Data as an Asset

Data and information are critical assets that drive accountability, enable deep insights and inform decisions. Key challenges to realising value of insights and decisions are governing, harnessing, managing, protecting, using and reusing the vast amount of information and data generated by transactions systems, administrative systems, operations systems and sensor networks. 

NSW Government is recognising the value of data, including incorporating it as one of the key principles in the Information Management Framework, e.g. that data is: 

“Secure, valued and managed as an asset - Information is recognised as a core component of government services and operations, supported and maintained as a secure, long-term business asset wherever required” 

Through the recommendations of the State Infrastructure Strategy there is now a more defined approach to how technology can be used to get more out of existing and new infrastructure assets. The combination of existing data and new technologies that can be used to analyse data at a deeper level will be key to getting more out of existing infrastructure. This includes areas like sensors, digitalisation, the Internet of Things (IoT), big data, and Artificial Intelligence (AI), which will lead to improving how NSW Government collectively manages and operates infrastructure, maintains existing assets, and enhances the capacity and resilience of infrastructure networks. At a fundamental asset management level, data must be treated as vital and agencies must have a fit-for-purpose asset register able to support lifecycle costing capability to enable decision making across the asset lifecycle. 

In NSW Government, information management is a key component of the digital transformation of government. Both the Information Management Framework and the SIS identify that information is a valuable asset to be managed and provides a practical approach to help agencies govern, harness, manage, protect, use and reuse information and data in their digital transformation initiatives. 

Implementing the SIS recommendations, including the IDMF, will improve the level of information and data alignment and integration, however this needs to be done in a coordinated and collaborative way.