The knowledge extracted from big data is in itself an economic asset; a factor of production alongside labour, capital, and technology. Making use of vast quantities of data opens up enormous economic opportunities ranging from smoothing the way we do every day practices to creating completely new products, services, organisational methods, and ways of delivering public services. Because the knowledge that comes out from big data impacts nearly every part of the economy, we at the Big Innovation Centre describe big data as a new general purpose technology.
The action group brings together a collection of the UK’s leading companies, universities and policy makers, to work together on projects that can exploit the potential of data. By reaching across traditional boundaries between organisations, it promotes cross-learning and identifies challenges that apply to everyone who uses data. Topics explored by the group include the technical capabilities and skills required to make use of data, and issues around regulation, security and privacy.
"Governments around the globe hold vast stocks of data whose insights are crucial for both public bodies and businesses. Public bodies can use these insights to design smarter services and deliver them more effectively. Business can use these insights to boost innovation and create growth and jobs. A key question for Ministers and officials alike, in every country, is whether we are getting the very best value from that data. Are there ways we can make it work better? By unleashing Big Data, can we grow existing businesses to encourage innovative business models? In finding the right approach in liberating this data we must find ways of respecting the privacy of the citizens and businesses while unleashing the economic potential of data. This novel approach creates opportunities and benefits for all."
- Viscount Younger of Leckie
Parliamentary Under-secretary of State for Intellectual Property, in the our Big Data Leaflet