The Impact Of Information As The Life-wire Of Every Business Organization

THE IMPACT OF INFORMATION AS THE LIFE-WIRE OF EVERY BUSINESS ORGANIZATION(A CASE STUDY OF EMENITE COMPANY LIMITED EMENE IN ENUGU STATE).

Abstract

 

 

This Research study focused on the “Impact of information which serve as the life wire of every business organization with emphasis on Emenite Company Limited Emene, Enugu”. The study was motivated as a result of the impression that effective information serve as the most essential ingredient for successful operation of business activities. The objective of this study is to identify those factors that influence or hamper effective information either directly or indirectly in all business organization with emphasis on Emenite Company Limited Emene, and finding possible solutions on how to solve and improve it. Another one is that through this study, both employers and employees will understand the importance of effective information in ones career and in business organizations as well. The research instrument used in the collection of data are primary and secondary method, In primary data collection oral interview, questionnaire and personal observations were adopted within the study area. The use of literature located textbooks, Journals News papers, and other forms were adopted as secondary data collection. The formular used in getting the sample size was Bourley’s formular

 N

(n= 1+N(e)²) in which after calculation, the result was Eighty (80) employees as the sample size. In organizing and presenting the data collected. And the data analysis and the data collected. And the data analysis and interpretation gave the following findings;  

i     Majority agreed that effective information help for smooth operation of business activities.

ii    That information has helped business firms to direct their available resources into there most profitable outlets that they are needed.

iii   Also effective information has helped the business firm to check about monopoly in the market, price changes and services to customers who are always conscious of needs.  Etc. Based on these findings of the study, the following recommendations were proposed for consideration, the business firm should maintain its advertisement role in check to ensure that there is no fall in the level of their advertisement since it is the most essential factor needed for the success it is the most essential factor needed for the success and smooth operation of business activities. However, they should introduce an audit board for assessment of all the information that come into the business firm. Also, they should make provisions for training their employees and organize workshops for them in order to educate them on the importance of information in one’s career and in business organization as well. 

 

 

 

 

 

 

 

 

 

CHAPTER 1

 

INTRODUCTION

 

This particular section of the study will be introduced under the following subheadings; Background of the study, Statement of the problem, Purpose of the study, Significance of the study, Research questions, Scope of the study, Limitation of the study and Definition of terms.

 

1.1     Background of the Study

In every business organization, information plays a key role for the advancement or growth of the business. For an effective planning of the business to achieve the set goals, a reliable information is needed. Also, a congeal decision making in business needs an understanding of circumstances surrounding a business. So without information, there is always no business because information is the only way or means to get the knowledge of the needs and wants of the masses. If you are not informed, you are deformed.

Steps have been taken by so many organizations to improve the methods and systems of gathering and developing information for their business and other organizational activities. It is with the above views that most organizations had adopted systems like management information systems, marketing information system and industrial trainings to maintain important information over a long period of time.

Adequate and reliable information is the life wire of every business. In some developing nations, the problem of business. In some developing nations, the problem of business and other organization is inadequate information’s. Many organizations do not consider the importance of information to their activities while some device methods to suit their needs especially in manufacturing organization; reports by their sales representatives concerning marketing situation which in most cases is not adequate for the organizational concern.

A more critical look should be developed as regards obtaining and using information in business. More capital should be invested in business so as to ensure proper marketing research, product quality research and so on, which provides valuable information for the planning of business to maximize profit

 

1.2     Statement of the Problem

In our generation today, business organization is changing in a fast rate, and thereby needs very tangible and effective information to achieve its objectives. The environment is changing fast and becoming highly competitive because many business firms want to improve and get the best recognition in their business.

The challenge of business organization is not only to satisfy customer’s needs and wants but also to satisfy them more than the Competitors. Business Organizations hoping to achieve this will try to improve in the quality of the information they uses in their decision making so as to reduce uncertainties surrounding business and marketing decisions.

