Pages

Friday, March 14, 2014

Reduce Risk Through Credit Data Management

By Gwen Lowe


Information Technology plays a very vital role in the acquiring of information and knowledge and thus indirectly affects the decision making process. Managers play vital role in the success of a business. Through the implementation of credit data management strategies, a business succeeds.

As business run every day, they encounter a lot of risks. The measure of danger every business is eager to acknowledge is dictated by the loan hazard administration bunch of an organization. Loan hazard strategies are intended to do numerous things, including: lessen danger, decrease misfortunes because of misrepresentation, control danger levels, and endorse financially sound clients. The way to performing these exercises effectively is gaining entrance to the right sort of details. The more details the business has, the more faultless it might be in its choices. As of late, elective information is constantly utilized all the more regularly within the monetary business with the end goal of loan danger administration in light of the incredible arrangement of quality it offers.

There have been two main approaches used in management decision making; the first one focuses on the development and application of conventional based on logic derived from economics and statistics. The other one uses descriptive accounts of the process used to make the decisions, judgments and choices. Most of the descriptive analysis of decision making was at first concerned with accounting for the differences in the lack of compatibility between normative rules and actual behaviors. Understanding the abilities of humans, limitations and inclinations in seeking information and knowledge is what determines the success of information and knowledge management. There are some approaches which have been offered to ensure the maximum utilization of the information and knowledge in the decision making process.

The data could be utilized to make inquiries or to check provision details that is jumbled. These information suppliers likewise offer inventive administrations. Forestalling false requisitions from enduring the framework can definitely decrease misfortunes and likewise serves to secure clients from details fraud or record takeover.

Communication with business partners also needs a real time solution for the sharing of information and knowledge between them and the organization. For example, real-time communication with a supplier can bring to the knowledge of the organization on the existence of an update of a product so they do not purchase an outdated version of it. This is what will make the management make decisions based on the most current details.

It is important to differentiate between knowledge and information as the two are often mistaken. There are many sources of knowledge and information, knowing the characteristics and identity of these sources. For example the titles or URLs for accessing them can be viewed as information.

The content of these sources is the knowledge, this may prove valuable or not. For example, a coming across an online source of a competitors publicly filed financial statement is basically coming across information, accessing the information and getting to learn of the sales of competitors, general and administrative costs is steadily declining over recent years is gaining knowledge.

In the decision management process of a public organization stakeholders also stand to lose or gain depending on the outcome of the decision. With this in mind the role of a stakeholder in the decision making process is encouraged to be a proactive role. A stake holder is anybody who is in any way affected by anything that happens to the company.




About the Author:



0 comments:

Post a Comment

Share

Twitter Delicious Facebook Digg Stumbleupon Favorites More