Data are now woven into every sector and function in the global economy, and,
like other essential factors of production such as hard assets and human
capital, much of modern economic activity simply could not take place without
them. The use of Big Data — large pools of data that can be brought together
and analyzed to discern patterns and make better decisions — will become the
basis of competition and growth for individual firms, enhancing productivity
and creating significant value for the world economy by reducing waste and
increasing the quality of products and services.