Similarly to recognizing information is different than data, the idea that information is an asset is gaining more traction. Organizations are seeing that information not only powers internal processes, but that the information itself has value, whether in defining new products or services, improving consumer experience or even outright selling, either directly or through providing access through API’s.
The trend towards recognizing information as an asset is more than a tagline for trying to sell the value of information, and therefore the governance of it, to management. The concept of truly treating information as an asset means that, ultimately, it needs to be addressed and accounted for just like all other assets in a business. This means making it a part of an organization’s balance sheet – if not formally, as accounting principles do not yet support this capitalization concept – then virtually.
Research firm Gartner has labeled this idea of truly and literally accounting for information as an asset “Infonomics” and encourages organizations to apply asset management practices and principles to the information.
From a governance perspective, recognizing information as an asset is a critical distinction that will impact how governance is applied to information. To learn more about this trend and the other trends impacting healthcare governance, download our recent guide, Healthcare Governance, Trends to Watch.
