Digital Information and Value

Digital information changes the ways in which people and organisations interact. This paper examines the nature of this change in the context of the author’s Model for Information (MfI). It investigates the relationship between outcomes and value, selection processes and some attributes of information and explores how this relationship changes in the move from analogue to digital information. Selection processes shape the evolution of information ecosystems in which conventions are established for the ways in which information is used. The conventions determine norms for information friction and information quality as well as the sources of information and channels used. Digital information reduces information friction, often dramatically, and changes information quality. The increasing use of analytics in business increasingly delivers predictive or prescriptive digital information. These changes are happening faster than information ecosystem conventions can change. The relationships established in the paper enable an analysis of, and guide changes to, these conventions enabling a more effective use of digital information.