Question

It is said that in politics, knowledge—and therefore information—is power. Discuss how chief executives can assure themselves of an adequate flow of accurate information.

Answer 1

Data once converted to information give meaningful insights to a seasoned person increasing not only monetary capital but also social capital and brand equity.

Therefore, Knowledge = Information = Money = Power.

For  assuring themselves of an adequate flow of accurate information, chief executives should implement and focus on:

• Robust Management Information Systems (MIS)
• Dynamic Decison Support Systems
• Implementation of fool proof ERP
• Hiring and retaining a best in class team
• Cutting red tapes of bureaucracy in the organisation structure
• Investing in good suggestion and greivance redressal mechanisms
• Implementing standard operating policies (SOPs) for flow of information incluing whistle blower policies in form and in spirit
• Deployment of suitable data analysis and market research team.
• Periodic and event based comprehensive top- down communications.
• Invest heavily in data & cyber security.
• Monitering information sources and taking timely corrective actions.

These measures ensure that the chief executives are always on top of narratives and in control of internal + external environments making them proactive and securing various first-mover advantages for them, their entities and ultimately to the global economy.