In the business world, information has become one of the most valuable assets a company can possess. But too often, that information is not treated as an asset. Instead, it's squandered or ignored altogether.
That's where infonomics comes in.
What is infonomics?
Infonomics is the theory, study and discipline of asserting economic significance to information. It strives to apply both economic and asset management principles and practices to the valuation, handling and deployment of information assets. In addition, it draws on concepts from other disciplines such as information science and statistics. Infonomics looks at the ways in which information can be managed, valued and used to create benefits for businesses.
One of the key goals of infonomics is to help businesses appreciate the importance of information. This is crucial because, as information becomes increasingly more valuable, businesses need to be sure that they are taking steps to protect and leverage that information properly.
To do this, businesses need to implement policies and practices related to infonomics. By doing so, businesses can ensure that they are getting the most out of their information assets.
It is important to note, the field is still emerging, and there is no one definitive way to practice infonomics. However, there are some core principles that can be applied in order to help organizations realize the full value of their information assets.
The value of information
Information has always been important to businesses, but in today's digital world, it's more important than ever. As businesses become more data-driven, the value of information increases.
Information can be used to make informed decisions and help a company grow. By treating information as an asset, businesses can ensure that they are getting the most out of their data. Additionally, by valuing and properly regulating information, businesses can protect this valuable resource.
The principles of infonomics provide business leaders with a framework for understanding and valuing information as an asset. Just as businesses have long recognized the importance of tangible assets such as land, buildings and equipment, infonomics provides a way to understand and quantify the power of information.
This can be extremely valuable for businesses in a number of ways. For example, it can help them make better decisions about how to collect, store and use information. It can also help them manage information resources more effectively and make sure that they are getting the most out of them.
Ultimately, businesses need to treat information as an asset if they want to succeed in today's economy. By understanding and implementing the principles of infonomics, businesses can make sure that they are getting the most out of their valuable information assets.
How infonomics can help information leaders
Infonomics is not just about dollars and cents. It's also about understanding how information behaves and flows within organizations. This includes understanding how information is created, applied, and shared. By understanding these dynamics, businesses can improve their use of information resources and make them more valuable to the organization.
If you're a chief data officer (CDO) or other information and analytics leader, you need to be familiar with infonomics. It can help you make the case for investing in information management and analytics initiatives. It can also help you understand the value of your organization's information assets and how to best utilize them.
CEOs, CIOs, and CFOs can also benefit from infonomics. It can help them understand the importance of information to their organizations and make well-informed decisions about how to invest in and use information resources.
Benefits of applying infonomics to your business
There are a number of benefits to looking at information as an asset. Some of the key benefits include:
- Increased efficiency - By understanding and valuing information correctly, businesses can use it to increase their efficiency and boost profits.
- Better decision making - With the right information, businesses can make sure that they are making the most informed decisions possible.
- Improved security - By implementing the right data security measures, businesses can ensure that their information is safe from hackers.
- Increased competitiveness - In today's digital world, businesses can't afford to not take advantage of information. By understanding and implementing the principles of infonomics, businesses can make sure that they are getting the most out of their valuable information assets.
- New product and service development - Information can help businesses create new products and services. With the right information, businesses can come up with innovative new offerings that will appeal to their customers.
- Reduced costs - By understanding and valuing information correctly, businesses can reduce their costs. When businesses have a good handle on their information, they can avoid wasting time and money on unnecessary activities.
- Info-savvy organizations - Infonomics can help businesses become more "info savvy". By understanding the value of information, businesses can make sure that they are making the most informed decisions possible about its management and operation.
Basics of Infonomics
In order to get the most out of infonomics, businesses need to understand the basics of how it works. Here are some key concepts that all businesses should be familiar with:
- Information assets - Information assets are any data or information that has value to a business. This can include customer data, financial data, proprietary information, and more.
- Asset management - Asset management is the process of identifying, classifying, and tracking information assets.
- Data security - Data security is vital to protecting information assets from cyberattacks.
- Valuation - Valuation is the process of assigning a monetary value to an asset. This is important because it helps businesses understand the true worth of their information and make sure that it is being utilized effectively.
- Utilization - Utilization is the process of using information assets to create monetary significance for a business. This can include creating new products and services, improving efficiency, or reducing costs.
By understanding these concepts, businesses can start to implement the principles of infonomics and get the most out of their information assets.
How to get started with infonomics in your business
In order for an organization to be successful with infonomics, they need to have the correct policies and practices in place. The first step is to create a data governance framework. This framework will help to ensure that all data is captured, managed and accessed in a controlled manner. It will also help to establish ownership and responsibility for data.
Once the framework is in place, the organization can start to develop policies and procedures for managing information assets. These policies and procedures should include:
- Data classification: how data will be classified and what levels of security will be applied
- Data retention: how long data will be retained and who has authority to decide when it is deleted
- Data sharing: who can access data and for what purpose
- Data quality: how data will be quality checked and who is responsible for ensuring its accuracy
By having these policies and practices in place, an organization can better manage their information assets and reap the benefits of infonomics.
Conclusion
Infonomics is still a relatively new field, but it's growing rapidly. Infonomics helps organizations manage and deploy their information assets more effectively, which can lead to increased competitiveness and profitability. As more organizations invest in information management and analytics, the need for infonomics will continue to grow. If you're involved in information management and analytics, make sure you stay up to date on the latest developments in infonomics. It could help you make your organization more info savvy and improve its bottom line.
Have questions about how you can apply these principles at your company? Contact one of our DATA BOSSES to learn how infonomics can help!