the business, such as: stationary; computers;

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Managing Communications, Knowledge and Information week 3 notes.

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  1. Managing Communications, Knowledge and Informationweek 3 notes.

  2. Types of Internal Sources of Information Cont’d 4. Purchasing information: collected by purchasing department that is responsible for buying products needed to run the business, such as: • stationary; • computers; • fixtures or parts for equipment needed to be used in manufacturing process The purchasing department must monitor the cost and quality of all purchased goods, thereby ensuring that they got the best deal and maximize profits for the company.

  3. Types of Internal Sources of Information Cont’d 5. Sales information: similarly to purchasing information sales information must be monitored based on the products or services offered by the company. • The information needs to be passed to the financial controllers to ensure the cost of goods and services are less than the sale price.

  4. Types of Internal Sources of Information Cont’d • 6. Administration information: it link with personnel information but also involves communicating with external sources and storing information on customers to build successful relationship with them.

  5. External Source of Information External sources of information is also used by companies to make correct business decisions. Some external sources of information are: • Government information; • Trade grouping information; • Commercially provided information; • Database and research information;

  6. External Sources of Information • Government information: information supplied/provided by the government is definitely coming from a reliable source, as this is the governing body that businesses operates in. • Important legal information from the Government is needed by companies to help them run the business successfully and legally. Consider the following questions: • What would be some legal information that Government supply businesses with? • Why would a business be successful with such information?

  7. External Sources of Information Cont’d Government information….. Consider these examples: i. Mothers have over $1000 employees that are being paid the minimum hourly rate as outlined by the Government and the rate changes, then the company needs to take this information on board and increase the wage for the staff on this wage range.

  8. External Sources of Information Cont’d Government information….. Consider these examples: ii. The offering of grants by Government to businesses for opening manufacturing plants in areas of high unemployment. • A company might use this information to their advantage and set up a new plant at a lower cost than in another area. Can you think of some parishes that gets grants from the Government towards their business operation and which sector does it falls under?

  9. External Sources of Information Cont’d 2. Trade groupings information: a trade grouping is a group of businesses that operate within the same sector and not within the same location. • For example tech companies would be part of Technical Trade Association and farmers might be part of the Farming Association within a country or region. As a business being a member of trade grouping it enables you to access information, to run business successfully. For example solicitors are part of the legal trade and will have membership that gives them access to the latest laws that they can use to support clients.

  10. External Sources of Information Cont’d 3. Commercially provided information: assist in making correct business decisions. Decisions are made based on information made available to them by other companies. • For example, a hotel group might use the information about the number of flights to and from a number of airports along with information on the number of hotels along each airport to make a decision on where to open their newest hotel.

  11. External Sources of Information Cont’d 4. Database and Research information: companies can research information that might help them increase the sales and level of interest in their business. • The key in researching information to assist in running your business is ensuring information is accurate and reliable. • Some companies will pay to access commercially available databases that offers range of information directly based on their business sector.

  12. External Sources of Information Cont’d Database and Research information….. • Companies can make money creating this information by analyzing currently available sales stats in particular business sectors. • When using any external information source it is absolutely essential to be sure about the reliability of the data source. It is sometimes worth paying to access relevant information.

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