These kinds of services are not working in Nigeria, not really because of the poor situation of the country but to the value placed on information. Once high value has been placed on information, them there will be always ways to access such services.
Some fee based information are not actually information that are scarce or difficult to find but the brokers do have means of getting such information and collating them together for the user to access, thereby saving the user valuable time that may be spent if such information are to be sought for by themselves.
I am of the opinion that certain information need not be made available for free, because do not value information they get for free, once some value in form of cash or otherwise has been placed on information, there is a higher possibility that such information will be valued, however in some environmental locations some information need to be made available for the progress and benefit of the users. A piece of information that is of value to one user may not be actually valuable to another.
Value can also be added to some information, so as to make the user make proper use of them and also as a way of sourcing for a means of lively hood by the person selling such information.
In Nigeria value has not been placed on information as compared to other countries, there is the need to have proper legislation that will make selling information very viable and laws that will protect the suppliers of such information. Some information that can be made available can expose some wrongdoing taking place somewhere and those concerned may tend to sabotage such efforts.
Finally there should be infrastructure put in place such as availability of power, research and ICT centers in various parts of the country as information service providers for revenue generation.
Gwary E.B
MIM/EDUC/12102/08-09
Wednesday 24 September 2008
Friday 12 September 2008
THE ECONOMIC VALUE OF INFORMATION
There are no standardized ways to value information generally.
But information may be valued by its utility which varies from individual to individual, and from organization to organization. Because information may be valued for its use, the user may be willing to pay for it thereby making it a commodity which can be measured by price as all other economic products in the market place.
However, information is not critically considered as valuable due to our low level of software development (ignorance and illiteracy). If the Nigerian government begins to utilize available information for developmental purposes, then an awareness of the economic value of information will be created. The bottom- line is that information may be regarded as a public and economic product.
Name: Ojadonor, U. Jimmy.
Reg. No: MIM/EDUC/11944/2007-08
There are no standardized ways to value information generally.
But information may be valued by its utility which varies from individual to individual, and from organization to organization. Because information may be valued for its use, the user may be willing to pay for it thereby making it a commodity which can be measured by price as all other economic products in the market place.
However, information is not critically considered as valuable due to our low level of software development (ignorance and illiteracy). If the Nigerian government begins to utilize available information for developmental purposes, then an awareness of the economic value of information will be created. The bottom- line is that information may be regarded as a public and economic product.
Name: Ojadonor, U. Jimmy.
Reg. No: MIM/EDUC/11944/2007-08
Tuesday 9 September 2008
The economic value of information
THE ECONOMIC VALUE OF INFORMATION
How are we to value information? A common view is that “to accountant, information is considered as worthless. On the balance sheet, information is such a hidden asset. It is totally invisible (Tate, 1986,86) such may be the case of accountant creating an annual report. But to those who must enter, collate, sort, store, transmit, format, analyse and utilize it, information certainly has value.
What kind of ‘value’’ might we consider. Calculation of the value of commodities in general is an established problem addressed by economists. Value in this general sense has also been addressed by information theorists in communications, library and information science (Black and Marchant, 1982). In order words the value of information is an expression of impact or how it is used (Griffiths, 1982). The American college dictionary (1968) lists three primary meanings for the word value.
1. That property of a thing because of which it is esteemed, desirable or useful.
2. Material or money worth as in traffic or sale.
3. The worth of a thing as measured by the amount of other things for which it can be exchanged, or as estimated in terms of a medium of exchange.
Information value as ‘’Use’’
The economic value of information depends on the utility it is placed. Indeed a prevailing view speaks of the ‘’value of information’’ with this same connotation, which information value denotes solely an expression of how ’’useful’’ it is to the recipient. Information value is frequently expressed as a derivation from communicational utility, following from the engineering work of Shannon and Weaver (1949).
Information as ‘’traffic’’
Indeed, in formation is available in many forms, not just computerized, and there have been many attempts to map its societal usage, flow and value. Machlup (1962) is justly credited with farthering this field of study with his book The production and Distribution of Knowledge in the United States. This was the first detailed attempt to classify knowledge production in society, including education, research and development (R&D) activity and the communication media.
