How Government Can Promote Open Data & Unleash $3 Trillion

Screenshot 2014-04-07 14.13.05 (2)By opening data, the government can unleash over $3 trillion in economic value.

According to this¬†McKinsey article¬†“the sources of value from open data identified in the report include new or increased revenue, savings, and economic surplus in seven domains: consumer finance, consumer products, education, electricity, health care, oil and gas, and transportation” for decision-making, new offerings and for accountability. This, of course, means that big data strategies need to be in place.