1.2. ESCALATING NEED FOR STRATEGIC INFORMATION
While we discuss the clamor by enterprises for strategic information, we need to look at the prevailing information crisis that is holding them back as well as the technology trends of the past few years that are working in our favor, enabling us to provide strategic information. Our discussion of the need for strategic information will not be complete unless we study the opportunities provided by strategic information and the risks facing a company without such information.
Who needs strategic information in an enterprise? What exactly do we mean by strategic information? The executives and managers who are responsible for keeping the enterprise competitive need information to make proper decisions. They need information to formulate the business strategies, establish goals, set objectives, and monitor results.
Here are some examples of business objectives:
Retain the present customer base
Increase the customer base by 15% over the next 5 years
Gain market share by 10% in the next 3 years
Improve product quality levels in the top five product groups
Enhance customer service level in shipments
Bring three new products to market in 2 years
Increase sales by 15% in the North East Division
For making decisions about these objectives, executives and managers need information for the following purposes: to get in-depth knowledge of their company's operations; learn about the key business factors and how these affect one another; monitor how ...