Types, source and purpose of business information

Much information are received and provided in the organization. All the information that is circulated in the organization to perform different kind of activities is known as business information. Business information is crucial for any organization. It is one of the most important components of the organization. Business information is important for making strategies for organization. There are different types of methods for receiving and giving the information. Some of the methods of passing business information are:

1)      Written communication: all the information is passed in the written form. It is one of the most relied ways of communicating in the organization. Written communication is one of the oldest methods of communication. Written communication includes all the written form of circulating useful information. It regarded as one of the most method of communicating the business information because it is easy to understand.

2)      Verbal communication: it is also one of the most important methods of communicating the business information. It is most used method of business communication. To perform day to day activities and job in the organization the information is passed verbally. It is useful to circulate immediate decision in the organization. It is also useful in solving small problems. Verbal communication can be both formal and informal. Although it is one of the most efficient method of communicating the business information the information passed verbally is not considered most authentic way as there may be mistranslation of the information.

3)      On-screen communication: this method of communication is effective way to communicate with wide range of people. The information is displayed through TV and CD-ROMs. This type of information are generally used to access the remote area where passing the information is extremely difficult. On-screen information is easy to elaborate and understand. People who are uneducated can be benefitted by using this method of communication.

4)      Web-based communication: all the information relied from the internet falls under web-based information. Information is received from the internet. Usually the information source includes Google engine, social media, blogs and Wikipedia. It is one of the easy and reliable sources of business information. The information received from the internet is usually the secondary source of information that can be used for different decision making of the organization.

5)      Multimedia communication:  it is widely used method of communicating business information. Uses of multi-media have made the communication of business information a lot simpler and easy to understand. This method of communicating includes different type of video clips, sound clips, animation, graphics and much more.

There are different methods for extracting the business information. One is from internal source and the other is the external source. Internal source of information includes all the information present inside the organization. It comes from factors present in the organization within. Internal information mainly comes from different types of reports, departments and management of the organization. Organization should collect different information from the internal source for the better evaluation of the work performed and also for the development of management strategy.

The next source of business information is the secondary source. All the information received from external source outside of the organization falls under the external source of information. All the factors affecting the business come under the external source. Customer’s preference, government rules and regulation are some of the external source of business information. The information provided by external source affect the decision making of the organization. Business information is extracted to make the proper strategies and plan for the organizational success.