Producing innovative products from information is called "data-driven innovation" (DDI) and many studies prove that it becomes a significant growth engine in the digital information age.
The study that was conducted by Deloitte with funding from Google is intended to assess the value of innovation that is driven by data and information to the Israeli economy. The study examined what is the government policy that is necessary in order to turn Israel into a DDI world power, which will succeed to realize the latent potential of this process and translate it into economic growth, to improve competition and to reduce the cost of living in the Israeli economy.
The study was conducted among 150 companies who represent the entire Israeli economy, and it included the development of a unique DDI index that examines the manner in which companies collect and process information, the innovative applications that result from these processes and the impact of index success on the company's financial outcomes. Furthermore, a comprehensive global study was performed in order to examine what is the government policy that is required in order to actualize this potential.
One of the main findings of the study is that improvement in the DDI index of companies in the Israeli economy will lead to:
The study also indicates that the economic value of just opening databases may reach hundreds of millions of shekels per year for the Israeli economy. The study conducts a comparison with other countries in this context, and based on the cumulative experience in these countries there is a list of governmental databases in various areas in which opening them is expected to yield a significant economic benefit for Israel