{"id":3385,"date":"2014-03-20T16:41:41","date_gmt":"2014-03-20T20:41:41","guid":{"rendered":"https:\/\/dev.epictranslations.com\/?p=3385"},"modified":"2014-03-20T16:41:41","modified_gmt":"2014-03-20T20:41:41","slug":"open-data-unlocking-innovation-and-performance-with-liquid-information-2","status":"publish","type":"post","link":"https:\/\/dev.epictranslations.com\/kor\/open-data-unlocking-innovation-and-performance-with-liquid-information-2\/","title":{"rendered":"Open data: Unlocking innovation and performance with liquid information"},"content":{"rendered":"

Open data\u2014machine-readable information, particularly government data, that\u2019s made available to others\u2014has generated a great deal of excitement around the world for its potential to empower citizens, change how government works, and improve the delivery of public services. It may also generate significant economic value, according to a new McKinsey report.\u00a0Our research suggests that seven sectors alone could generate more than $3 trillion a year in additional value as a result of open data, which is already giving rise to hundreds of entrepreneurial businesses and helping established companies to segment markets, define new products and services, and improve the efficiency and effectiveness of operations.<\/p>\n

Although the open-data phenomenon is in its early days, we see a clear potential to unlock significant economic value by applying advanced analytics to both open and proprietary knowledge. Open data can become an instrument for breaking down information gaps across industries, allowing companies to share benchmarks and spread best practices that raise productivity. Blended with proprietary data sets, it can propel innovation and help organizations replace traditional and intuitive decision-making approaches with data-driven ones. Open-data analytics can also help uncover consumer preferences, allowing companies to improve new products and to uncover anomalies and needless variations. That can lead to leaner, more reliable processes.<\/p>\n

However, investments in technology and expertise are required to use the data effectively. And there is much work to be done by governments, companies, and consumers to craft policies that protect privacy and intellectual property, as well as establish standards to speed the flow of data that is not only open but also \u201cliquid.\u201d After all, consumers have serious privacy concerns, and companies are reluctant to share proprietary information\u2014even when anonymity is assured\u2014for fear of losing competitive advantage.<\/p>\n

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Open data can help unlock $3 trillion to $5 trillion in economic value annually across seven sectors.<\/p>\n