2 Business Information

Introduction

Business Information Environment

When searching and evaluating business information it is important to understand the context of the information you have sourced and how it relates to wider social, economic and political structures and developments. All companies and industries will be impacted by external factors beyond their control such as interest rates, commodity prices, stock market, consumer confidence and weather.  To gather a broader picture for your assignments and work- based projects look for business environment profiles on a number of platforms such as IBISWorld.

Researching Business Information

Business Research is the process of gathering and analysing competitive intelligence from a variety of reputable sources. As a student studying a business qualification, you will need to learn and develop your business research skills to address real-world business problems.

Most real-world business research scenarios start with an open-ended question without a predetermined goal in mind. For example, explore the possibility of, determining any risk factors associated with and what effect would a new competitor have in this marketplace. It is rare for there to be a correct answer to a business research question.

Successful research ensures your business decisions are grounded in factual reality and improve their chance of success.

Good business research will present an objective portrayal of the operating environment and inform better business decision-making. Start with your own knowledge and read from a variety of high-quality sources to challenge what you believe to be true. You should read widely and objectively to strive for fairness and integrity in the information sources you use. Ask open-ended questions rather than use or discard evidence that merely strengthens your argument and look for a diversity of opinions and approaches that avoid succumbing to simple binaries of right and wrong, good or bad. Step back from your research to evaluate the bigger picture and weigh the new evidence against any existing bias that you may have.

Scholarly vs Non-Scholarly Information

Types of Business Information

Business information comes in a diverse range of types. It is important to gather various sources of information in order to complete a complete picture of an organisation.

Types of business information can include:

• Scholarly articles
• Cases
• Trade Journals
• Business & Government reports
• Websites
• Statistics
• Case studies
• Annual reports

Where to search for Business Information

A combination of reliable databases, news sources and websites need to be used to complete accurate and objective research.

A successful search for resources involves a comprehensive search of several databases to make sure that you find everything. Keep reading the following chapters for more detail on searching throughout these locations.

Open Access Sources

Free online sources including Australian Government documents and data from the Australian Bureau of Statistics help demonstrate your target business’s current social and political operating environment.

World Business Council for Sustainable Development

https://www.wbcsd.org/Overview/Resources

Australian Government Data Service

https://www.data.gov.au/

Australian Bureau of Statistics

https://www.abs.gov.au/

Department of Foreign Affairs and Trade

https://www.dfat.gov.au/trade/trade-and-investment

Trove

https://trove.nla.gov.au/search/advanced/category/research

Which sources are appropriate?

Learn how to evaluate resources in the chapter Web fact checking: Going Upstream in the Digital Age

Information skills for Business Innovation

Information skills for business innovation is a tutorial designed for first year students undertaking the Enterprise Innovation and Markets subject. The tutorial is designed to demonstrate and teach students how to identify information sources and types, how to evaluate sources, searching techniques including database demonstrations and also show students how to obtain extra help and support when needed.