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Information as a Commodity

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Importance of Information
Information technology is fundamental to the success of
any business
The information that is collected and/or assembled in any
business is as valuable a resource as capital or people
Information may cover:
­ Market trends
­ Buying preferences
­ Customer profiles
It may be processed, summarised, and…

Page 3

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Collecting and analysing data
Data may be collected for a specific purpose (direct)
Or it may be collected for one use and then used for
another (indirect)
­ Store loyalty cards
­ Information gained can influence shop layout
­ It may determine the type of vouchers that you receive

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Coding value judgements
If you have ever filled in a questionnaire on
which you were asked to tick a box rating
something from `Poor' to `Excellent' you will
know how difficult this is.
Try the handout example

Page 5

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The benefits of ICT
Speed of processing
Vast storage capacity
Ability to search and combine data in many
different ways
Instant response
Accurate results
Improved company image

Page 6

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Limitations of ICT
New systems nearly always have some drawbacks.
These could include:
­ Job losses among employees
­ New or redesigned accommodation may be needed for
the setup
­ Faults in the software may mean the new system does
not work as planned
­ Inadequate hardware may lead to…


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