Data Is the New Economy Capital

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Data is driving fundamental changes in our daily lives and in the economy. The ability to make easy data-driven decisions is becoming vital to the way that we all live and work.

Data is the new capital of the global economy.

The idea of using data to make decisions in government is not new; it’s just getting increased attention now, in the age of “big data.”

Big data refers to the vast collections of information, which can capture both structured and unstructured data.

Big data is growing.  New technology and techniques such as the IoT and artificial intelligence are amplifying our ability to collect, distribute, and analyse data.

Results-oriented governments are increasingly making use of hard data and statistical analysis to inform decisions.

Governments can use big data analytics to trigger improvements in resource optimisation, tax collection and understand ongoing trends and predict where resources are needed.

Organisational changes will probably also be needed to create a strong data ecosystem that spans government agencies.

The use of data plays an increasing role in designing, delivering and transforming public services to improve outcomes and drive efficiencies within current financial constraints.

Data is a critical resource for enabling more efficient, effective government and public services that respond to users’ needs.

Using insights collected from data to inform decisions and guide policy will unleashed the real power when analytics-based approaches become deeply embedded in government culture shaping the government’s core strategies.

Increasingly, government will be able to use predictive analytics to anticipate demand for services or policy changes and to prepare to meet citizens’ and businesses’ changing needs, informing government’s decisions on what services to offer and how they should work.

Governments can draw significant benefits from big data analytics. Resources can be used more efficiently, citizens served more effectively, and more accurate vision developed for the future.

To succeed, governments must cultivate a robust plan, recognise the nature of data, make sure they have built the right capabilities, and develop organisations that are fit-for-purpose within a healthy data ecosystem.

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