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Infonomics: How to Monetize, Manage, and Measure Information as an Asset for Competitive Advantage, by Douglas B. Laney

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Review

"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's passion and deep understanding of information and the value it offers organizations is evident. He offers rich examples and detailed foundations that leaders can draw upon as they formulate their data strategies." - Barb Wixom, MIT Sloan Center for Information Systems ResearchData is the currency of the twenty first century. The problem is we don't have good ways to measure its value. Doug Laney has put together a smart, practical book that applies traditional rules of business economics to the emerging information marketplace. - Jim Short, UCSD Supercomputing Center"Infonomics is an important work, laying the foundation for an emerging field of study and activity. Most business leaders seem to oblivious to information's near limitless reproducibility and reusability, and how its low storage and transmission costs, coupled with a high degree of software automation, can render it as an incomparable resource. This book offers useful frameworks for valuing information, identifies the multitude of challenges faced by companies trying to maximise the value of information, and most helpfully, ways organisations must address these challenges to thrive in the New Economy." - Ian Oppermann,Chief Data Scientist, New South Wales, Australia, CEO Data Analytics Centre;  ICT and Digital Government, Department of Finance, Services & Innovation "Along with people, many executives claim that 'information' is their organization's' greatest asset. Their actions, however, consistently belie their words. With regard to enterprise information, it's high time that business leaders move beyond facile platitudes and paying lip service. Merely hiring employees with trendy titles such as Chief Data Officer and data scientist is neither necessary nor sufficient to capture the enormous value of information, but where to begin? Against this backdrop, 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"Data has been called the new oil. In his new book, Infonomics, Doug Laney outlines what it truly means to leverage data as a critical business asset. This book provides executives with the tools they will need to go beyond lip service and to actually behave like information is an asset that demands executive attention.  Infonomics teaches us how organizations can monetize their data assets to derive measurable business value and become data-driven organizations.  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. Â

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From the Author

Why a Book on Infonomics?Many people have inquired about what compelled me to write a book about infonomics. Moreover, what kind of crazy person decides to write a book in his "spare time" while in a job demanding much more than bankers' hours?The short answer is that it's been germinating inside me for many years, and kind of bursting to get out. (Yes, much like in the Alien films.) Back in 1999, I casually and kind of tongue-in-cheek coined the "infonomics" term in a META Group research piece, before META was acquired by Gartner, and even before the first incredible Freakonomics book. It took a couple years for me to realize that information isn't formally valued, recognized or reported as an economic asset. From that moment onward, I was on a mission! And for the past couple decades I have been researching, working with clients, developing ideas, and writing articles on this topic among others.After compiling 3000 articles, papers and ideas in an Evernote folder on the topic of valuing, accounting for, and administering various kinds of assets, and having amassed over 300 examples of organizations monetizing information, it seemed  high time to write a book. Thankfully Gartner has provided me with the ideal platform, surrounding me with dozens of brilliant colleagues and hundreds of enthusiastic clients over the years with whom to further explore and develop the infonomics concept. But being either too busy or too lazy (more likely both) to write three separate books on monetizing, managing, and measuring information as an asset, it's packed it all into a single book. Feel free however to digest it as three separate books, focusing on one part or another, depending upon your role and interests.What do I hope to achieve from writing the book? In short, it would be great to affect some kind of awakening that provokes further economic expansion at the hands of a growing cadre of infosavvy leaders and their companies. The book isn't about me nor about achieving fame and fortune. (Most Gartner analysts already have all the tech industry notoriety we can handle. And the book is a Gartner book, so no monetization for me no matter how well it sells.) Rather, day in and day out we Gartner analysts speak with clients who are struggling to manage their data better and do more with it. Their organizations put incredible discipline and resources into the handling and leveraging of other business assets, but not so much with their information. So if there's one question (maybe two) that I would like the book to evoke from business, technology and information leaders, it's this:Why hasn't our organization been treating information as an asset all along, and how the heck can we hope to thrive, let alone survive, in an increasingly digital world without doing so???It would be great to see many of you in any of these roles take some of the ideas from the book on just how to do so, implement them, and build on them.Perhaps the book brings about a revolution of sorts, leading to the recognition of information as an accounting asset, and subject to the same legal treatment as other forms of property. Or maybe the book will compel some bright young economist to expand upon and develop infonomics into a new branch of economics, earning herself a Nobel Prize. But accounting regulations and the field of economics are not really my main concern. More than anything, I'm anxious to see how organizations that internally embrace and execute on these ideas and practices become tomorrow's economic powerhouses.So I hope you and your organization's other business leaders, technology, data and analytics leaders, and architects (at least) get the book. And that you each find it interesting, informative, and instructive. Or at least one of the above. :-)Thanks,DougFollow me on Twitter @Doug_Laney #infonomics #GartnerDA. And check out my blog on the Gartner  Blog Network.

