Information potential for a successful business. In a

Information is a basic resource
like materials, money and personnel. This article explains different types of
information such as information concept, information management concept,
information systems concept and management information concept.  “Sorkoczy (1981) defined information ‘as the
meaning that a human expresses by, or extracts from, representations of facts
and ideas, by means of the known conventions of the representations'” (Adekeye,
319). The article explains all about what information is, why it is so
important, how it is evolving with technology, and how the management of it
should be taken very seriously.      

               The
content of this article applies to business because an entire business runs on
information. The idea to start the business is information and then information
is transferred to grow and manage the business. If information is not flowing
smoothly throughout a business, it will not be as successful as its full
potential. The article specifies different ways of information contributes
functional elements to an organization such as perception, recording,
processing, transmission, storage, retrieval, presentation, and
decision-making. All of these different ways that information can be translated
and used to benefit a business are extremely influential to the potential for a
successful business. In a business, there are hundreds to thousands of people
who will need to know and understand any piece of given information. With the
expansion of technology today, communication of information has become easier
as well as more complex. In a business it is imperative that information is
translated and communicated the right way to everyone who needs to know about
it whether it be on high or low level. Management Information Systems would be
very important to a Board of Directors because they are overseeing a business
and the way it is functioning.

               It
is extremely important that the Board of Directors for a business know each and
every part of the business and what is going on. They jointly oversee the
company or organization and if information is not being communicated from the
business or vice versa this can be detrimental to the business. In the article,
Adekeye says, “information is the raw material for making decisions for
creating knowledge and fuelling the modern organization” (Adekeye, 319).
Information is in everything that we do and in order to work as a group of
people information needs to be handled and communicated the right way. A Board
of Directors needs to know information quickly and it must be distributed on
the right level and in the right way in order to manage it in the most
efficient way possible. It may be considered the most important function of the
Board of Directors because their main job is to oversee a business/
organization and its leaders. If there is a flaw in the MIS, the Board cannot
do their job.

               In
the Adelphia case, there was no Management Information System. The company was
not communicating enough information between the Board with the auditors and
stakeholders. The Board was made up mostly of the Rigas family with a couple
other people who were not being given all of the information that they needed
to make decisions with the best intentions of the business in mind. The auditors
were also not being given enough information because the Rigas family was very
clearly censoring what information was coming out of the business. As defined
by the article, a MIS is,

               “a system using formalized
procedures to provide management at all levels in all functions with
appropriate information based on data from both internal and external sources,
to enable them to make timely and effective decisions for planning, directing
and controlling the activities for which they are responsible (Argyris, 1991).

The Rigas family did not have a MIS
and therefore were not providing appropriate information at all levels in order
to make good decisions for the company as a whole. If they had been using a MIS
they would not have run into the legal trouble that they did and they would not
have been able to personally bankrupt the entire business by using at as a
personal piggy bank.