Transactional information encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support daily operational tasks.
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Information type: transaction and analytical
Transactional information encompasses all of the information contained within a single business process or unit of work, and its primary purpose is to support daily operational tasks. Transactional information is needed to be captured by organizations to perform operational tasks and repetitive decisions. Analytical information encompasses all organizational information, and its primary purpose is to support the performance of managerial analysis tasks. Analytical information is useful when making important decisions such as whether the organization should build a new manufacturing plant or hire additional sales personnel (Baltzan, Phillips, 2016).
Informational timeliness depends on the organization and their need. Some organizations rely on real time tinformation, which is up to date and immediate and some may require data accessed via real time systems which response to request.
For organizations to prevent information inconsistency and integrity issues, organizations should have five characteristics in there in their data. These characteristics are accuracy, completeness, consistency, timeliness, and uniqueness.
The Information Governance Initiative (2018), a US-based think-tank, describes IG as the activities and technologies that organizations employ to maximise the value of their information while minimizing associated risks and costs (Julie, 2019). Organizations will minimize risk and cost by ensuring staff and all involved within the organization follow policies and procedures set in place. The information policy will manage how data will be accessed, managed, updated, etc.
Baltzan, Paige, Phillips, Amy (2016). Business Driven Information Systems (5th ed.) New York, NY: McGraw-Hill.
Julie Brooks, author. (2019). Perspectives on the relationship between records management and information governance. Records Management Journal, (1/2), 5. https://doi.org/10.1108/RMJ-09-2018-0032