Doug Laney – Infonomics: (How to monetise, manage and measure information as an asset for competitive advantage)

Top insights:

1) Key drivers of data monetization: increase customer retention, create additional revenue streams, new line of business, enter new markets, enable competitive differentiation, barter for goods and services, barter for terms, reduce fraud and risk.

2) Information Product managers will embody key skills – thinking big, understand customers, swim upstream across current, be experimental, evolve measure, communication and influence.

3) Governance challenge – culture often allows few official policies for handling most information, other than law and industry regulations.

4) Lack of governance often put down to plausible deniability

5) Collibra mentioned on page 163 – PAS 55 framework that Collibra automate.

6) By Adapting and using data effectively organisation can move form insights to foresights.

7) Information leaders urging businesses to treat information as a legitimate economic asset as commoditization of physical compels them to look for new margin business.

8) CDO role a natural evolution, like CHRO, CMO, C risk O.

9) Economics although the dismal science does offer a different lens compared to finance understanding and applying information assets.

10) Understand the vital difference between data quality metrics objective (Validity, completeness, Integrity) and of subjective (Existences, scarcity and relevancy).

11) Hawthorne effect – positive emotional effect due to sympathetic /interested observer, - Denning you can’t manage what you can’t measure. More reasonable aphorism – It’s easier to manage what you measure.

12) The accounting profession ‘abject’ failure to keep up with changes in global economy. Stuck in the 1930’s.

13) Classic accounting ineffectual at assigning value to the greatest asset of business today intangible assets.

14) AIG CDO data 'offence and defence' – building data management in a box = 3,000 systems into one place.