Better Information Leads To Better Financial Health

Benjamin Franklin thought it desirable to be “healthy, wealthy, and wise”. For him and other industry pioneers, how best to attain this nirvana seldom happens on a whim. It begins with harnessing the right information. It happens as the result of a compilation of research conducted by subject-matter experts “SMEs”, information resource leaders, and investment management gurus who have an in-depth pulse on the current market at hand-or so one surmises. But do we today have the strength to make decisions based on truthful information?
Consider for a moment how the data is configured. Does the business use “SMEs”? Is the information analyzed in an objective manner or is it skewed to fit a predisposed idea of what the facts should be? In today’s investment melee monetary gain is never guaranteed. Billions of investment dollars are sitting on a safe haven known as “the fence”. Capitalists at heart wait and wonder for the right time and place to make their move. Our economic sector has transcended into an environment of patience with its virtue based on the credibility of the advice shared. Investors know that to realize capital gains tomorrow opportunities must be embraced today. Before “fence dwellers” jump, a discerning look at the big picture must be taken before the leap. That look takes place through the review of information.
Human nature often defies the search for the truth as an abundance of data is laced with assumption and conjecture.. People tend to believe what they want to believe, not necessarily what is true; a point given in an article based on research conducted in the field of Neuroscience and posted in Business Pundit in May, 2005. Once a bad decision is made based on faulty information, we tend to justify it simultaneously removing any personal accountability for the action. Couple this finding with results from a recent study conducted in 2010 by the Dow Jones and The Special Libraries Association or SLA entitled “The Impact of Bad Info on Business Decisions”. It found business people most guilty of using unreliable information to make critical decisions. Approximately 200 professional researchers, SMEs and journalists whose success at work depends on the accuracy of the data they obtain were asked how they engage in the business of gathering and releasing information. Of the study’s participants, 72% repurposed their opinions as facts; 69% used biased sources; 59% admitted to creating misstatements.
Apply these numbers to the impact on one’s business– its stability now ill at ease with results potentially catastrophic. Misinformation offers a misguided approach to enabling success in any venture. The accumulation of knowledge is only as valuable as its verification. Bad information is just bad business. Bad business Health Administration Bachelor’S is bad ethics. Janice R. Lachance, CEO of SLA is not surprised by the results of their investigation on the use of misinformation. “We have urged organizations to invest in tools and employ information professionals who can provide timely, accurate and well-researched information required for good decision-making.”
While easily accessible data has its benefits, its content can put a business at risk. Anne Caputo, Executive Director of Learning and Information Professional Unique Jobs for Pharmacists Programs for Dow Jones assesses the dangers of data misappropriation. “Information can often have a price if the source is not credible or accurate.”
For those in search of solid, consistent information used to base vital strategic decisions, verifiable research aligned with advice from current practicing individuals or corporations with expertise in the specific niche of business needed is the best methodology. The best practices generate better information leading to better financial health.