IRM Notes continuation from chapter 3 recent update

INFORMATION RESOURCES AS ASSET Information Assets in Organisation How does an information resource fit within conventional notions of an asset? Information assets are not always easy to identify. In accounting phrasing, an asset is ‘the right or access to future economic benefits that is controlled by the firm as a result of past transactions or events’. So from an economic perspective a defining feature of any asset is its longevity (durability). Individual items of data are frequently transitory. They are specific to a place and time. A stock of information, an information resource, may only have longevity if it is replenished with a flow of new data. The extent to which the stock will need to be replenished and the frequency of updating, depends very much on context. In library and information centres, information resources are acquired and updated daily, weekly, or as the case may be. So in conventional asset terms, a stock of information resources could be viewed as an asset that may require continuous maintenance to preserve its functionality. An information asset is a body of information resources, defined and managed as a single unit so it can be understood, shared, protected and exploited effectively. Information assets have recognizable and manageable value, risk, content and lifecycles. Like some other intangible assets, a distinguishing feature of information assets over conventional assets is that, although they can depreciate over time if not maintained, they are not depleted by use. The marginal cost of exploiting them may be very low. This is an important reason why intangibles can be so valuable. Examples of types of information assets in organizations include:  Customer Information  Competitor Information  Product Information  Business Process Information  Management Information, Human Resource Information  Supplier information  Legal and regulatory information  Organisational information