Data mining will spur innovation, new report argues

The New York Times reports:

Data is a vital raw material of the information economy, much as coal and iron ore were in the Industrial Revolution. But the business world is just beginning to learn how to process it all…

Mining and analyzing these big new data sets can open the door to a new wave of innovation, accelerating productivity and economic growth. Some economists, academics and business executives see an opportunity to move beyond the payoff of the first stage of the Internet, which combined computing and low-cost communications to automate all kinds of commercial transactions.

The new report from the McKinsey Global Institute, which is cited in the NY Times article, is available online here (PDF).

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