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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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The phenomenon of data-driven innovation

This chapter provides a synthesis of the main findings of Phase II of the OECD project on New Sources of Growth: Knowledge-Based Capital, in particular its pillar which focuses on data-driven innovation (KBC2: DATA). It first presents available evidence on the increasing role of “big data” and data analytics, highlighting in particular the potential of data-driven innovation (DDI) for economic growth, development, and well-being. It then presents the context and policy issues related to the various aspects of DDI covered in this book, chapter by chapter. The discussion concludes by raising key challenges that most countries will face as DDI takes off and accelerates, and the policy considerations they will need to address.

English

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