by Angela Guess
Thomas C. Redman of the Harvard Business Review recently discussed the concept of informationalization. He explains, "Over the last several years, interest in and excitement about analytics/big data/data mining has grown exponentially. Count me among its biggest enthusiasts, as I firmly believe the potential for the 'this changes everything' discoveries are real! I'm just as excited about 'informationalization,' a concept that's been around for a while but has been gaining speed in recent years. The basic idea is simple: Make existing products and services more valuable to your customers by building in more data and information."
He continues, "Every company must have an informationalization strategy. In a relative sense, it is easier than big data, appears quite profitable, and may be a competitive necessity. Virtually every product and service can be made more valuable through informationalization. A well-known example is GPS installed in new vehicles. Turn-by-turn directions make the car more valuable. They help the driver keep his or her eyes on the road, therefore improving safety. GPS gets people to their destinations faster, saving them time and fuel. It prevents fights. Indeed, the next generation of couples may never know the agony of the fight that ensues when one misreads the map and sends the other in the wrong direction!"