Some of the important features of information as a corporate resource are as follows:
Information is knowledge that one derives from facts placed in the right context with the purpose of reducing uncertainty from a manager’s point of view, information serves the purpose of reducing uncertainty regarding the alternative courses of action, in the process of decision making.
Availability of information regarding the alternatives improves the odds in favour of making a correct decision. Information is recognised as one of the most important corporate resources. It is a source of competitive strength as it enables the management to outmaneuver its business rivals at critical stages.
Information as a corporate resource has the following features:
1. Information is a value added resource. Just as value is added to a product as it moves from raw material stage to final product, the same is true of conversion of data into information.
2. Information has a specific cost associated with it just as if it were acquired from market. Therefore, it is as essential to acquire and utilise information efficiently as it would be for any other resource.
3. Information is meant to be shared by all associated with the attainment of company’s common goals and they, in turn, contribute to the corporate stock of information.
4. Information is exposed to a variety of security risks. Therefore, it has to be protected by implementing appropriate security policies and procedures without hindering its seamless flow across its users.
5. Most of the information is organisation specific and its value depends upon its use by the decision maker.
6. It has a high rate of obsolescence and thus, it must reach the user as early as possible. Redundant part of this resource must be weeded out of the total stock of information.