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On 15/07/2021 at 10:07, HenryFT said:
Information Requirements are clearly key to unlocking value (of all kinds)in the lifecycle of assets. @Al_ and @Matthew I think the spatiotemporal approach in the space time diagram is a great idea.
How do you think we can trace value but specifically for this question the return on investment from Information Requirements development? How important do you think it is to do that?
@HenryFT Yes, having information you do not need is a cost without benefit, and not having information you do need means a higher risk of mistakes or exposure to legal consequences from not having the information.
When you look at the benefits these start with the converse of the costs of poor quality information.
1. You will be able to automate deterministic processes (the boring ones) because relevant information is held as data.
2. You will just be able to use the information provided to you, rather than having to fix it up, condition, or wrangle the data before you can use it.
3. The risk of making mistakes will be reduced because you had the information you needed to take the right decision when you needed it.
4. In addition to the elimination of negatives, which all go straight to the bottom line by improving productivity, there are some purely positive benefits of good information management (see Figure 2).
5. You will have greater agility because rather than responding to changes in circumstances, you will be able to anticipate them and pivot to take advantage of them rather than being overwhelmed by them.
6. You will have better insights into your operations and assets and this will enable innovation that comes from being able to spot new opportunities.
7. You have the confidence that comes from knowing you are in good shape, rather than hoping you are.