The Concept of Actionable Information in Economy

The Concept of Actionable Information in Economy Actionable information is the type of information that can be performed on, leading to an achievement or accomplishment of an act. It is the information that causes things to take place, by initiating a sequence of actions and reactions. It means the availability of crucial information instantly obtainable so as to address the circumstances at hand.Advertising We will write a custom essay sample on The Concept of Actionable Information in Economy specifically for you for only $16.05 $11/page Learn More Typically, actionable information is a comparatively minute portion or portions of non- evident elements that can structure an original foundation point for formation of hypothesis. Actionable information is the most important aspect of constructing support. In a nut shell, actionable information is something that facilitates a decision making process and action is provoked as a consequent; thus every organization or business â€Å"need to know† (Streif er Schumann, 2005, p.282). An example of actionable information is an example of share price in the stock market or price of a commodity to the buyer or the seller. For instance, the price of fish in the market along a certain coastline is actionable information to a fisherman, as it gears his decision on where to get his catch and how to sell his fish. Another example is in the case of an economist or a consumer who has a low income. The consumer will regard the information on prices of goods and services as actionable information since it is going to guide his consumption according to the budget constrain. The pricing policy of competitors in a certain industry can also be regarded as actionable information since it will guide the pricing policy of the whole industry and to some extend retention of customers. There are various risks that come up as a result of acting within a situation without actionable information. First, there is a risk of making irrelevant decisions that do n ot address the issue at hand. Without actionable information, an individual or a business is likely to use outdated information or rather use the wrong strategy which could lead to huge business losses. Secondly, lack of actionable information means the business cannot respond to information as soon as it is required. With increased technology in the market, timely delivery of decisions is of essence. The organization should not only be able to make decisions, but also, make quick and timely decisions (Anderson Foley, 2008, p.73). Finally, there is a greater risk of giving the competitors an advantage, the firms should have and make use of actionable information to make decisions sensitive to the market and to competitors’ activities. The actionable information is also important to counter the activities of competitors in the market as well as future directions (Anderson Foley, 2008, p.75).Advertising Looking for essay on business economics? Let's see if we can hel p you! Get your first paper with 15% OFF Learn More Actionable information is indispensable especially with the nature of the 21st century market, advanced technology and global competition. Without actionable information the firm may affect its timeliness and value of inputs in decision making process. This concept is also important in getting to understand the existing capabilities of the firm, developments, high-tech and future directions as far as the market and technology is concerned (Louie, 2011). Actionable information is always crucial in case of emergencies that need to be addressed immediately either to avoid losses, quick delivery of information or any other occurrence in regard to market, suppliers, customers or competitors. Actionable information can be described as a crucial asset in the industry that has the ability to deliver the returns required to sustain the organization in the long term. The land slide created by the speedy advance in technology has aggravated more need for data. From this standpoint, the fast development of knowledge-based devices is an apparent justification that businesses that are preeminently capable of transforming their data into actionable information and facts have an upper hand at durable sustainability. This is so because of the effective decision making, time delivery, and strategy that comes with actionable information. Reference List Anderson, D., Milner, B., Foley, C. (2008). From complex data to actionable information: institutional research supporting enrollment management; New Directions for Institutional Research, Vol. 2008 Issue 137, p71-82, 12p Louie, A. (2011). Actionable information-the one true core asset in the life retrieved from web. Streifer, P., Schumann, J. (2005). Using data mining to identify actionable information: breaking new ground in data-driven decision making Journal of Education for Students Placed at Risk, Vol. 10 Issue 3, p281-293, 13p;Advertising We will w rite a custom essay sample on The Concept of Actionable Information in Economy specifically for you for only $16.05 $11/page Learn More