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Business information refers to collective data related to a company and its operations, including statistical information, raw analytical data, customer feedback, and sales numbers.[1]
In today’s fast-evolving digital era, businesses depend heavily on data and information for operations, customer relations, innovation, and strategic planning. The effective use and management of information have become fundamental to achieving organizational goals. While the benefits of robust information systems are significant, they come with challenges, particularly in ensuring security and effective utilization.[2]
The integration of technology in modern business has brought about a revolutionary transformation by automating processes and enhancing efficiency. Today, businesses are leveraging technology to gain a competitive edge, improve customer experience, and optimize resource allocation. Emerging technologies such as artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) are now part of a solid business strategy. These technologies help businesses to streamline operations, reduce human error, and optimize resource allocation. For instance, AI-powered chatbots can help businesses to provide 24/7 customer support, while RPA can automate repetitive tasks, thus freeing employees to focus on more complex tasks.[3]
Learning Objectives
After reading this chapter, you should be able to do the following:
- Explain how analyzing Big Data can help businesses.
- Express some of the major threats to data security a business may experience.
- Clarify what is meant by “information sharing” and the challenges this may present.
- Define information mining and visualization.
- Explore the key elements and trends in information management and their impact on business operations.
- Discuss ways to manage common business risks within one or more sectors.
- Distinguish between real risk and perceived risk by providing an example of each.
- Illustrate the major factors that influence an organization’s risk tolerance.
- Show how risk impacts business and outline the five steps of risk management.
- Demonstrate the utility of risk management across different sectors.
- List the most common risk response strategies and provide examples for each.
- Describe how Artificial Intelligence is being used in business to enhance information and risk management.
- Assess the principles and guidelines of ISO 31000 and its role in standardizing risk management practices.
- Indeed Editorial Team. (2024, August 15). What is data in business? (Plus importance and examples). Indeed. ↵
- Arora, R. (2024, August 23). Technology in today’s business world. Momentum. ↵
- U-Tech Electronics. (n.d.). The impact of technology on modern business: A comprehensive analysis. ↵
Collective data related to a company and its operations, including statistical information, raw analytical data, customer feedback, and sales numbers.
