How can library leaders align information management with their budget?

1 Assess your information needs

The first step to align information management with your budget is to assess your information needs and priorities. What are the goals and objectives of your library and its users? What are the current and emerging trends and challenges in your field and community? What are the gaps and opportunities in your information collection and services? You can use various methods to gather data and feedback, such as surveys, interviews, focus groups, analytics, benchmarking, and environmental scanning. By conducting a comprehensive needs assessment, you can identify the most relevant and valuable information resources and activities for your library.

2 Evaluate your information assets

The next step is to evaluate your information assets and determine their costs and benefits. Information assets include not only the physical and digital resources that you acquire, create, or subscribe to, but also the human and technical resources that you use to manage and deliver them. You can use tools such as inventory, audit, or value analysis to measure the quality, quantity, usage, impact, and value of your information assets. By evaluating your information assets, you can assess their alignment with your information needs and priorities, as well as their return on investment.

3 Plan your information budget

The third step is to plan your information budget and allocate your funds accordingly. Your information budget should reflect your information needs and priorities, as well as your information assets and their value. You should also consider the external factors that may affect your budget, such as inflation, currency exchange, vendor policies, government regulations, and stakeholder expectations. You can use techniques such as forecasting, scenario planning, or zero-based budgeting to estimate your income and expenses, and to justify your budget requests and decisions.

4 Implement your information strategy

The fourth step is to implement your information strategy and monitor its progress and outcomes. Your information strategy should outline the actions and steps that you will take to achieve your information goals and objectives, as well as the indicators and metrics that you will use to evaluate your performance and impact. You should also establish the roles and responsibilities of your staff and partners, and the communication and reporting channels that you will use to inform and engage them. You can use tools such as project management, risk management, or quality management to execute your information strategy and ensure its effectiveness and efficiency.

5 Review your information practices

The final step is to review your information practices and identify the areas for improvement and innovation. You should regularly collect and analyze data and feedback on your information resources and services, and compare them with your information needs and priorities, as well as your budget and strategy. You should also seek and explore new opportunities and challenges in your information environment, and adapt and update your information practices accordingly. You can use methods such as SWOT analysis, gap analysis, or feedback loops to review your information practices and enhance your information management performance and value.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?