Data-Driven Innovation
Big Data for Growth and Well-Being
Today, the generation and use of huge volumes of data are redefining our “intelligence” capacity and our social and economic landscapes, spurring new industries, processes and products, and creating significant competitive advantages. In this sense, data-driven innovation (DDI) has become a key pillar of 21st-century growth, with the potential to significantly enhance productivity, resource efficiency, economic competitiveness, and social well-being.
Greater access to and use of data create a wide array of impacts and policy challenges, ranging from privacy and consumer protection to open access issues and measurement concerns, across public and private health, legal and science domains. This report aims to improve the evidence base on the role of DDI for promoting growth and well-being, and provide policy guidance on how to maximise the benefits of DDI and mitigate the associated economic and societal risks.
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Drawing value from data as an infrastructure
This chapter introduces the theoretical foundation for the economic potential of data and discusses key data governance issues that need to be addressed in order to maximise data’s potential and reuse across society. It begins by presenting data as an infrastructural resource and a non-rivalrous capital good. It goes on to discuss how data’s value depends entirely upon context, with reuse enabling multi-sided markets in which huge returns to scale and scope can lead to positive feedback loops. The often misunderstood notion of “ownership” is discussed, and data quality is seen as multifaceted and involving seven dimensions. The key aspects of data access, sharing, portability and interoperability are examined and presented as elements of a data governance framework that can help overcome barriers to the reuse of data.
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