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Information IS an ASSET: rediscovering gold

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Dr Sandra Ward reviews how the world has changed since the launch of the original Information as an Asset report in 1995.

Published in: Leadership & Management
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Information IS an ASSET: rediscovering gold

  1. 1. Information IS an ASSET Re-discovering Gold Dr Sandra Ward Beaworthy Consulting 14th February 2019 ‘Information as an Asset’ Report Launch - KPMG, Canary Wharf, London
  2. 2. The concept is clear! ‘Information as an Asset: Today’s Board Agenda’ Our new report is based on a remarkable, and still-highly relevant, 1995 report which asked two key questions of Boards: 1. Did their organisations have information that was a strategic asset? Answer: YES 2. Did they understand and manage these assets in the same way that they managed other strategic assets? Answer: NO 14th February 2019 Information as an Asset: Today's Board Agenda 2
  3. 3. Today information needs to be just as high on the agenda and there is more to do  90% of the world’s data was created in the past two years alone.  Pressures for excellent Information Management are growing:  Compliance with data laws and regulations requires information to be managed across its lifecycle.  To be competitive, organisations need agility, creativity, and to differentiate themselves.  Agility requires organisations which know their information and can trust and use it effectively.  Creativity is stimulated when information can be integrated across the organisation.  Differentiation requires better understanding of customers, competitors, capability and the information base.  Operational efficiency is also critical and depends on information flows fully integrated with business functions.  Today’s information environment is becoming more and more complex.  So, responsibility for information management must be owned from the top of the organisation. 14th February 2019 Information as an Asset: Today's Board Agenda 3
  4. 4. Many factors influence the information agenda today  The increasing capability of information systems to derive value from information assets – AI, Machine Learning, Robotics…  The rapid growth in the volume and range of information assets that are available to organisations – big data, connected devices, internet of things..  The accelerating capability to share information assets in ever more flexible and fast ways – the potential power of information integration…  The need to protect information assets in this more connected and open world….  The socio-political context now heightening recognition of the value of personal data, prompting new regulation and legislation. 14th February 2019 Information as an Asset: Today's Board Agenda 4
  5. 5. Today, and in the future, the Board must be: 1. Certain the information they use is sufficient and essential for purpose. 2. Able to access and trust all information and evidence needed, when they need it. 3. Assured their use complies with all laws and regulations. 4. Determined to maintain awareness of developments in Information Management and respond to new opportunities. Operating to these principles should provide them with the capability to: 5. Establish the organisation’s Information Strategy. 6. Assess and approve the organisation’s Information Policy. 7. Ensure a Framework of Responsibilities for information and its management in their organisation. 14th February 2019 Information as an Asset: Today's Board Agenda 5
  6. 6. Introducing the detail of an fully integrated Information Management Policy to the organisation 14th February 2019 Information as an Asset: Today's Board Agenda 6
  7. 7. The Board’s Checklist You know where all of your information and data is held. The organisation has assessed which information is strategically important (and which not). You have access to objective, accurate, and current information to support effective decisions. You consider information related risks as part of all investment decisions and business plans You always seize opportunities for innovation that leverage developments in IM and never fall behind competitors. An information strategy is in place and policies and processes are established. You realise the potential from collaboration with partners, suppliers and customers to share and use information. Accountability and responsibilities are defined; the right people and skills are in place. Your organisational culture fosters effective information behaviours and creativity. You have robust oversight and governance to ensure regulatory and legal compliance and internal good practice You have technologies and processes in place that allow you to leverage information for competitive advantage. Information standards enable integrated information and access across the organisation. You regularly reap the benefits from exploiting information assets. You never miss opportunities, risk corporate embarrassment, or fall behind competitors by deficiencies in information management, 14th February 2019 Information as an Asset: Today's Board Agenda 7
  8. 8. Putting ‘Today’s Board Agenda’ into practice Three key messages: 1. Information is of critical importance to all organisations; its management must be led from the top of the organisation. 2. Well-managed information assets will deliver value, innovation and opportunity. 3. Effective information governance is essential to minimise financial and reputational risk. 14th February 2019 Information as an Asset: Today's Board Agenda 8
  9. 9. With thanks to my colleagues on the Project Board  The Chartered Institute of Information Professionals (CILIP) represented by Nick Poole, CEO and Karen McFarlane, Chair of CILIP, CMG.  KPMG, the global network of professional services firms providing audit, tax and advisory services represented by Ceri Hughes, Head of Learning and Oliver Rolfe, Director, Head of Knowledge.  CIO Connect, an advisory service for UK CIOs and technology leaders represented by Alistair Russell, Director of Consultancy.  IK SpringBoard, a group represented by Stuart Ward.  Denise Carter, DCision Consult, and Chair of CILIP’s K&IM SIG.  Stephen Phillips, Executive Director, Morgan Stanley, and K&IM SIG.  Sandra Ward, Beaworthy Consulting, and K&IM SIG. 14th February 2019 Information as an Asset: Today's Board Agenda 9

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