Right or Wrong? Can you value Information as an Asset?

Classifying the value of information is crucial for companies looking to leverage data as a strategic asset - but how do you do that? By understanding its intrinsic, business, performance, and market values, organisations can enhance decision-making, gain competitive advantages, drive innovation, and improve operational efficiency.

Peta Sweeney, one of the esteemed mentors for the upcoming RIMPA Global Hackathon 2024, share her advice on how to tackles the complex challenge of valuing information as a strategic asset with a multifaceted approach. She emphasises that "valuing information is a critical part of ensuring that your organisation gets the full benefit from its information assets." According to Sweeney, this involves several key aspects:

• Enhancing decision making: Knowing which information is of value and which information is redundant helps to make informed decisions.
• Resource efficiency: Understanding the value of information can help us to better allocate resources and prioritise for their management and use.
• Risk management: Knowing which information will get us up and running quickly after a disaster is invaluable.
• Drive innovation: Information and data can directly support research and innovation with direct business benefits.
• Knowledge culture: Recognising the value of information can promote a culture of knowledge sharing and collaboration as well as contribute to the corporate memory.

 

She proposes a solution that enables businesses to view the value of information through different lenses. She suggests using tools like decision trees or infographics to help users visualise or work through the process. Underlying these tools, a range of methods can be employed, such as cost-benefit analysis for resource efficiency and metadata utilisation tools for assessing knowledge sharing and collaboration.

“There is no right or wrong answer to this problem,” Sweeney acknowledges. “But valuing information and records (from whatever lens) is an essential task for an information manager and involves a holistic assessment of their impact across various organisational requirements.”

To tackle these challenges head-on, join us at the RIMPA Global Hackathon 2024. Compete for a $10,000 prize and gain valuable insights that can transform your organisation. Don’t miss this unique opportunity to enhance your skills, network with professionals, and contribute to the future of information management. Register now and be part of this groundbreaking event, where your ideas can make a real impact!

How to Register

Don't miss out on this incredible opportunity! Visit the RIMPA Global Hackathon 2024 to secure your spot. The Hackathon welcomes ANYONE who is passionate about problem solving. Registration is open to teams, but spaces are limited, so act fast! 

Get Ready to Innovate!

Whether you're a seasoned professional or a passionate newcomer, the RIMPA Global Hackathon 2024 is the perfect platform to test your skills, push boundaries, and drive change. Register now and be part of an unforgettable experience!

For more information and to register, visit the RIMPA Global Hackathon 2024 Page.

We can't wait to see what you create!