INFONOMICS – THE NEW DIMENSION OF ECONOMICS AND INFORMATION

INFONOMICS – THE NEW DIMENSION OF ECONOMICS AND INFORMATION

Debesh Bhowmik.

The word –Infonomics is a composite of “information” and “economics.”Infonomics is to describe the study and emergent discipline of quantifying, managing and leveraging information as a formal business asset. Infonomics endeavors to apply both economic and asset management principles and practices to the valuation and handling information.

In the late 1990s, Doug Laney invented  the term Infonomics to describe his proprietary research and consulting around quantifying information’s value and defining its management as an actual enterprise asset.The primary principle of infonomics is the recognition of information as an enterprise asset

Therefore,the information has value when used in decision making.The subject motivates on three main important aspects,such as [1]Information’s value can be quantified,[2]Information’s value should be used to budget IT and business initiatives and [3]Information’s realized value should be maximized.Doug Laney and his colleagues developed and deployed information asset valuation models, information auditing methods, and information asset management practices.And it is taught regularly in foreign universities.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.Presently,Maastricht University offers a specialization in Infonomics that combines economics and business with a focus on information, networks and information technology.We can follow the valuable book of John Ladley on the subject,ie What is Enterprise Information Management (EIM) by John Ladley, Morgan Kaufmann, 2010.In abroad,we can find  several infonomics consultancy services in EU and USA.Such services uplifts Economics to a new dimension along with IT.Indian Government should give importance on the subject in the offing,so that Indian  would be more globalised.The subject can help extensively on management and business forecasting especially in asset-pricing models, financial market and liquidity.