Managing information assets is a key component of effective information governance. Information is one of the most valuable assets an organisation possesses. From customer data to proprietary research, these assets fuel decision-making, innovation, and growth. However, the true value of information can only be realised through effective management.
Contents
What is an Information Asset?
Understanding what an information asset is is the first step.
They are any data or information resources that hold value for the organisation, whether they are stored digitally or physically. The importance of managing information assets effectively cannot be overstated; mismanagement can lead to inefficiencies, security breaches, and missed opportunities.
According to the 2013 version of the ISO 27001 information security standard, an information asset is anything of value to an organisation that stores, processes, or makes information accessible. This includes both tangible and intangible assets:
-
Tangible assets include hardware, software and physical records.
-
Intangible assets include corporate memory, intellectual property, and brand materials.
Types of Information Assets
Information assets come in various forms, each requiring different management approaches. Structured data, such as databases and spreadsheets, is organised and easily searchable, while unstructured data, including emails, documents, and multimedia files, presents more challenges in terms of categorisation and retrieval.
Additionally, organisations must manage both digital and physical information assets. Digital assets, stored in electronic formats, are more prone to cyber threats, whereas physical assets, like paper records, face risks from environmental factors and physical theft. Understanding the different types of information assets is crucial for developing tailored management strategies.
You can categorise information assets in various ways depending on the organisation’s structure and needs. Here are some common types:
Based on Format:
-
Digital assets: Electronic files, databases, software, websites, and digital images.
-
Physical assets: Paper documents, contracts, blueprints, and other tangible materials.
Based on Value:
-
High-value assets: Critical information essential for business operations, such as financial data, customer information, intellectual property, and trade secrets.
-
Medium-value assets: Information supporting daily operations but not critical for business continuity, such as employee records, marketing materials, and internal reports.
-
Low-value assets: Information with limited value, such as routine correspondence or historical data.
Based on Function:
-
Operational assets: Information used for day-to-day operations, such as customer data, inventory records, and financial transactions.
-
Strategic assets: Information used for long-term planning and decision-making, such as market analysis, competitive intelligence, and research data.
-
Regulatory assets: Information required to comply with legal and regulatory obligations, such as financial records, environmental data, and employee records.
Based on Sensitivity:
-
Confidential assets: Information that requires strict access controls, such as trade secrets, financial data, and customer personal information.
-
Sensitive assets: Information that requires careful handling due to its potential impact on individuals or the organisation, such as employee medical records or performance evaluations.
-
Public assets: Information that can be freely shared with the public, such as marketing materials or general company information.
It’s important to note that these categories are not mutually exclusive, and an information asset can belong to multiple categories. For effective information governance, organisations should classify their information assets based on their specific needs and risks.
Identifying Information Assets
Before an organisation can manage its information assets effectively, it must first identify them. This involves mapping and cataloguing all data and information resources within the organisation. A comprehensive information asset inventory should be done. This will include details such as the asset’s location, format, owner, and sensitivity level.
Once identified, these assets need to be prioritised based on their importance to the organisation’s operations and goals. Critical information assets, such as financial records, intellectual property, and customer data, require heightened security and management attention.
Information assets can be classified in a range of ways:
-
function area;
-
sensitivity;
-
organisational objective, etc.
Once they have been identified and classified you should create an information asset register and assign an owner to each information asset.
Challenges in Managing Information Assets
Managing information assets has a number of challenges.
One of the most significant is the existence of data silos, where information is isolated within different departments or systems, leading to inefficiencies and a lack of collaboration. Fragmentation of data across multiple platforms further complicates the issue, making it difficult to gain a unified view of the organisation’s information. This can also raise risks around duplication and version control, which could impose additional costs on an organisation.
Additionally, security risks, such as data breaches and unauthorised access, pose a constant threat to information assets. Compliance with regulations like GDPR adds another layer of complexity, requiring organisations to maintain strict control over how data and information are handled and stored.
One way of managing these challenges is to give information asset owners control over who has access to the information in those assets and ensuring that people with access comply with information governance policies.
Implementing Information Governance
Effective management of information assets is impossible without a strong information governance framework. This involves establishing policies and procedures that dictate how information is collected, stored, used, and disposed of. Information governance ensures that your information assets are managed in a way that aligns with legal, regulatory, and business requirements.
