Many senior executives talk about information as one of their most important assets, but few behave as if it is. They report to the board on the health of their workforce, their financials, their customers, and their partnerships, but rarely the health of their information assets. Corporations typically exhibit greater discipline in tracking and accounting for their office furniture than their data.
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. This book specifically shows:
- CEOs and business leaders how to more fully wield information as a corporate asset
- CIOs how to improve the flow and accessibility of information
- CFOs how to help their organizations measure the actual and latent value in their information assets.
More directly, this book is for the burgeoning force of chief data officers (CDOs) and other information and analytics leaders in their valiant struggle to help their organizations become more infosavvy.
Author Douglas Laney has spent years researching and developing Infonomics and advising organizations on the infinite opportunities to monetize, manage, and measure information. This book delivers a set of new ideas, frameworks, evidence, and even approaches adapted from other disciplines on how to administer, wield, and understand the value of information. Infonomics can help organizations not only to better develop, sell, and market their offerings, but to transform their organizations altogether.
"Doug Laney masterfully weaves together a collection of great examples with a solid framework to guide readers on how to gain competitive advantage through what he labels "the unruly asset" – data. The framework is comprehensive, the advice practical and the success stories global and across industries and applications." Liz Rowe, Chief Data Officer, State of New Jersey
"A must read for anybody who wants to survive in a data centric world." Shaun Adams, Head of Data Science, Betterbathrooms.com
"Phenomenal! An absolute must read for data practitioners, business leaders and technology strategists. Doug's lucid style has a set a new standard in providing intelligible material in the field of information economics. His passion and knowledge on the subject exudes thru his literature and inspires individuals like me." Ruchi Rajasekhar, Principal Data Architect, MISO Energy
"I highly recommend Infonomics to all aspiring analytics leaders. Doug Laney’s work gives readers a deeper understanding of how and why information should be monetized and managed as an enterprise asset. Laney’s assertion that accounting should recognize information as a capital asset is quite convincing and one I agree with. Infonomics enjoyably echoes that sentiment!" Matt Green, independent business analytics consultant, Atlanta area
"If you care about the digital economy, and you should, read this book." Tanya Shuckhart, Analyst Relations Lead, IRI Worldwide
Table of Contents
PART I: MONETIZING INFORMATION AS AN ASSET; 1. Why Monetize Information; 2. Top Ways to Monetize Information; 3. Methods for Monetizing Information; 4. Analytics: The Engine of Information Monetization; PART II: MANAGING INFORMATION AS AN ASSET; 5. Information Management Maturity and Principles; 6. Information Supply Chains and Ecosystems; 7. Leveraging Information Asset Management Standards and Approaches; 8. Applied Asset Management for Improved Information Maturity; PART III: MEASURING INFORMATION AS AN ASSET; 9. Is Information an Asset?; 10. Who Owns the Information?; 11. Quantifying and Accounting for Information Assets; 12. Adapting Economic Principles for Information; 13. Infonomics Trends; APPENDIX; A. Information Management Maturity Challenges; B. Landmark Legal Rulings Related to Information Property Rights
Doug Laney is vice president and distinguished analyst in the Chief Data Officer (CDO) research and advisory team at Gartner, Inc. Doug researches and advises clients on information monetization and valuation, open and syndicated data, analytics centers of excellence, data governance, and Big Data-based innovation. He is the author of Gartner’s enterprise information management maturity model, has compiled several hundred real-world examples of the "art of the possible" with data and analytics, edited and co-authored an eBook on Big Data for the Financial Times, and is a two-time recipient of Gartner’s annual thought leadership award.
Around the turn of the millennium, Doug originated the field of Infonomics, developing methods to quantify and harvest information’s economic value, and positing how to apply traditional asset management practices to information assets. He lectures at leading business schools and conferences on the topic, and his articles have appeared in Forbes, Wall Street Journal, and the Financial Times. Throughout his career Doug held leadership roles with global systems integrators and early-stage software companies, and has been a Gartner analyst for eleven years.
Doug lives outside Chicago with his wife and son where he bikes, cooks, plays competitive tennis and non-competitive golf, is a volunteer Junior Achievement instructor at a local grammar school, coaches area entrepreneurs, and sits on the University of Illinois Department of Accountancy advisory board.
You can follow Doug on Twitter at @doug_laney and on LinkedIn at linkedin.com/in/douglaney.
