Information Assets, the key to unstructured data management

The idea of an information asset is a powerful new concept that is designed to bridge the gap between how business views information and how computers manage files.  The information asset is an entirely new perspective of data and is necessitated by the fact that business users intuitively include much more than just an individual file when referring to their information.  Simple things like, what is actually in the file, who it is for, etc., is often confusingly and inconsistently encoded in the file name or implied by its directory location.  Other information such as prior revisions, the template that was used to create the file, associated files such as pictures, scanned copies, or other working documents, not to mention the relevant emails, are simply scattered if recorded at all.  As one customer put it, “We have more controls, tracking, documentation, rules, checks, and management oversight of our petty cash than we do over our information assets”.  The result of this is that computers are simply not designed to know what an information asset is, and therefore, are completely unable to manage it in any way.

To be clear, information assets are not simply the collection of files on a file server.  The formal definition of an information asset is the set of all data, rules, and procedures that, collectively, represents a concept meaningful to the business.   This set of data can include not only a collection of files but other important items such as tracking and descriptive information (e.g.  the name of the customer), audit logs, emails, supporting documentation, images, etc., that collectively, have meaning to the business.  These can range from a few items to very complex asset that might include thousands of files.

This new concept is best explained by example.   Let’s take the common business concept of a contract, a written agreement between two or more parties enforceable by law.  While that’s its definition, what actually constitutes a contact?  Isn’t it just that Word document?  That seemingly simple question points out why today’s computer systems are so unaware and unprepared to manage this type of asset from a business perspective.

An Example:  The Composition Of A Contract

This type of asset, at least on the surface, appears to be pretty simple, probably manifesting itself as just an individual file.  However, even a cursory analysis reveals there’s a bit more to it.  The table below defines some of the components that can make up a contract.

1.       The Word document     

2.       The PDF version suitable to send to the client

3.       The client name

4.       Client contact information

5.       The type of contract      

6.       The value of the contract

7.       Template that was used to create the contract 

8.       The audit log of everything that happened to it

9.       Previous versions of the contract            

10.   Rejected versions

11.   List of people who need to approve it   

12.   The sales rep who created it

13.   The costing spreadsheet used to create sections

14.   Scanned signature page

15.   List of people who have not yet approved it       

16.   List of people to be notified when approved

17.   Proof that people actually approved it  

18.   Proof that the customer received the copy

19.   A cryptographic signature to detect tampering  

20.   A mirrored copy for protection

21.   A copy to put up on the website

22.   Login of users who can access it via the website

23.   Copies of important emails from the customer 

24.   Any related photos, sketches, or drawings

25.   References to previous contracts            

26.   Customer account number

27.   Validation script to run against the contract        

28.   How long people are given to approve or reject it

The table simply lists the many things that can make up the contract asset.  When these items are put into action in the real world of business, the complexities get even more interesting.  Often times, managing something is simply the ability to answer some basic questions about the asset.  Where is it?  Is it on the server, on someone’s computer, on someone’s laptop that is traveling right now, in some email message in my inbox?  Which one of these 5 copies is the right one?  Which one did we send to the customer?  Did they ever get it?  Who was supposed to approve it? What state is it in?  Has it been signed yet?   Which template was used to create this?  I have the PDF version, where is the real Word file? Who added this paragraph?  Did anyone scan in the final signature page?  Where did that go?  What about that costing spreadsheet we used to derive the number?  The list could continue but it should be painfully obvious that successful management of this information asset must encompass more than storing a file out on a file share someplace.

As can be seen from above, a contract is actually a quite complex entity.  Anyone who has been involved in contract negotiations knows that problems related to managing just a single one of these assets can be costly often resulting in possible lost revenue, follow up opportunities put in jeopardy, employee productivity impacts, management stomach acid, and company reputation and brand impact.  Contracts are just one example of the thousands of information assets that businesses struggle with every day.