Infonomics: Understanding and Embracing Information as an Actual Economic Asset
In this webinar, Doug Laney will share highlights from his recently published book, Infonomics: How to Monetize, Manage and Measure Information for Competitive Advantage.
Infonomics is the theory, study, and discipline of asserting economic significance to information. It provides the framework for businesses to monetize, manage, and measure information as an actual asset. Infonomics endeavors to apply both economic and asset management principles and practices to the valuation, handling, and deployment of information assets.
As a leader in business, information, information technology, chances are you regularly talk about information as one of your most valuable assets. Do you value or manage our organization’s information like an actual asset? Consider your company’s well-honed supply chain and asset management practices for physical assets, or your financial management and reporting discipline. Do you have similar accounting and asset management practices in place for your “information assets?” The vast majority of organizations do not.
When strategizing how to put information to work for your organization, it’s essential to go beyond thinking and talking about information as an asset, to actually valuing and treating it as one. The discipline of infonomics provides organizations a foundation and methods for quantifying information asset value, generating measurable economic value from it, and formal information asset management practices. Infonomics posits that information should be considered a new asset class, yet with properties that qualify it to be accounted for and administered as any other recognized type of asset—and that there are significant strategic, operational, and financial reasons for doing so.
Infonomics provides the framework businesses and governments need to value information, manage it, and wield it as a real asset. Aptly, the topic coincides with the objectives and responsibilities of one of the hottest roles in businesses today: the chief data officer, or CDO. Most of the thousands of CDOs appointed in the past few years have been chartered with improving the efficiency and value-generating capacity of their organization’s information ecosystem. Infonomics represents a new way of thinking about and treating information with the same discipline as other, traditional assets that they and other leaders can use and help spread throughout their organizations.