There is no doubt that business environment in developing nations like Nigeria presently is highly competitive. The customers have their choice of the products and materials they want and there by apply every knowledge needed to get to the peak of their desire when they are to buy. The extent to which those products through an adequate information meets the requirement of buyers, depends largely on the quality of decision taken before production from the points of production to the point of consumption.

On this note, we want to examine the impact of information as the life-wire to every business.

 

 

 

1.3     Purpose of the Study

The purpose of this study is to reveal some of the impacts of information to a business organization which includes the following;

i       To identify the needs and wants of the society in a particular environment and producing to satisfy their desire.

ii      To generate data which will help to reduce the risk in decision making which in turn enhances business success.

iii     To bridge the gap between the producer and the consumers.

iv     To determine the direction of resources to the most profitable outlets and also in the determination of the most rewarding application of business facilities.

v      To make meaningful recommendations.

 

 

 

1.4     Significance of the Study

This research project is of particular relevant to the role information plays to the managers of businesses, policy makers, and researchers and also in every business organization since it has not been fully appreciated and the services business organizations were supposed to render to society were inadequate.

This study is primarily interested in identifying factors that influence effective information in Emenite Company Limited Emene and whether these have a direct or indirect bearing on information management in other business organizations.

A logical corollary to this is the hope that the outcome of the study might suggest the need for improving effective information management practices in every business sectors. This study therefore is considered important to information management in order to investigate whether this linkage exist and if it does what are its implication to the improvement of effective information management in every business organization in Nigeria. It will also serve as material for further research.

 

1.5     Research Questions

With particular emphasis on Emenite Company Limited Emene, This study will attempt to find suitable and enviable answers to the following research questions.

i       Does information enhance smooth operation of business activities in your firm?

ii      How effective is the existence of information in your firm?

iii     Can information enables you to direct the available resources into the most profitable outlet?

iv     Is information helpful in the identification of market and product opportunities?

V      How effective is the training of your employees since their employment in your firm?

 

1.6     Scope of the Study

This piece of work is limited to Emenite Company Limited Emene to show the attributes of information to any business organization. The study will primarily direct its attention, on the relevance and impact of effective information as the life wire of every business. And it will attempt to give recommendations for further studies.

 

1.7     Limitation of the Study

The researchers major constraints were time, finance and unco-operative attitudes of workers in the company whose repetitive responses were always, “I am busy to answer questions, I am not authorized to give out any information”. The correctness of the information given by respondents can not therefore be fully guaranteed; some clearly avoided the receipt of the question.

The time constraint was so much evident in the production of this work in area of researching exhaustively and widening our studies and knowledge to more than one business organization.

Finance also prevented us from getting all the necessary materials needed to produce a master-piece project, therefore could not go beyond this.

 

1.8     Definition of terms

It will be of great important to this research project if we explain the meaning of some terms used in this topic. The terms are explained as follows to help for complete understanding of the topic.

i     IMPACT: According to the English Oxford Advanced Learners Dictionary, “Impact” is the powerful effect that something has on somebody or something.

According to Classic Dictionary, Com. “Impact” is an influence of something on the other.

ii    INFORMATION:  According to the English oxford Advanced Learners Dictionary, “Information” is the fact or detail about something.

According to the classic Dictionary, Com. “Information” is the knowledge communicated or received concerning a particular fact or circumstance.

iii   SERVES:    According to the Webster New World Dictionary of American Language, “Serves” means to put a binding around in order to protect or strength.

iv     LIFE-WIRE:      According to the Webster New World Dictionary, “Life” is something essential to the continued existence of something else, the period of flourishing and usefulness etc. while “Wire” means furnish, connect, bride etc. And “Life-Wire” means something that plays a vital role in something.

v      BUSINESS:      According to the Longman Dictionary of Contemporary English, “Business” is the activity of making money by producing or buying and selling of goods, or providing services.