Information value as ‘’commodity’’
Utility by itself, without economic factors is of little help in analyzing information as commodity, because what we seek to measure is economic value which assumes use value.
Many (although not all) forms of electronic information are commodities. This means they are available for purchase in the market place. The lists of example is long including purchased software packages (e.g. Word Perfect, rBase) leased Software (VSAM, IMS), bibliographic retrieval services e.g. (Dialog, D&B), Scientific data retrieval services, Governmental data services, data networking services (e.g. Telenet, Tymenet) and computer network services (e.g. CompuServe.
However it is interesting to note that the issue of the economic value of information is an academic exercise. It is rather not easy to define. But it is clear to look at it from the point of view of utility at which information have been placed. On the general note, information is most valued on the point of tactical, operational and strategy purpose.
How are we to value information? A common view is that “to accountant, information is considered as worthless. On the balance sheet, information is such a hidden asset. It is totally invisible (Tate, 1986,86) such may be the case of accountant creating an annual report. But to those who must enter, collate, sort, store, transmit, format, analyse and utilize it, information certainly has value.
What kind of ‘value’’ might we consider. Calculation of the value of commodities in general is an established problem addressed by economists. Value in this general sense has also been addressed by information theorists in communications, library and information science (Black and Marchant, 1982). In order words the value of information is an expression of impact or how it is used (Griffiths, 1982). The American college dictionary (1968) lists three primary meanings for the word value.
1. That property of a thing because of which it is esteemed, desirable or useful.
2. Material or money worth as in traffic or sale.
3. The worth of a thing as measured by the amount of other things for which it can be exchanged, or as estimated in terms of a medium of exchange.
Information value as ‘’Use’’
The economic value of information depends on the utility it is placed. Indeed a prevailing view speaks of the ‘’value of information’’ with this same connotation, which information value denotes solely an expression of how ’’useful’’ it is to the recipient. Information value is frequently expressed as a derivation from communicational utility, following from the engineering work of Shannon and Weaver (1949).
Information as ‘’traffic’’
Indeed, in formation is available in many forms, not just computerized, and there have been many attempts to map its societal usage, flow and value. Machlup (1962) is justly credited with farthering this field of study with his book The production and Distribution of Knowledge in the United States. This was the first detailed attempt to classify knowledge production in society, including education, research and development (R&D) activity and the communication media.
Information value as ‘’commodity’’
Utility by itself, without economic factors is of little help in analyzing information as commodity, because what we seek to measure is economic value which assumes use value.
Many (although not all) forms of electronic information are commodities. This means they are available for purchase in the market place. The lists of example is long including purchased software packages (e.g. Word Perfect, rBase) leased Software (VSAM, IMS), bibliographic retrieval services e.g. (Dialog, D&B), Scientific data retrieval services, Governmental data services, data networking services (e.g. Telenet, Tymenet) and computer network services (e.g. CompuServe.
However it is interesting to note that the issue of the economic value of information is an academic exercise. It is rather not easy to define. But it is clear to look at it from the point of view of utility at which information have been placed. On the general note, information is most valued on the point of tactical, operational and strategy purpose.
Free, Fee-Based and Value-Added Information Services
Information the foundation of business decisions.
Every business manager, in every industry, has the same important job responsibility of making decisions. The key to making good decisions that further the goals and objectives of the organization is good information.
In today’s global village the information required to make decision resides not only within the organization itself, but beyond its boundaries. When there is any need for decision making as regards to competitive, regulatory or product development, for instance, what the manager needs most are facts about other companies and institutions. To find that external information, today’s managers and knowledge workers go online.
The online world is a very big place. Netcraft found in excess of three million active websites. Looking for a particular bit of information among all these websites will not be easy. There is therefore the need for most sophisticated tool to approach the task.
The $107 billion search
Super information about information managers (super 1 – AIM) study conducted by outsells, inc., which was commissioned by Factiva, Dialog and KPMG. said that American Companies spent $107 billions a year paying their employees to search for external information.
