The FINANCIAL — The U.S. Chamber of Commerce Foundation released a report which, through the insights of several notable industry experts, offers a look at current data-related issues and innovations and the ways in which they will shape the future of data-driven innovation and the economy. The report, The Future of Data-Driven Innovation, includes contributions from some of the top minds in business, technology, and economics and presents actions that can be taken today to maximize the value of tomorrow’s digital data, according to the U.S. Chamber of Commerce.
“Data tells a story, and that story is one of a digital revolution for good” said U.S. Chamber of Commerce Foundation President John R. McKernan Jr. “It is also spurring intense dialogue, which is why we are taking a close look at the issues driving these debates today.”
Through several issue-focused chapters, the report illustrates ways in which data-driven innovation is a force for social and economic good, appearing in unexpected places and unexpected ways. The report finds that the digital economy is generating a large amount of economic value. Big Data in particular is providing new insights and improving efficiency by linking deep layers of information together, while Open Data is launching hundreds of companies and creating jobs across the economy.
The report also explores the notion of companies as data custodians, and encourages policy to bolster the movement of data between functions and institutions while ensuring that ownership, security, and privacy concerns are met. The report’s essays suggest that policymakers should support the data-driven economy with targeted investments towards greater competitiveness, including building a vibrant and dynamic STEM workforce; bolstering data literacy; expanding a robust broadband infrastructure; and adjusting publicly funded R&D to better develop data capabilities and public-private collaboration.
“America’s growth and long-term competitiveness depend on having the sort of innovation and skills that marks the data-driven economy,” said McKernan. “The impact is large and growing across a range of industries, all while creating jobs and opportunity for a host of communities.”
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