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Product details

Hardcover: 344 pages

Publisher: Routledge; 1 edition (September 19, 2017)

Language: English

ISBN-10: 1138090387

ISBN-13: 978-1138090385

Product Dimensions:

6.2 x 1.2 x 9 inches

Shipping Weight: 1.3 pounds (View shipping rates and policies)

Average Customer Review:

4.9 out of 5 stars

81 customer reviews

Amazon Best Sellers Rank:

#32,452 in Books (See Top 100 in Books)

Infonomics is an important book that cuts to the heart of the business of information. For too long, organisations have used technology as a convenient proxy for information - because technology is tangible, has an official financial value and is something that senior executives can be shown to 'prove' that money was spent wisely. Meanwhile, information languishes in a challenging place... intangible, endlessly replicable, undiminished with use... and completely invisible to the CFO who's not allowed to record information as an asset on the balance sheet.Doug sets out to address the curse of Information: - If something can’t be valued it isn’t valuable - If it isn’t valuable, it isn’t investible - And if it isn’t investible, it’s not improvableDoug does this by challenging organisations to monetise, measure and manage their information assets. He uses great anecdotes from around the world and does so in a very readable style. There are also pages of practical 'how to' steps that create a great action plan.This is a 'must read' book for any executive who wants to embark on the adventure that is digital transformation.

I especially like Doug Laney’s great book, Infonomics, for several reasons. One, it drives home both the opportunity and challenge in data. First, the opportunity: Doug provides example after example of great ways to monetize data and points out that these are available to all. For many, their best opportunities for growth lie in their data.Now the challenge: Again, example after example, but the one that best drives it home is on page 186, “…that some business people prefer plausible deniability over knowing how poor quality the data is,…” As if bad data didn’t bite them everyday. It is hard to see how a company moves forward under such circumstances.Next, Doug offers dozens of pieces of advice. But I want to crystallize one that is particularly important. Too many people view data as “exhaust,” as in the exhaust from a car taking you somewhere. The notion that information is an asset is completely antithetical to the notion that it is exhaust! Sooner or later, you simply have to find a way to place value in data. The last few Chapters offer an assortment of ways to do so. Read these Chapters with extra care, pick one, and sort out how to use it in your company.Finally, Doug advises companies to start with data quality. In the rush to monetize, too many have lost sight of the importance of quality. Done right, it is the fastest, surest way to save some money, build trust in the data, and gain the practical skills you'll need to move forward.

So let me admit at the outset, information technology is an area I'm relatively new to. Doug Laney's book has had a transformative impact on the way that I think about information and I'm incredibly grateful for that. As someone who has a great love of valuation, part III of the book, focused on measuring information on a firm's financial statements, was a labor of love. It's something I've brought to the attention of my agency, and while only in the most rudimentary stages, I've had fun building models that aim to properly value information as a living balance sheet asset, and also to show how variations in the "book" value of information cascade throughout the three financial statements.Perhaps the world's most respected valuation expert, Prof. Aswath Damodaran of NYU, spends considerable time arguing that in R&D intensive industries (e.g. pharma), it's silliness to account for R&D as an expense on an income statement given how long lived the benefits may be. Rather, the Professor argues that these should be assets to be capitalized on the balance sheet. I plan on asking him, but I imagine the Professor would take a similar view of investment in information that is likely to produce benefits over more than one period.Of course, unlike R&D, getting "information" into the financial statements at all - and not just as a footnote - is still a challenge. Here, I believe the private sector will push the accounting bodies, and as usual, the international folks will be ahead. Particularly folks on the buy-side know darn well that information has value, and they're going to use their own models to incorporate such - the sell-side, catering to the buy-side will follow and it'll be a rare instance of the accounting boards following the banks.In any event, as the section I was most at home with, this is A+ material, Mr. Laney dives deep, and it's needed to truly understand the crux of the accounting dilemma.Likewise, I was reasonably at home in the book's first section on monetizing information. Thanks to the author for expanding my horizons here. At a marketing agency, while we have some information that's valuable, I'm not prepared to call us info-intensive. But that is changing slowly but surely. And knowing my industry, I see opportunities here to get ahead of the field.Admittedly lacking experience in managing information in any official capacity, I'll need to reread that section of the book, but it'll be well worth it. Being able to be part of the conversation always matters. As we encounter more and more folks with AI and ML solutions, the one thing I know with certainty is that any wonders those tools have to offer will go to waste if there's insufficient data or the data isn't in usable form or use cases are insufficiently defined. And the adequacy of good data remains a tremendous problem in most of the fields I hold dear (certainly law and marketing, finance perhaps a bit less so). As the author notes, it's likely a good thing that the first wave of commercial big data offerings failed. Way over-speculative.This is a different type of review for me in that ordinarily, I'm praising a book that I can say with some authority is the best in its field (because I'll have read the competition). I still think Mr. Laney's contribution is profound, however. This book teaches complex concepts but one can happily follow along; the examples are terrific; the flow makes wonderful intuitive sense; and without any need to be overly provocative, it's a strong call to action. Business folks, whether IT or not, are going to be grappling with information and data for the rest of their careers - indeed, their careers may be defined by it.I would take this kind of forward-looking, as applied introduction 1000x over an abstract "introduction to information economics" text. Extraordinarily impressive and highly recommended and I suspect I'll have more to say upon a second reading. Thanks Doug!

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