Information Asset Lifecycle Management
From creation or acquisition to eventual disposal information assets have a lifecycle. Effective management requires attention at every stage of this lifecycle. During the creation and acquisition phase, it is essential to ensure that information is captured accurately and stored securely.
As information assets are used and maintained, they must be kept up-to-date and protected against unauthorised access. When information assets are no longer needed, they should be archived or disposed of in a manner that prevents data leakage or loss. Proper lifecycle management helps organisations maximise the value of their information assets while minimising risks.
Tools for Managing Information Assets
Managing information assets efficiently often requires the use of specialised tools and technologies. Data management platforms offer solutions for storing, organising, and retrieving data, making it easier to manage large volumes of information.
Information Asset Management (IAM) software provides features for tracking, securing, and analysing information assets throughout their lifecycle. These tools often include automation capabilities, which can help reduce the manual effort required to manage information assets, thereby improving accuracy and efficiency.
Training and Awareness
An organisation’s efforts to manage information assets effectively will only succeed if its staff are adequately trained and aware of their responsibilities.
Building a culture of information asset management involves educating employees about the importance of protecting information assets and providing them with the skills and knowledge they need to do so.
Regular training programs should be conducted to keep staff updated on best practices and emerging threats. This ongoing education helps foster a culture of accountability and ensures that everyone in the organisation understands their role in managing information assets.
Gain the Skills and Confidence You Need to Manage Information Assets
With these five-star rated, expert led information governance courses you can learn everything you need to speedily and effectively manage information assets. Available online, in person and in-house there is the perfect learning solution for anyone who needs to understand and apply effective information governance.
Measuring the Effectiveness of Information Asset Management
To ensure that information asset management efforts are successful, organisations must measure their effectiveness. Key Performance Indicators (KPIs) can be used to assess various aspects of information asset management, such as data accuracy, compliance rates, and incident response times. Regular information audits and reviews should be conducted to identify areas for improvement and to ensure that the organisation’s information asset management practices remain aligned with its goals and regulatory requirements. Continuous improvement strategies, such as updating policies and adopting new technologies, can help organisations stay ahead of emerging challenges.
KPIs for Managing Information Assets
KPIs provide measurable metrics to evaluate the effectiveness of information asset management strategies. Here are some key indicators:
Data Quality KPIs
-
Accuracy: The percentage of data records that are correct and complete.
-
Consistency: The degree to which data is consistent across different systems and sources.
-
Duplication: The extent of duplicate data within the organisation.
Information Security KPIs
-
Incident Response Time: The average time taken to respond to security incidents.
-
Mean Time to Recovery (MTTR): The average time taken to restore systems and data after a security incident.
-
Security Breach Costs: The total cost incurred due to data breaches.
Compliance KPIs
-
Audit Findings: The number of compliance issues identified in internal or external audits.
-
Remediation Time: The average time taken to address compliance issues.
-
Regulatory Fines: The amount of fines incurred due to non-compliance.
Information Utilisation KPIs
-
Data Access Requests: The number of requests for data access and the average time taken to fulfil them.
-
Data Usage: The frequency and volume of data usage across different departments.
-
Data-Driven Decision Making: The number of data-driven decisions made and their impact on business outcomes.
Cost Efficiency KPIs
-
Storage Costs: The total cost of storing information assets.
-
Data Management Costs: The overall cost of managing information assets, including personnel, software, and hardware.
-
Cost per Data Record: The average cost of storing and managing a single data record.
By tracking these KPIs, organisations can gain insights into the effectiveness of their information asset management practices. They can ensure they can meet their information needs, identify areas for improvement, and demonstrate the value of information assets to the business.
Future Trends in Information Asset Management
The field of information asset management is constantly evolving, driven by technological advancements and changes in the regulatory landscape. Artificial intelligence (AI) and machine learning are poised to revolutionise how organisations manage information assets, offering new ways to automate processes and gain insights from data. Additionally, the growing importance of big data and analytics is leading organisations to seek more sophisticated methods for managing and leveraging their information assets. As these trends continue to unfold, organisations must stay informed and adapt their information asset management strategies to remain competitive and compliant in an increasingly data-driven world.