Infonomics I: Business Information Economics and Data Monetization is a transformative course offered by the University of Illinois at Urbana-Champaign. It delves into the economic characteristics of information assets and the methods for conceiving and generating broad-based business benefits from available information. This course provides a non-technical perspective on understanding and leveraging information for economic gain.
The course is structured in a two-part series, with the first part focusing on appreciating information as a business asset, understanding its unique economic, accounting, and legal characteristics, and identifying traditional asset management principles and practices to improve the management of information assets. Participants will also learn to measure information’s various value characteristics to help justify or prove information-related expenditures.
With engaging modules and insightful interviews, this course equips learners with the knowledge and methods needed to monetize information effectively and leverage it for business success. Participants will gain a deeper understanding of information’s economic value and how it can be leveraged to drive business growth and innovation.
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Infonomics I comprises engaging modules that explore the economic characteristics of information assets, methods for monetization, and leveraging information for business benefits. Participants gain insights into information's economic value and its role in driving business growth and innovation.
Course Orientation introduces participants to the structure and objectives of the course, providing essential information about the learning platform and resources available.
Module 1: What is Information? delves into the fundamental concepts of information, examining its economic characteristics and whether it can be considered a business asset or property. Participants will engage in knowledge checks to reinforce their understanding.
Module 2: The Economics of Information explores the key economic characteristics of information, adapting economic principles for information, and understanding the supply, demand, and pricing of information. Engaging interviews provide real-world insights into the economic aspects of information.
Module 3: Methods for Monetizing Information provides a comprehensive understanding of what monetizing information means, how to grow the business through information, and using information to reduce expenses and risks. Participants will engage in a peer-graded assignment to make the case for data monetization.
Module 4: Applied Analytics goes beyond business intelligence, exploring advanced analytics for monetizing information, exploiting big data, and improving actionable decision making. Participants will learn to identify monetizable insights and gain a comprehensive overview of the course before receiving their certificate.
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