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Data-Driven Innovation

Big Data for Growth and Well-Being

image of Data-Driven Innovation

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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How data now drive innovation

This chapter highlights the key drivers of data-driven innovation (DDI), today a widespread socio-economic phenomenon. It documents the key trends leading to the adoption of data and analytics across the economy, which are related to i) data generation and collection, ii) data processing and analysis, and iii) data-driven decision making. It also shows how the confluence of these trends is leading to the “industrialisation” of knowledge creation and a paradigm shift in decision making towards decision automation. The chapter then highlights the limitations of data-driven decision making, and concludes with a discussion of the key policy implications.

English

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