Information Retrieval (IR) is the process of accessing and retrieving data from a repository or database that contain both structured and unstructured information. It is used in libraries, corporate organizations and publicly available databases for search and retrieval of relevant data. IR techniques can be divided into two categories: automatic and manual information retrieval.
Automatic Information Retrieval
Automatic Information Retrieval (AIR) is an automated method of retrieving information from a data repository without any human intervention. This is typically achieved by using an IR engine, such as a web or natural language query engine, to search through the data repository and generate query results. AIR has the advantage of quickly retrieving large volumes of data and enables complex, customizable queries. It can also provide higher accuracy and faster retrieval times than manual information retrieval methods.
Manual Information Retrieval
Manual Information Retrieval (MIR) is the process of manually searching through data records for specific information. This can be done through either full-text search or index-based search. In full-text search, the user searches through the entire text of a data record to find relevant information. In index-based search, the user searches through an index that contains references to the relevant terms and associated records. MIR is a useful method for searching through small databases or for locating specific information within larger databases.
Key Features and Considerations
When selecting an IR method, financial managers should consider the following features and considerations:
• Database size and structure: Different IR methods will work better in different types of databases. For example, AIR is well suited for larger databases that contain structured information, while MIR is more suitable for smaller databases or for locating very specific information within larger datasets.
• Security concerns: Financial managers should evaluate the security of an IR system and consider the potential for privacy or confidentiality breaches.
• Costs: Financial managers should also consider the costs associated with implementing an IR system. AIR is often more expensive to implement than MIR, but can provide better accuracy and faster retrieval times.
Real-world Example
One example of how financial managers can use IR is in the context of document management. An organization may use a content management system to store all its documents in a central database. A financial manager can then use an IR system to search for specific documents, such as invoices or contracts. To ensure the highest accuracy in their search results, the financial manager can use an AIR system that is specifically designed for document retrieval.
Conclusion
Information Retrieval is an essential tool for financial managers who need to quickly access and retrieve large amounts of data efficiently. IR techniques can be divided into two categories – automatic and manual information retrieval – both of which are useful for different types of data repositories. Financial managers should be aware of the features and considerations for each method when selecting an IR system and use real-world examples to illustrate the application in their own organization.
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