Wednesday, March 9, 2016

The CIO’s Digital Agenda XXXXVIII: Back to Basic, IT needs to Focus on Information Management

Information is the Lifeblood of Digital Organizations.

At today’s digital dynamic, information is abundant and even explosive, businesses have become over-complex also hyper-connected, Back to basic, the focal point of IT needs to focus on Information Management, what’s the correlation between data, information, and decision-making, and how to manage data-information-knowledge-insight life cycle effectively?  

Back to Basic, IT needs to Focus on Information Management

  • The Value of Information? Data is raw, unorganized facts that need to be processed. Data is simple, random and unorganized; on the other hand, information is processed data. Information is structured and presents facts in context to targeted situations and conditions that facilitate business in making the right decisions at the right time. Given this assertion, there is no limit to the value of information in the digital economy.

  • Information vs. Decision Making: At today’s digital dynamic, information is abundant and even explosive, businesses have become over-complex also hyper-connected, what’s the correlation between information and decision making. If data-decision pair works fine to advocate analytics based culture; as information is the processed data; and knowledge is processed information, how about information-decision pair? It's not necessarily information, but the business insight leads to the right decision making. So how to measure information accuracy as well as decision-making effectiveness?

  • How to Survive and Thrive in the Age of Information Overloading: IT is working hard to transform from a cost center to a value creator, but some of the challenges facing in IT valuation is that it attempts to apply the same measurement approach to all investments - yet there are unique attributes that differentiate one investment category from another. Further, too often, IT is driving by a look at rear mirror only, not pay enough attention to the front window and create forward-looking view upon how to run IT smoothly, or only focus on ‘tangible’ value, with ignorance of ‘intangible’ one. So what are the best way to present IT value?

  • Who is in the Driver’s Seat for your Master Data Management: Data is the raw asset and information is the lifeblood of organizations today. How to manage data right is a fundamental requirement to become a Digital Master, and Master Data management plays an important role in information lifecycle management -"master data management comprises the processes, governance, policies, standards and tools that consistently define and manage the critical data of an organization to provide a single point of reference." But in your organization, who is in the driver’s seat for your Master Data Management?

  • Process vs. Data: Which Comes First:  Data is like the life blood of business, processes are like body functions, made up of steps that convert inputs to outputs. process management is to manage known from the flow. Process vs. Data, which one should come first?

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