Concept
The main concept of maintaining the information is that all the required information should be available with the department all the time.
This is basic quality of good system that it should provide any sort of required information:
Timely
Accurately
Relevant
Comprehensive – serve the purpose
Why is It Important?
Often non-availability of the required information causes losses to the company. Furthermore, the availability of information plays vital role when immediate decisions are required.
It is the responsibility of the concerned department to properly maintain all the required information. This information can be maintained manually or through software and should serve the desired purpose.