Federal Data Discussing Impact on Innovation

Innovation by Otmane El Rhazi

Innovation by Otmane El Rhazi

Otmane El Rhazi. – Washington, D.C. – The U.S. Department of Commerce’s Under Secretary of Economic Affairs Mark Doms spoke at a panel on Capitol Hill today on the value that government data provides our economy, society and the future for U.S. innovation.  The event was hosted by U.S. Senator Mark Warner (D-VA) and the Center for Data Innovation.

Data-driven innovation represents an great opportunity for government agencies to become more efficient. Using data and analysis, agencies will make smarter decisions, deliver higher-value services, and increase their productivity. In addition, the data revolution is unlocking new roads for government agencies to create economic opportunities through collaborations with the private sector. The Economics and Statistics Administration just mentioned the limitless possibilities that this initiative will bring.

Since 2004, the Federal Government’s principal statistical agencies have spent an average of $3.7 billion annually on data collection, processing, and dissemination.  This expenditure amounts to about three cents, per person, per day, and is only 0.02 percent of our roughly $17 trillion dollar economy. This small cast is relative to a huge potential benefits.

The value of Government data is the extent to which the decisions based on Government data are better than the decisions that would have been made without Government data.  Because such counter-factual evidence is not widely available, this report makes the case that the value of Government data far outweighs its cost by outlining the economic arguments for Government provision of data, by estimating the size of the industry sector that intensively uses Government data, and by illustrating the wide range of ways in which Government data is used.

Otmane El Rhazi
Trading News
Forex Online
Phone: +44 7414 782 320 
Email: el_rhazi_otmane@yahoo.fr
Twitter: @OtmaneELRHAZI

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