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isten to my podcast with Doug Laney, author of the pioneering book "Infonomics". In this podcast, we discuss how the infonomics idea was conceived and developed, how it applies to the Digital Age, what information security looks like for a company today, how it leads to better decisions—and how a company might measure information as an asset.
Read the transcript: Is It Time to Split Up the Information and Technology of IT?
[02:44] “I've always been fascinated by data and the possibilities of data and how data is organized and how it can be used. But it kind of hit me hard after an unfortunate event, which was the 911 terror attacks. Some clients started calling me at Gartner, lamenting not only the tragic loss of life, but also the loss of their data.”
[03:56] “An asset is something that is exchangeable for cash and generating probable future economic value. And it is owned and controlled. So I was thinking that, you know, information really meets those criteria! Why isn't it considered an asset on the balance sheet?”
[04:27] “Even if you're in a database business, like Google or Facebook or Amazon, you can't put the value on all that data you have. Not even a data broker like Experian, or Dun and Bradstreet, can put the value of that data on a balance sheet. So it occurred to me that maybe this is a reason why a lot of companies are really managing their data [they way they are], because they don't really understand its value characteristics.”
[06:01] “You see most organizations have a whole department in charge of procurement office supplies, but they don't have anybody in charge of procuring data supplies.”
[07:41] “Some companies are not really comfortable yet quantifying data in financial terms. So we've developed some foundational models that look at an aggregation of data quality characteristics at data scarcity, and at data utility or utilization or relevance.”
[10:13] "The focus is on becoming a data-driven organization in terms of decision-making, and moving beyond hindsight-oriented analytics to more foresight-oriented analytics, like diagnostic, predictive and prescriptive kinds of analytics."
"The discipline of infonomics takes you beyond thinking and talking about information as an asset to actually valuing and treating it as one. One of CIO Magazine's top five "must read" books of the year, Infonomics provides the foundation and methods for quantifying information asset value and tactics for using information as your competitive edge to drive growth."
Infonomics: the new economics of information (2013) - FT
Infonomics: The Practice of Information Economics (2012) - Gartner on Forbes
Douglas Laney (Twitter: @Doug_Laney) leads the data and analytics strategy practice with the consultancy, Caserta. Formerly he was a vice president and distinguished analyst with Gartner's Chief Data Officer (CDO) research and advisory practice.
Mr. Laney pioneered the field of infonomics and is the author of the well-known book "Infonomics: Monetizing, Managing and Measuring Information as a Competitive Advantage". Prior to rejoining Gartner, Mr. Laney helped form and lead the Deloitte Analytics Institute. Mr. Laney is also a visiting professor at the University of Illinois Gies School of Business.