Researchers interviewed more than 6,000 American knowledge workers from the Vice president to individual contributors. They were employed at companies selected from twenty (20) different industries, all with annual sales above $10 million. The study finds that knowledge workers spend about four hours per week looking for and gathering information. They spend an additional four hours per week reviewing and applying external information. The average salary for these workers, the study finds, equates to $30 per hour, so searching for and reviewing external information at $240 per person per week is a hefty investment of employee time and corporate resources.
Here are three questions enterprise managers need to ask about this $107 billion information search.
1. Are the organization’s resources being spent wisely?
2. Is the right information being collected?
3. Is the information collected leading to good decision?
The answers depend on the quality of the research tools being used.
Free, Fee and value – added
Three general types of business information providers are available online.
a) Free web sites – Sites that do not charge for information available on them
b) Free – based sites – Sites that offer copyrighted material such as articles or analysis, charging for access
c) Value – added information Services – Web – based providers that offer a wide range of business information – much of it unavailable on the free Web or through fee based Web site – and charge for access
Head – to – head comparison of information sources
Free Web sites, fee-based Web sites, and value-added information services offer varying access to information and different search capabilities. Does it matter?
To find out, Bates conducted a head-to-head comparison of the three types if information providers (Bates, selecting Business intelligence sources). She sought answers to typical business questions on free Web sites, Fee-based Web sites and a value-added information service-Dow Jones interactive, a Factiva product
The result – value – added is faster and better.
The result of the study show significant differences among the three approaches. “In almost every case, complete answers were only available through the value-added service – Dow Jones interactive in this test” Bates report Dow Jones interactive also yielded the answers much more quickly than either free or fee – based services in all but the simplest request.
Bates concludes that the majority of business questions are most effectively answered with a professional online service. The information resources are more comprehensive, deeper and can be searched in a fraction of the time required to search the web. Most of the highest companies in the world make Factiva’s value-added information services available to their employees of all Global Fortune 500 companies 84% have Factiva accounts.
CRITICAL ASSESSMENT OF THE ABOVE SUMMARY.
No information online is actually free when we consider the actual cost for information plus the cost of business professional’s time. In business, time is money. The developed nations of the world have mastered this. They can actually spend in billions to search for value-added information because this is what has given them an edge over the rest of the world. America is superior today because of her information network. They are far ahead in terms of Technology and financial development. They can sponsor any kind of research with end result.
It will be almost impossible for a typical Nigerian business manager to spend huge amount of money as $107bn to search for information on the Web sites. The exposure, commitment and sincerity of purpose may be a mere thought, as against America who may harbour a long time plan strictly based on the quality of online global information.
Power generation i.e. electricity and Information Technology (IT) are not working hand by hand in Nigeria’s quest for development. Power generation and supply is very low which is a total stampid on Information Communication Technology Development. The unstable nature of Nigeria economic and political environment, government apathy towards information service is a great hindrance.
It is important to note that among the three Internet Service providers, i.e. Free Web sites, Free-based web sites and the Value added Information Services, Value-added is faster and better. The result of the study show significant differences among the three approaches. In almost every case complete answers were only available through the Value-added service. Dow Jones Interactive also yielded the answers much more quickly than either free or fee-based services.
Bates went further to calculate the actual total cost of each search – the actual cost of the Information plus the cost of the business professional’s time. “In almost every case” Bates says the true cost of research was lowest when using Dow Jones Interactive and higher when relying on the fee-based sources.
Lawyers in Nigeria for now may be able to afford value-added information services-Web based providers that offer a wide range of business information because of the nature of their work. They are ready to spend to get information in order to defend and win their cases. Finally, it is to note that every Webmaster is free to do what he or she wants. They therefore sometimes give one difficulty or the other. Every body wants freedom because it is a wonderful thing. But on the web, it certainly makes finding a particular fact difficult. How many Nigerian information seekers can afford and endure this?
Every business manager, in every industry, has the same important job responsibility of making decisions. The key to making good decisions that further the goals and objectives of the organization is good information.
In today’s global village the information required to make decision resides not only within the organization itself, but beyond its boundaries. When there is any need for decision making as regards to competitive, regulatory or product development, for instance, what the manager needs most are facts about other companies and institutions. To find that external information, today’s managers and knowledge workers go online.
The online world is a very big place. Netcraft found in excess of three million active websites. Looking for a particular bit of information among all these websites will not be easy. There is therefore the need for most sophisticated tool to approach the task.
