Introduction to Enterprise Information Technology (EIM)

Hi friends
In the next few posts, we shall learn more about Enterprise Information Management (EIM).
Following is the List of Contents linking to the posts.

1. Enterprise Information Management
2. Importance of Enterprise Information Management

Enterprise Information Management (EIM)

Hi friends
In the next few posts, we shall learn more about Enterprise Information Management (EIM). Today we shall introduce the idea of EIM and define it briefly.

The subject has three important aspects to it.

1. Enterprise
2. Information
3. Management

Let me define what each of these terms mean.

Enterprise:

The word ‘Enterprise‘ can be defined in various ways.
Oxford dictionary defines Enterprise as

1. a project or undertaking, especially a bold one
2. Bold resourcefulness
3. A company or business

Business Dictionary defines Enterprise as
“Entire business group or corporation comprising of all local and international main and sub offices, divisions, subsidiaries, and departments”

Information:
The word ‘Information‘ can be defined in various ways.
Oxford dictionary defines Information as

1. Facts of knowledge provided or learned
2. what is conveyed or represented by a particular sequence of symbols, impulses, etc

Business Dictionary defines Information as
“Raw data that

1. has been verified to be accurate and timely,
2. is specific and organized for a purpose,
3. is presented within a context that gives it meaning and relevance, and
4. which leads to increase in understanding and decrease in uncertainty.

The value of information lies solely in its ability to affect a behaviour, decision, or outcome. A piece of information is considered valueless if, after receiving it, things remain unchanged.

Management:
The word ‘Management‘ can be defined in various ways.
Oxford dictionary defines Management as

1. the process of managing

Business Dictionary defines Management as

“Organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of clearly defined objectives.
Management is often included as a factor of production along with machines, materials, and money. According to the management guru Peter F. Drucker (1909-2005), the basic task of a management is twofold: marketing and innovation.
Practice of modern management owes its origin to the 16th century enquiry into low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). ”

Enterprise information management (EIM):
EIM is the name for the field that combines business intelligence (BI) and enterprise content management (ECM). Enterprise information management (EIM) takes these two approaches to managing information one step further, in that it approaches the information management discussion from an enterprise perspective. Where BI and ECM respectively manage structured and unstructured information, EIM does not make this rather “technical” distinction. It approaches the management of information from the perspective of enterprise information strategy, based on the needs of information workers. ECM and BI in a sense choose adenominationalised approach, since they only cover part of the information within an organization. This results in a lack of available information during decision makingprocesses, market analysis or procedure definition.

I hope that was useful. Please do write your comments about this post.

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Importance of Enterprise Information Management (EIM)

Enterprise Information Management (EIM) is a field with many nuances, with many areas of interest. Well-schooled in the ways of businesses and familiar with different technologies, EIM professionals meet a demand for effective delivery of informational power to organizations. However, the majority of institutions do not place much, if any, emphasis on the role of Enterprise Information Management in their curricula.  As a result, companies have been forced to educate their EIM professionals on their own or search for the best training from third-party organizations.

Enterprise Information Management can be defined as the set of disciplines, technologies and best practices to manage information as an enterprise asset. EIM functions ensure high quality data is available, controlled and effectively leveraged to meet the information needs of all enterprise stakeholders, in support of enterprise goals. EIM includes the development and execution of plans, policies, standards, projects and procedures that maximize the value of information assets. EIM provides a semantic layer that is implemented across theenterprise, not just for a single application or IT project. Effective EIM can achieve significant business benefits in lower operational costs, higher staff productivity, supply chain efficiency, customer service and loyalty, and better informed decision making.

Just as an architect absorbs the details and nuances of a client’s vision of a structure and translates this intelligence into reality, an EIM professional considers information and technology options and expectations for their use within the context of the organization’s goals and objectives.  The more fully EIM professionals understand how information is used in an organization, and the more sensitive they are to the informational needs of clients, the more accurate their EIM solutions will be.  Further, the increase in the understanding of data’s role in building and maintaining effective information systems will increase the level of usage and respect that the organization as a whole has for Enterprise Data Management.  A lack of analysis skills in the IT professsions is considered to be a cause of the almost 75% failure rate of applications development, as reported by The Gartner Group in their annual survey of Information Technology projects and practices.

“Enterprise Information Management is supplies informational power to an organization,” said Daniel McFarland, Ph.D. of the College of Business Administration faculty at Rowan University in Glassboro, NJ. “It’s the responsibility of an organization’s data management group to work within that organization to select and implement information solutions that support the business.”  His emphasis was on the word “information”.

“EIM is bridging the gap between computers and businesses. To be effective, companies must understand that data and information have an impact on people, on how people do their jobs, how the users interface with others and the impact of information usage on businesses and society,” says McFarland.

Since Enterprise Information Management has been part of the information systems scene only since the 1970s, it often attracts professionals leaving other fields touched by downsizing and cutbacks. It is a broad discipline that historically has drawn on many bodies of knowledge: computer science, management policy and strategy, organizational theory and industrial psychology.  These disciplines all contribute to the use of information as central to the success of an organization, which is the rationale for the existence of EDM.

Unrest in Public – Prime reasons

UPA Government, give one reason to tell us, “Why should we not revolt?”

Kautilya describes, “When people are impoverished, they become greedy; when they are greedy, they become disaffected; when disaffected, they either go to the enemy or kill/dethrone the ruler themselves.”

Kautilya goes further to describe; Impoverishment, greed & disaffection are engendered among the people when the ruler:

i.            P.S: In the context of modern democracy,

• The Ruler is the “President, Prime-Minister, the King or the Queen + Cabinet of Ministers” as applicable in their respective countries, and
• The people are the people of the nation.

Of the acts mentioned above, the UPA government is guilty of the following:

• With the recent scandals like 2G scam, CWG etc, UPA has been guilty of Acts i, vi, vii, ix & x
• By ignoring Lokpall Bill for years, whistle-blower’s protection act, UPA has been guilty of Act ii
• By rushing into granting permission to FDI in Multi/Single Brand Retail, UPA has been guilty of Act iii
• Every single event in recent past e.g. Ramlila Maidan, Anna’s Arrest etc; UPA has been guilty of Acts iv, v, viii & xvi
•  By accusing global economy etc but failing to contain the inflation; UPA has been guilty of Act xi
• By insulting Anna + team Anna, UPA has been guilty of Acts xii & xiii
• By ignoring plight of the families of Military personnel, Bhopal Gas Tragedy, farmers etc, UPA has been guilty of Act xiv
• By not delivering what was promised before elections, UPA has been guilty of Act xv.

Even after been guilty of all the above misdoings, I urge UPA government to give us one reason why we should not revolt against it?

Analysis of Stocks, Commodities and Global Markets

via Nifty and Historical P/E: A Case Study.