Assessing The Value of Information To the Organisation

As we have seen in the previous section, there will sometimes be clear and compelling external reasons for retaining information. However, where these do not exist it can sometimes prove difficult to assess the value of information to the institution with any degree of objectivity. Without a reasonably accurate estimate of its worth, it can then prove difficult to make any informed risk-based decisions regarding retention. After all, all storage of information costs money whether it is the fees associated with commercial storage of paper records, or the considerable overheads associated with ensuring continued access to electronic data. It is therefore important that you are sure that the value of the information to the institution justifies the cost of continued retention.

Defining Value

Unfortunately it is not always easy to quantify the value of information. If you decide to dispose of a text book you know how much it will cost to buy a replacement, but this is seldom true of internal information as its value is rarely defined in strictly monetary terms. The time required to recreate the information might be one measure, but in itself this does not help to define the likelihood of this scenario which will itself be dependent on the perceived value of its contents to the institution, its staff and stakeholders.

Thankfully there are some methodologies which are beginning to emerge which appreciate the intangible nature of the value of information and provide ways of quantifying their worth. The espida project at Glasgow University represents one such approach which may well prove useful for larger scale initiatives in this area.

A more basic 'ready reckoner' for deciding whether information is still worthy of retention is to ask yourself the following questions:

• Does it contain useful information that I or others will need to perform a specific and known task or role?
• Have you or a colleague referred to this information in the last 6 months?
• Is this the only place where such information is available?
• Is it likely that an auditor would wish to see this information?
• Are there legal or regulatory reasons for keeping this information?
• Is it likely that future generations are likely to be interested in this information as a historical record?

If the answer to any of the above is 'yes' this may indicate that it is information that is worth keeping - at least for the time being. If the answer to all the above is 'no' it is unlikely that it is required and consideration should be given to removing it. Of course this can only ever be a rough guide and should be applied within the context of a risk management-based approach.