Deciphering data to our advantage - a new CCC report

The Canadian Chamber of Commerce (CCC) is releasing a new series of reports called “Data for Good: The $32-billion Boost”.  This is the first of a three-part series exploring Canada’s data opportunity and the critical intersections between prosperity, technology and privacy.

The goal is to examine how personal data is used to help innovate and create products and services that improve people’s lives and specifically how Canada can help lead the global digital community and conversation.

The report looks to answer a critical question: "Will Canada act or be acted upon by the Fourth Industrial Revolution? The fourth industrial revolution is an absolute juggernaut of technological evolution, which is moving exponentially faster than the first three.  With AI anticipated to boost our GDP by $32 billion by 2021, Canada needs the right framework to be an actor in the coming data economy that allows for trust and incentivizes innovation."

The report explores a variety of areas around data including what it looks like, how it’s used, how it’s valued, and how it’s important to share it. 

One section, “From Datum to Data” differentiates between the bits of information on their own and how they tell a story when structured.  The report identifies what good data quality looks like, including that it is:

• complete; 
• relevant and unique;
• accurate and current; and
• that the analytics model uses consistent patterns and terminology.

Did you know that by 2021it's estimated that 53.7% of the world's population will be using the internet?

In keeping with the title of the report the following excerpt drives home the connections we already have to data: "Data provides the intelligence that product developers rely on to improve efficiency and efficacy. Communications, connectivity, infrastructure, safety and well-being are all enhanced by data.

The world is more connected than ever. Not just internet users but also machines. Networks of cameras, sensors, vehicles and mobile applications are all feeding decision-making. Newspaper editors are making decisions about content and placement of stories that are informed by online reading habits, bringing the most relevant and interesting facts to your attention.

The GPS on your phone can now provide you with alternate routes that avoid traffic jams because the system recognizes a pattern of congestion of mobile phones.

Railway crossings are safer because machines are able to alert trains of unusual behaviour at intersections. Speech recognition has decreased wait times at call centres and enabled us to communicate our needs without a keyboard interface. Capturing driver behaviour has enabled vehicle parts manufacturers to design parts that are safer and more resilient."

The report also explores where there are opportunities for Canada such as cybersecurity, articifical intelligence and research.

In their second series, they will be taking a look at some of the major data breaches of the past few years and examine the emerging trends in technology that have put the collection, storage and use of
personal information at risk.

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