APPLICATION OF INFORMATION AND COMMUNICATION TECHNOLOGY IN PROPERTY VALUATION

APPLICATION OF INFORMATION AND COMMUNICATION TECHNOLOGY IN PROPERTY VALUATION

Information and Communication Technology can simply be defined in its simplest form as an electronic medium for creating, storing, manipulating receiving and sending information from one place to another.

ICT is also used to refer to the convergence of audiovisual and telephone networks with computer networks through a single cabling or link system. There are large economic incentives to merge the telephone network with the computer network system using a single unified system of cabling, signal distribution, and management.

ICT is an umbrella term that includes any communication device, encompassing radio, television, cell phones, computer and network hardware, satellite systems and so on, as well as the various services and appliances with them such as video conferencing and distance learning. ICT also includes analog technology, such as paper communication, and any mode that transmits communication.

Estate Surveying and Valuation is one of the professions in the built environment that requires the use and application of Information and Communication Technology (ICT) in the various areas of its practice. Such ICT devices and applications include computers, networks, hardware, software, satellite and so on.

 

Jenkins (2002) had echoed a rhetoric question: in what form would the valuation profession survive in the 21st century? Same question was earlier posed by Appraisal Institute (2001). These questions are germane because new software packages that purport to do valuation and Appraisals have been, and are being developed.

 

These software packages do not sufficiently address emerging needs and the complex legal relationships involved in the valuation of property rights. It is therefore important for Valuers to be trained on how to realign valuation with the needs of clients, with dexterity and flexibility as French (2008) has proposed. Aluko (2010) asserts quite rightly that valuation should be so fashioned towards the clients’ specific needs. Several desktop based applications are available. These include MS Word for word processing useful for report writing and other documentations, MS Powerpoint for presentation. Others are PDF for protection and preservation of data integrity and MS-Excel – for quantitative and statistical analysis.

 

Surveyors who wish to be competitive in the global practice will find out that in particular, MS-Excel package is a software application without which any practice will find it difficult if not impossible to survive in the 21st Century.

 

Strengths and Weaknesses of ICT Use

ICT has its strengths and weaknesses. The weaknesses include cyber security challenges, frustration from data loss, data theft, identity theft, password loss or leakage, hacking and Data storage challenges (Barnat, 1994). The general global concerns on Cyber Security brought up some home truths about the dangers inherent in the use of cyber space. All these are dangers associated with ICT either in Offline or Online usages. These weaknesses notwithstanding, the global relevance and utility of ICT use has not been diminished in any significant sense as more and more uses are being made of it. So, Bender (1994) had asserted that generally the world must rely on Technology to solve environmental problems. One of such possibilities is in Valuation.

Ms EXCEL in Real Estate Education and Practice

First among the prime computer applications is the MS Excel which offers a means of quantitative analysis as well as Statistical Analysis in spreadsheet formats. By these two features, MS Excel becomes an indispensable working tool for Valuation and Investment Appraisal in spreadsheet format as demonstrated by French (2008, 2013 and 2015). Olatunji (2010) also applied the worksheet format to establish that medium-term property rights have values that can be assessed. There are many new software packages that perform some Valuation functions; Present Value of N1 (PV), Amount of N1 (A), Years Purchase (YP) calculations are some of these functions; Parry’s Valuation Table containing millions of calculations is now available in soft form with Equated Yield, IRR and other capabilities. It was noted by Davidson (1982), that the use of valuation tables, (and by extension valuation software applications) is not to replace the work of the Valuer; rather it is to save the valuer’s time from distraction by intricate mathematical problems.

IMPACT OF RECORDS MANAGEMENT ON ORGANIZATIONAL EFFICIENCY

THE IMPACT OF RECORDS MANAGEMENT ON ORGANIZATIONAL EFFICIENCY

CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

All organizations are required to keep records of their activities. By keeping such records accurately and up-to-date, organizations can measure their performance, improve their overall financial control and take action whenever problems arise/ (Needham and Dransfield, 1996).

Modern information system have plunged the world into what may be called an information age as opposed to the book age (Akuria, 2001). Information is an essential resource for decision-making at international, national and even lower organizational levels of human activity. However, information to be fully effective, it should be classified, recorded, and stored appropriately in an effective manner. This information is known as a record and the discipline in which record or information is captured, stored and managed in a meaningful format is the substance of records management. Records are therefore a vital tool in the administration of many organizations. The success and failure of organizations and state organs activities all depends on the efficient handling of information (Penn 1996).

The library provides a full service for lending, inquires, reference, photocopying, computer and inter-library loans. Considerable emphasis is placed on helping the students and teaching information skills, through the introductory library orientation program. The library has a computer network system through which you can access the catalogue using the UNESCO – WINISIS software, to complement the traditional card catalogue.

1.2     Statement of the problem:

Every organizational activity depends upon reliable information and well managed records which are essential if an organization is to function, efficiently. With the advancement in technology, there should be an efficient records management system in place backed by technology. Information Technology is used for employee data base, financial and accounting information system, students data base, assets and liabilities data bank. Various aspects of records management in private institutions are not up to date that is there is lack an efficient and reliable information management system to keep all stakeholders informed. There are poor data processes and retention schedules; inadequately .trained personnel to handle data collection, storage and dissemination; inadequate training in Information Communication Technology; inadequate space, unclear chain of command among others. Through the public and private institutions in Nigeria Information Communication Technology was considered an indispensable tool for enhancing productivity, yet little attention is paid to the information management issues and to understanding the forces of change that affect the form and integrity of the record. Staff who understand the functional requirements for record keeping and the competencies and skills required to manage electronic information delivery system are few; legal and administrative requirements for managing electronic records are not implemented. Accurately documented policies, standard operating procedures and formal methodologies for analyzing records are still lacking. It is against this background that the researcher was prompted to investigate the relationship between the records management and efficiency in an organization.

1.3       The General Objective of the Study

The general objective of this study was to explore the effect of records management on organizational efficiency in an organization.

1.4       Objectives of the Study

1. To examine the influence of Records Management on efficiency in an organization.
2. To explore and make a critique of methods used by the organization  to manage records.
3. To examine the effectiveness of Information Communication Technology in managing records.
4. To establish the challenges faced by the organization in modernizing the records management system.

1.5     Research Questions

1. What influences record management on efficiency in an organization
2.  What methods are used by the organization to manage records?
3. What is the effectiveness of Information Communication Technology in managing records?
4. What are the challenges faced by the university in modernizing records management?

1.6       Scope of the Study

The study looks at the impact of records management on efficiency at in an organization. It was intended to find out the nature and practice of records management in the organization, assess the significance of records management on efficiency and examine the challenges of records management in the organization.

PROBLEMS AND PROSPECT IN THE USE OF INFORMATION AND COMMUNICATION TECHNOLOGY

PROBLEMS AND PROSPECT IN THE USE OF INFORMATION AND COMMUNICATION TECHNOLOGY

(A CASE STUDY OF JIGAWA STATE)