Becoming data-driven is not just a game, it’s a serious business contest that Laney shows you how to win. The insights, frameworks, and real-world examples throughout this book provide a complete picture of why and how to become an information-savvy organization.
-Judd Williams, Chief Information Officer, NCAA
Laney’s work redefines information as a true strategic asset, and shows how we CDOs can be instrumental in unlocking new ways for companies to grow and be relevant in the new connected modern economy.
-Rajeev Kapur, Chief Data Officer, Kimberly-Clark
We will one day look back at Doug's work and say, it is the groundbreaking work that firmly put data and data leadership in the middle of the business arena not as the white elephant, but as the phoenix; a formal player at the boardroom table.
-Althea Davis, Chief Data Officer, ABN AMRO
Doug Laney has put together a smart, practical book that applies traditional rules of business economics to the emerging information marketplace. Infonomics is an excellent field guide to knowing what actions can be taken to better measure, manage and monetize your company's data assets now and in the future.
-Dr. Jim Short, Lead Scientist and co-founder of the Center for Large Scale Data Systems (CLDS) at the San Diego Supercomputer Center
Infonomics provides a broad, deep and practical framework that information professionals can build on; it's full of real world illustrations and I think it is a seminal work. If you are serious about "treating information as an asset" then Infonomics is a must read.
-Phillip Radley, Chief Data Architect, BT Group, plc. (British Telecom)
Infonomics is a must read for business leaders who intend to succeed in data monetization, a requisite organizational capability for firms competing in the Digital Economy. Doug offers rich examples and detailed foundations that leaders can draw upon as they formulate their data strategies.
-Dr. Barbara Wixom, Principal Research Scientist, MIT Sloan Center for Information Systems Research
Doug Laney brings decades of practical experience to Infonomics, providing a stepwise framework for C-level executives to answer the ‘Why' to monetize data question, as well as how to operationalize the monetization of data throughout the enterprise and position themselves to innovate, compete and lead in their markets. I recommend this book as a must read to enable full potential of all the idle data in your enterprise.
-Gokula Mishra, Senior Director, Global Data & Analytics, Supply Chain, McDonald’s Corporation
Through a myriad of relevant examples, Doug successfully brings together data management, analytics, and economics in a book that offers practical guidelines to manage, improve, and monetize an organization's data assets. The book is not only a must read for Chief Data Officers, but for any other executive interested in succeeding in the Information Age.
-Leandro Dallemule, Chief Data Officer, AIG
Thank you Doug for an engaging read and for giving Data a well-deserved "seat at the table." This is a must have book, not only for CDO’s, CIO’s and Data Strategists but, for any executive interested in creating a data driven, info-saavy company. Laney serves up a treasure trove of insights and observations, while also asking some embarrassingly basic questions that beg to be answered by most companies.
-Dianna Serio, SVP, Enterprise Data Strategy, First American Financial Corp
The secret is out now. Infonomics encapsulates the characteristics comprising the kinds of companies we favor: they treat and deploy their information as an asset, and fully appreciate its economic value. Since Laney’s pioneering work in data warehousing, he has had a sense of information as something other than a business byproduct or occasionally-interesting resource, and has now graciously passed this on to the rest of us.
-Warren Weiss, General Partner, Foundation Capital
Since the dawn of data warehousing, information’s real and potential value to organizations in every industry and geography has skyrocketed to the point of underpinning the global economy today. But little has been explored about how to fathom and harvest this value. Infonomics provides the foundation to master what has been intuitively known for years, but not well understood at all. It is essential reading for all corporate management, not just ‘data folks.’"
-Bill Inmon, renowned "Father of the Data Warehouse Concept," author and entrepreneur
Infonomics is a pragmatic handbook for C-level executives that will enable them to speak, collaborate, and take action on their newest and most valuable asset: information. Laney is spot on by elevating the "asset status" of information…one to be curated, enriched, protected and monetized judiciously.
-Steve Bakalar, VP, Digital Transformation, Georgia-Pacific
As it dawns to us what it means to be in the Information Age, our society find itself poorly equipped with the tools, language and levers needed to manage this resource effectively. While qualifying and quantifying information value may not be obvious, Doug Laney shows it can be done. Filled with real-world examples, simple frameworks and straightforward practical advice, Infonomics will benefit business leaders, information professionals and policy-makers alike.
