MANAGE YOUR INFORMATION AS A PRODUCT

While many managers believe that quality information is key to their s uccess, few act on the belief. With the help of four case examples, th e authors demonstrate the need for companies to treat information as a product for customers rather than as a by-product of the systems or t he events that produce the information. They present four principles t hat together form the keystone on which the delivery of high-quality i nformation depends: 1, Understand consumers' needs. Consumer needs mus t be clearly established and understood during every phase of the info rmation product's development and manufacture. 2, Manage the informati on production process. The process must be well defined acid contain a dequate controls, including quality assurance, inspection, and product ion and delivery lime management. 3. Manage the life cycle of informat ion products. The degree and frequency of changes to infermation produ cts depend on the type and nature of the information, the tasks the in formation supports, acid the changing context in which the information is used. 4. Appoint an information product manager. The IPM's key res ponsibility is to coordinate and manage the suppliers of raw informati on, the producers of deliverable information, and the information cons umers. The IPM must apply an integrated, crossfunctional approach. As the four case examples illustrate, failure to abide by these principle s can raise costs, lower quality, and jeopardize a company's competiti ve position. Adopting an jnformation-as-product approach enables compa nies to discover new opportunities, exploit those opportunities, and d eploy the resulting applications for enhanced profitability, competiti ve advantage, and market dominance.