Inattention and imperfect information costs individuals, organizations and society in immeasurable ways. The relatively new field of information economics (infonomics) is revealing that great efficiencies can be gained by managing information as a strategic asset. All business decisions are made with the information available at the time. Yet, this availability is often a result of desperate scraping of whatever data happens to be readily accessible in real-time resulting in sub-optimal business outcomes. The new insight emerging from the study of infonomics is that decisions can be materially improved by anticipating needs and nurturing the information required to meet those needs.
On my way home from the AWRA conference in Orlando I sat next to a fellow on his way home from the IAAPA Expo (International Association of Amusement Parks & Attractions), which had taken place at the Orange County Conference Centre the same week. Even though he slept for most of the 7 hours we sat next to each other, I did learn a thing or two while he was awake. There were 35,000 people at the amusement park convention and the expo was so large that the distance to walk around all of the vendor booths was 9 miles! It is hard for me to grasp the scale and the meaning of this. There were, perhaps, 500 water professionals who could afford the time and money to come to the AWRA, a significant turnout for water professionals in North America.