The $107 billion search
Super information about information managers (super 1 – AIM) study conducted by outsells, inc., which was commissioned by Factiva, Dialog and KPMG. said that American Companies spent $107 billions a year paying their employees to search for external information.
Researchers interviewed more than 6,000 American knowledge workers from the Vice president to individual contributors. They were employed at companies selected from twenty (20) different industries, all with annual sales above $10 million. The study finds that knowledge workers spend about four hours per week looking for and gathering information. They spend an additional four hours per week reviewing and applying external information. The average salary for these workers, the study finds, equates to $30 per hour, so searching for and reviewing external information at $240 per person per week is a hefty investment of employee time and corporate resources.
Here are three questions enterprise managers need to ask about this $107 billion information search.
1. Are the organization’s resources being spent wisely?
2. Is the right information being collected?
3. Is the information collected leading to good decision?
The answers depend on the quality of the research tools being used.
Free, Fee and value – added
Three general types of business information providers are available online.
a) Free web sites – Sites that do not charge for information available on them
b) Free – based sites – Sites that offer copyrighted material such as articles or analysis, charging for access
c) Value – added information Services – Web – based providers that offer a wide range of business information – much of it unavailable on the free Web or through fee based Web site – and charge for access
Head – to – head comparison of information sources
Free Web sites, fee-based Web sites, and value-added information services offer varying access to information and different search capabilities. Does it matter?
To find out, Bates conducted a head-to-head comparison of the three types if information providers (Bates, selecting Business intelligence sources). She sought answers to typical business questions on free Web sites, Fee-based Web sites and a value-added information service-Dow Jones interactive, a Factiva product
The result – value – added is faster and better.
The result of the study show significant differences among the three approaches. “In almost every case, complete answers were only available through the value-added service – Dow Jones interactive in this test” Bates report Dow Jones interactive also yielded the answers much more quickly than either free or fee – based services in all but the simplest request.
Bates concludes that the majority of business questions are most effectively answered with a professional online service. The information resources are more comprehensive, deeper and can be searched in a fraction of the time required to search the web. Most of the highest companies in the world make Factiva’s value-added information services available to their employees of all Global Fortune 500 companies 84% have Factiva accounts.
CRITICAL ASSESSMENT OF THE ABOVE SUMMARY.
No information online is actually free when we consider the actual cost for information plus the cost of business professional’s time. In business, time is money. The developed nations of the world have mastered this. They can actually spend in billions to search for value-added information because this is what has given them an edge over the rest of the world. America is superior today because of her information network. They are far ahead in terms of Technology and financial development. They can sponsor any kind of research with end result.
It will be almost impossible for a typical Nigerian business manager to spend huge amount of money as $107bn to search for information on the Web sites. The exposure, commitment and sincerity of purpose may be a mere thought, as against America who may harbour a long time plan strictly based on the quality of online global information.
Power generation i.e. electricity and Information Technology (IT) are not working hand by hand in Nigeria’s quest for development. Power generation and supply is very low which is a total stampid on Information Communication Technology Development. The unstable nature of Nigeria economic and political environment, government apathy towards information service is a great hindrance.
It is important to note that among the three Internet Service providers, i.e. Free Web sites, Free-based web sites and the Value added Information Services, Value-added is faster and better. The result of the study show significant differences among the three approaches. In almost every case complete answers were only available through the Value-added service. Dow Jones Interactive also yielded the answers much more quickly than either free or fee-based services.
Bates went further to calculate the actual total cost of each search – the actual cost of the Information plus the cost of the business professional’s time. “In almost every case” Bates says the true cost of research was lowest when using Dow Jones Interactive and higher when relying on the fee-based sources.
Lawyers in Nigeria for now may be able to afford value-added information services-Web based providers that offer a wide range of business information because of the nature of their work. They are ready to spend to get information in order to defend and win their cases. Finally, it is to note that every Webmaster is free to do what he or she wants. They therefore sometimes give one difficulty or the other. Every body wants freedom because it is a wonderful thing. But on the web, it certainly makes finding a particular fact difficult. How many Nigerian information seekers can afford and endure this?
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