The value of information is the level to which it can extend our ability to sense our environment over time and place.
Idea in brief
In this third post I explore a complex question: ‘What is the value of information?’ I have come to the conclusion that to answer this question we have to use the philosophy of Aristotle. More specifically, I discovered that the value of information is the level to which it can extend our ability to sense our environment.
Drawing from my experience as the founder of a digital media company in the 90’s, being an information consultant in the 00’s and working with today’s big data, I first explore the reinvention of the value of information throughout the last three decades. I find that existing theories s do not provide a sufficient answer. The fundamental value of information is not in its application. Rather, the economic theory about ‘making decisions’ reduces the value to choosing between preset options and the business case theory only explains that we have to find value, not how to find it.
To find the value of information I dive deeper into what it means to be a human being. By discovering that Aristotle defines the human soul as a ‘natural sensory body’.,as a result, the value of information is the level to which it can extend our ability to sense our environment of time and place. Applying this theory to existing uses of information, ranging from paper documents to accounting systems, I come to the conclusion that this not only provides a much better explanation of what the value of information is, but that it also gives us a new way in getting more value out of new technology.