Infonomics I: Business Information Economics and Data Monetization

Start Date: 06/02/2019

Course Type: Common Course

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About Course

Thriving in the Information Age compels organizations to deploy information as an actual business asset, not as an IT asset or merely as a business byproduct. This demands creativity in conceiving and implementing new ways to generate economic benefits from the wide array of information assets available to an organization. Unfortunately, information too frequently is underappreciated and therefore underutilized. This first course in the two-part Infonomics series provides a non-technical perspective on and methods for understanding and taking advantage of information’s unique economic characteristics. Starting with dissecting whether the information is or isn’t an asset or even property, students will begin to appreciate the challenges and opportunities with treating it as one. Then the course examines how information behaves in the context of various familiar micro-economic concepts, and what can be gleaned from this to improve the way information is managed and leveraged. This leads to exploring the various ways information can generate economic benefits—or be monetized, including how various styles of business analytics can increase information’s potential and realized value for organizations.

Course Syllabus

Module 1: What is Information?
Module 2: The Economics of Information
Module 3: Methods for Monetizing Information
Module 4: Applied Analytics

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Course Introduction

Thriving in the Information Age compels organizations to deploy information as an actual business asset, not as an IT asset or merely as a business by

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Infonomics Throughout the 2000s Doug Laney and his colleagues developed and deployed information asset valuation models, information auditing methods, and information asset management practices. In 2010 Laney formed the Center for Infonomics, a non-profit think tank to collaborate on and further the principles and practices, and the associated the Center for Infonomics LinkedIn Group. The same year he began lecturing on Infonomics at leading business schools holding Infonomics workshops and conducting press interviews on the topic.
Data monetization Data monetization, a form of monetization, is generating revenue from available data sources or real time streamed data by instituting the discovery, capture, storage, analysis, dissemination, and use of that data. Said differently, it is the process by which data producers, data aggregators and data consumers, large and small, exchange sell or trade data. Data monetization leverages data generated through business operations as well as data associated with individual actors and with electronic devices and sensors participating in the internet of things. The ubiquity of the internet of things is generating location data and other data from sensors and mobile devices at an ever increasing rate. When this data is collated against traditional databases, the value and utility of both sources of data increases, leading to tremendous potential to mine data for social good, research and discovery, and achievement of business objectives. Closely associated with data monetization are the emerging data as a service models for transactions involving data by the data item.
Data monetization There are a wide variety of industries, firms and business models related to data monetization. The following frameworks have been offered to help understand the types of business models that are used:
Infonomics Infonomics is the theory, study and discipline of asserting economic significance to information. It provides the framework for businesses to measure, manage and monetize information as a real asset. Infonomics endeavors to apply both economic and asset management principles and practices to the valuation, handling and deployment of information assets.
Infonomics In the late 1990s, then META Group and now Gartner IT industry analyst Doug Laney coined the term "Infonomics" to describe his proprietary research and consulting around quantifying information’s value and defining how to manage information as an actual enterprise asset. This concept stemmed from his work with data warehouse pioneer Prism Solutions (now part of IBM) at which he and his professional services colleagues developed information auditing techniques to validate and qualify and quantify source data quality characteristics and potential business value. These methods were formalized into Prism's commercial ITERATIONS data warehouse methodology still offered by IBM.
Infonomics John Ladley, author and expert on enterprise information management also collaborates with Laney on infonomics research, and lectures on the topic.
Data monetization He also suggests a set of feasibility tests and questions for any data monetization ideas being considered:
Data monetization An unexplored but potentially disruptive arena for data monetization is the use of Bitcoin micropayments for data transactions. Because Bitcoins are emerging as competitors with payment services like Visa or PayPal that can readily enable and reduce or eliminate transaction costs, transactions for as little as a single data item can be facilitated. Consumers as well as enterprises who desire to monetize their participation in a data supply chain may soon be able to access social network enabled Bitcoin exchanges and platforms. Clickbait and data hijacking may wither as micropayments for data are ubiquitous and enabled. Potentially, even the current need to build out data broker managed data trading exchanges may be bypassed. Stanley Smith, who introduced the notion of the data supply chain, has said that simple micropayments for data monetization are the key to evolution of ubiquitous implementation of user configurable data supply schemata, enabling data monetization on a universal scale for all data creators, including the burgeoning internet of things.
Infonomics Craig Johnson's work in the healthcare environment expands the definition of Infonomics beyond “the theory, study and discipline of "asserting economic significance" to information” to include the activities that "quantify" and "leverage" that economic significance to "create and generate" economic value (i.e. Transforming Data into Dollars). His work asserts and has shown that not only does information intrinsically "have" economic value but that information can "create and generate" economic value for the organization that knows how to harness it effectively.
Business economics Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets. A professional focus of the journal "Business Economics" has been expressed as providing "practical information for people who apply economics in their jobs."
Data monetization Doug Laney of Gartner, a leading IT research and advisory firm, has posited a model for a range of data monetization methods:
Bibliography of encyclopedias: business, information and economics This is a list of encyclopedias and encyclopedic/biographical dictionaries published on the subject of business, information and information technology, economics and businesspeople in any language. Entries are in the English language except where noted.
Infonomics Benefits of applying infonomics principles and practices include but are not limited to:
Monetization The term "monetization" may also be used informally to refer to exchanging possessions for cash or cash equivalents, including selling a security interest, charging fees for something that used to be free, or attempting to make money on goods or services that were previously unprofitable or had been considered to have the potential to earn profits. And data monetization refers to a spectrum of ways information assets can be converted into economic value.
Infonomics The term is a portmanteau of "information" and "economics."
Data monetization There are three ethical and regulatory vectors involved in data monetization due to the sometimes conflicting interests of actors involved in the data supply chain. The individual data creator who generates files and records through his own efforts or owns a device such as a sensor or a mobile phone that generates data has a claim to ownership of data. The business entity that generates data in the course of its operations, such as its transactions with financial institutions or risk factors discovered through feedback from customers also has a claim on data captured through their systems and platforms. However, the person that contributed the data may also have a legitimate claim on the data. Internet platforms and service providers, such as Google or Facebook that require a user to forgo some ownership interest in their data in exchange for use of the platform also have a legitimate claim on the data. Thus the practice of data monetization, although common since 2000, is now getting increasing attention from regulators. The European Union and the United States Congress have begun to address these issues. For instance, in the financial services industry, regulations involving data are included in the Gramm–Leach–Bliley Act and Dodd-Frank. Some individual creators of data are shifting to using personal data vaults and implementing vendor relationship management concepts as a reflection of an increasing resistance to their data being federated or aggregated and resold without compensation. Groups such as the Personal Data Ecosystem Consortium, Patient Privacy Rights, and others are also challenging corporate cooptation of data without compensation.
Information communication telecommunication economics Telecommunication, is the exchange of information, voice or data, per time per space by electronic means. Then economics of Telecommunication is also the economics of Information Communication & Telecommuniactio refers to the branch of economics that APPLIES the principles of economics vis-a-vis demand, supply, market structures, consumer and producer behavior to the study and propound applicable theories to ICT markets and industry.
Information economics Information economics or the economics of information
Reed Business Information Since 2009 Reed Business Information has focused on data, analytics and information.
Infonomics The seven principles of infonomics are as follows: