SOURCES OF EXTERNAL INFORMATION
Karenz Jonah Solis, CPA
A. Overview
Information is facts provided or learned about something or someone. It pertains to
knowledge communicated or received concerning a particular fact or circumstances.
Information may be obtained from several sources – primary or secondary.
A primary source of information is one that provides data from the original source.
A secondary source of information is one that provides information from a source
other than the original.
Business information means any information or compilation of information relating
to a business, procedures, techniques, methods, concepts, ideas, affairs, products,
processes, or services. Business information is further categorized into internal and
external business information.
Internal information. All organizations generate a substantial amount of
information relating to their operations. The internal information is vital to
the successful management of the organization.
External information. An external source of information is concerned with
what is happening beyond the boundaries of the organization. This covers
any documentation relating to a subject area produced as a summary or
detailed report by an agency external to an organization.
B. Types of Business Information
Company Reports: company reports give overviews of public (and
occasionally of private) companies, with information on key people,
financials, and news, with additional information on trends, forecasting, and
top competitors.
Industry Reports or Market Reports and Industry Data: industry and
market reports and data give overviews of particular industries, with
information on industry-specific vocabulary, the top companies in each field,
the supply chain and all related industries, the industry outlook, and key
statistics.
Consumer Data and Demographic Information: consumer data and
demographic information usually take the form of reports, data tables, and
infographics based on surveys and studies. You can use this type of data to
get more insight into consumer satisfaction and frustration, and to help
determine whether or not a new type of product or service has a potential
market, among other things.
Business Theories and Concepts: information on business
and management theories and concepts can generally be found in scholarly
journals, books, and searchable eBooks (including encyclopedias).
C. Sources of External Information
External information comes in a variety of forms – printed material, broadcast
reports and online dissemination.
D. Qualities of Good Information
Good information is that which is used and which creates value.
Characteristics of good information:
Availability/accessibility – information should be easy to obtain or access.
Accuracy – information needs to be accurate enough for the use to which it is
going to be put.
Reliability/objectivity – reliability deals with the truth of information and
objectivity with which it is presented.
Relevance/appropriateness – information must be suitable for its purpose.
Completeness – an information should contain all the details required by
user
Sources;
http://www.jhigh.co.uk/Intermediate2/Using
%20Information/4_sources_of_information.html
https://www.lawinsider.com/dictionary/business-information
https://libguides.wpi.edu/c.php?g=355275&p=4940874
http://www.jhigh.co.uk/Intermediate2/Using
%20Information/12_charact_of_info.html
