What does 'information' really mean?

Information Outlook, June, 2005 by Willem Noorlander

The name of this publication is Information Outlook. More than likely, you are an information professional and hold degrees that make you a specialist on how to use and maximize the value of information. You are also a member of the Special Library Association (SLA) and possibly other information industry associations that focus on information and learning.

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The common theme in everything I have said so far is the word "information." It describes and relates to the magazine you are reading, your profession, your membership in professional organizations, and, most important, the tasks you perform every day in your work environment. We have a common theme, but do we have a common understanding of what the word "information" means? Your initial reaction is probably "Yes, of course we do." In my experience, the true answer is "not always" and "with a lot of exceptions." Read on.

For the past four years, I have been a consultant in the market data and information sector. When I am selling the services of my firm or working on a consulting engagement, I have many conversations with clients about their information requirements, the business purpose behind their requirements, how they currently use information, and how they can get more value and optimize the return on their information investment. The discussions vary according to the industry, the size of the company, and the information tools and resources available to the company. Respondents have many different ideas about the meaning of the word "information," and they attach different degrees of importance to different kinds of information.

The following list describes how people in various sectors/functions relate to, define, and use information:

1. Financial trader. The average trader is interested in financial and economic data and related financial and industry news. Timing of the information is of primary importance.

2. Financial analyst. The analyst is in the same industry as the trader but is more focused on financial performance, industry trends, and earning and pricing history. He or she requires a combination of current and historical information.

3. Research departments. This function appears in many industries; the primary focus is on subject matter data, including historical, industry, sector, and indicative data.

4. Academic sector. The academic information user requires current and historical data and often performs in-depth research over a long period.

5. Compliance officers. This role applies to all industries and is becoming more important as more government regulations and industry standards are imposed on every sector. The compliance officer requires information on government regulations, industry standards, guidelines, and other related documentation.

6. News and media. The media uses a wide range of information from both current and historical sources, including information on specific people and events, case histories, and trends.

7. Medical sector. Information in this sector may be general (including medical trends and research) or very granular (such as medical data regarding specific clients).

8. Manufacturing sector. Information in this sector includes patent data, industry workflow analysis, and competitive review.

9. School librarian. A good friend of mine is the librarian for a local elementary school. She, like most of you, holds a master's degree in library science, and I would describe her as an avid and dedicated information professional. She uses information and knowledge to teach her students about awareness, values, and how to be a good human being.

This is an interesting list, but it is far from complete. Consider the range between the Wall Street trader, who is selling hot new financial derivative products, and the elementary school librarian, who may, in fact, be teaching the future trader of 2025. Both individuals require and depend on information, but they have very different levels of use, require very different kinds of information, have different timing requirements, and differ in the sources of information that apply to their profession.

Why are the definition and use of information so different across various sectors and types of users? I suggest the following reasons:

1. Specific job or information requirements. I think this is the dominant factor in how a person sees the value of information. We are all creatures of habit, and we form our opinions based on our own habits.

2. Past experience in using information. This is your "comfort zone," where you set your values.

3. Level of access to information. This defines what you can get. If you do not have access, you cannot determine value, and it never becomes part of your information equation.

4. Level of funding available for information gathering. The purse plays a key role in how you see and value information.

5. How people use internal and external information sources. Your ability to maximize the value of various information products and sources and make the sum worth more that the value of the parts.