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The value of DDI )Data Driven Innovation - Deloitte

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The document discusses the significance of Data Driven Innovation (DDI) for the Israeli economy, emphasizing its potential to enhance productivity and economic growth. It outlines the current state of DDI in Israel, identifies barriers to its implementation, and proposes government policies to foster a DDI-rich environment. The report highlights the roles of government as a consumer, supplier, regulator, educator, and funder in promoting DDI. It also emphasizes the importance of open government data and provides examples of successful DDI applications both locally and internationally. The conclusion stresses that realizing DDI's potential is crucial for Israel's competitiveness and addressing socio-economic challenges.

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What is data-driven innovation?

DDI can be defined as a series of innovation processes that apply techniques (such as big data analytics) and technologies (e.g., machine learning, deep learning, AI) to extract meaningful value from data to generate innovative results.

What is an example of data innovation?

Data-driven innovation (DDI) is the use of data and analytics to develop or foster new products, processes, organizational methods and markets. Data and analytics can drive both the discovery and execution of innovation, achieving new business models, products and services with a confirmed business value.

What is DDI framework?

The Data-Driven Innovation (DDI) Framework systematically addresses the challenges of identifying and exploring data-driven innovations. It guides start-ups, entrepreneurs and established companies alike in scoping promising data business opportunities by analyzing both the dynamics of supply and demand.

What is the value of being data-driven?

Risk Mitigation: A data-driven approach can help identify potential risks and threats before they escalate. Predictive analytics and data modeling can forecast market shifts, operational risks, or potential financial downturns giving your organization the opportunity to take proactive measures.

What is a data-driven innovation?

Data-driven innovation (DDI) is a strategic approach that leverages the power of data (whether its big data or small data) to facilitate better decision-making and drive advancements within organizations.