Data & Business - the interplay

The concept of “Information as an Asset” was first propounded by The Hawley Committee in 1994 under the auspices of the KPMG IMPACT programme that put together a succinct set of guidelines for boards of directors. It proposed that “all significant information in an organization, regardless of its purpose, should be properly identified, even if not in an accounting sense, for consideration as an asset of the business. The board of directors should address its responsibilities for information assets in the same way as other assets - e.g. property, plant.”

There was a reason why the committee directed the set of guidelines towards the Board. The main purpose of the board is to protect the assets of the shareholders by ensuring an organization’s management acts on their behalf and that they get a good return on their investment. So, since the board is responsible for protection of all assets, they must be responsible for protection of information assets too. However, the remit stretches beyond protection, and extends to deployment, utilization and monetization so the returns are maximized.

Through a mini series of articles, I'd attempt to draw a parallel between how administration of information assets is remarkably similar to that of traditional ones. How data strategy must be aligned with business strategy, how data governance inherits from corporate governance, how data management is remarkably similar to the management of core physical assets.

Happy New Year 2023 - Stay tuned!