The Growth Of The Information Economy
My last post discussed the effect globalization has on the work of IS analysts. Today I will look at the information economy!
An information economy is one in which information is seen as being a valuable commodity. Society’s growth in demand for information has been quantified in different ways, including our capacity to store information. The world’s technological capacity to store information from 2.6 exabytes in 1986 to 295 exabytes in 2007, which is the equivalent of 60 CD-Roms per person.
The OECD has employed Porat’s definition for calculating the share of the information economy in the total economy. This means the information society has been defined as a society where more than half of the GNP is produced and more than half of the employees are active in the information economy.
IS analysts have to dealing with growing demands as information becomes increasingly valuable. We depend on the information society daily, which can even be seen in the increasing popularity of social media websites and E-Commerce. IS analysts must therefore change their range of skills to meet these demands as well as adapting to new technological advantages, including the growing increase in data available.
Hopefully this diagram helps!
The World’s Technological Capacity to Store, Communicate, and Compute Information”, Martin Hilbert and Priscila López (2011),
free access to the article: martinhilbert.net/WorldInfoCapacity.html