-David Vaz, Data Governance and Stewardship, National Australia Bank
Reading Infonomics will be engaging and will constantly trigger thoughts of value creation opportunities awaiting organizations, including ones that are immediate. I highly recommended reading this book regardless of your industry or organizational role.
-Evon Jones, Diversified former CIO Bausch & Lomb, Liz Claiborne and Hallmark Cards
Infonomics is everything you always wanted to know about how to treat and benefit from information as an actual corporate asset, but didn’t even know how or what to ask. It is a must read by CEOs, CMOs, CFOs, CIOs, business leaders, enterprise architects, and everyone involved with data.
-Maurice Levy, Retired CEO and chairman, Publicis Groupe
Doug Laney's, Infonomics, is an engaging read with interesting twists and turns for valuing data assets. I found myself looking forward to every "next chapter." As a current CDO, this book will become one of my most valuable "go to" resources. Thank you, Doug, for this thought provoking read.
-Sherri Zink, SVP and Chief Data Officer, BlueCross BlueShield of Tennessee
Infonomics is a must-read for anyone interested in profiting from or managing the rapidly growing information assets held by businesses. It also provides important insights for accountants, who should be thinking about information assets and how they might be reported to business stakeholders. Laney’s engaging style and careful thinking make for a compelling read.
-Jon Davis, University of Illinois School of Business, Accountancy Department Head
Doug Laney's well-researched and compelling text is a much-needed breath of fresh air. Laney formalizes the case for finally treating information as the truly valuable asset that it is. Infonomics challenges longheld—and, quite frankly, largely dated—beliefs about data, governance, and IT roles. It may well make you and your organization uncomfortable in the short term—and that's a good thing.
-Phil Simon, award-winning author of Analytics: The Agile Way and faculty member at the Arizona State University W. P. Carey School of Business
Infonomics easily provides the clearest thought leadership for companies on the true economic value of information. In time, textbooks will be rewritten and balance sheets recalculated to account for the monetary value of information. Doug is pioneering the establishment of this new asset class with inspiring examples, useful metrics and sound logic.
-Brandon Thomas, Chief Data Officer, Zions Bank
Doug Laney makes a compelling case for accounting for information as a corporate asset. Infonomics expertly guides organizations to uncover their hidden treasures and realize economic benefits from information assets. A must read for all CIOs."
-Cherif Amirat, Ph.D., Chief Information Officer, IEEE
This is a well-written book in the emerging area combining both information and economics. We've heard enough times that data/information is an asset without any proper blueprint but this book outlines clearly how to measure, manage and monetize information as an asset. This will be the new "Tesla" concept book in the new information and economics arena.
-Vijay Thiruvengadam, Executive Director for Decision Support and Analytics, University of Michigan
Laney was one of the first experts to identify and call out the power of Big Data. Now, in Infonomics, Laney issues a call to action. This book is a welcome addition to the emerging body of serious literature on the power of data in an Age of Information.
-Randy Bean, CEO and Founder of NewVantage Partners LLC, and thought-leader and contributor to Forbes, MIT Sloan Management Review, Harvard Business Review, and The Wall Street Journal.
This book is essential for any CDO or aspiring CDO. More importantly it should be read by all CEO's who wish to lead a data driven business. The ideas, concepts and examples are well thought through and are rigorous. This will be perpetually on my shelf and on my recommended list.
-Peter Jackson, Head of Data, Southern Water, UK
I’ve seen how hard this is first hand to transform a business from a product/feature based organization to one that is not only data driven, but competes based on data assets. Infonomics is a great, comprehensive view on how to approach this change and all the considerations to account for through the journey.
-Corey Ferengul, Executive-in-Residence, Hyde Park Venture Partners
His book Infonomics, one of the most interesting I have reviewed in a long time, is about monetizing, managing, and measuring information as an asset for competitive advantage. (...) This type of holistic thinking is typical of business operations and facilitates the showcasing of how information can be put at the service of the business to create new value and economic growth.(...) The result is an impressive condensation of actionable knowledge that reads well and constitutes a deep source of inspiration and guidance for C-suite executives who care about the linkage between information and competitive advantage, improving how information is accessed and used, and realizing the actual and latent value of information assets.
- Alessandro Berni, Computing Reviews