Value of Open Data - Case Study Example

Value of Open Data (IT Essay) The study includes a brief discussion on the advantages of open data, from a critical perspective, with the intention to gain an understanding of its value. The study also includes the importance of open data, as the discussion elaborates the usefulness of open data in each sector. The study will also elaborate on the way users from various fields are benefitted with open data and prepare the finished information, which is again deemed highly useful for effective decision-making and knowledge sharing. The paper principally discusses about the process and the valuable importance of the open data, as a primary data for generating effective economic policies. The study will also state about the technical approach and feasibility of the open data during its utilization and provide discussion regarding the applicability of open data in several fields. It is to be noted in this regard that the open data benefits or simply, the value of open data has been evaluated from a critical perspective to the issue with the intention of obtaining better insight to the phenomenon. Accordingly, both positives and negatives associated with the use of open data have been taken into account in this study to obtain a critical view. Table of Contents Abstract 2 2 Table of Contents 3 Introduction 4 Discussion 5 Conclusion 7 References 8 Introduction In the contemporary era, use of Information Technology (IT) has become more advanced wherein in terms of defining any data, technological application has been played an active role. Currently, the technological application has been used dynamically and extensively in almost every field such as business sector, educational sector as well as government sector (W3C, 2012). In the present scenario, open data is considered a valuable part of technological application that was used in every data. Stating precisely, open data is an idea, openly accessible by the people. Alternatively, open data is easily assessable through machine (McKinsey & Company, 2015). The open data is valuable for generating more data, often referred as highly feasible for interpreting or forecasting the valuable data. Besides, the open data is very useful in generating new inferences in terms of economic validity and reliability. It has been majorly owing to these values obtained through open data that the government has been using open data for establishing the better growth in the economic policies (World Bank Group, 2014). In correspondence, the principle aim of the study is to understand the importance of open data in several fields, as it is applicable and observable today. In this regard, the paper also emphasizes upon the usefulness of open data in establishing results of the report, which are obtained through open data. Discussion Open data is very useful for generating the new report for the government as well as for individual small or large companies. Open data fundamentally functions as a primary data deemed as helpful for developing the new data polices (Ubaldi, 2012). Fundamentally, the government has been following the new trend of open data polices, which were also applied in many private sectors, offering valuable returns on their profitability. In both the contexts, to accelerate the growth in economic conditions as well as improving business innovation, open data is deemed highly useful, which further attributes its value (Crown, 2013). To be precise, open data has widely been considered to help in sharing useful information required for strategic planning, not only at the organisational level but also at the governmental level. For instance, governmental reports on economic policies often proves useful for collecting information based on the conditions of the market, which offers value to other political systems around the world as well as corporate entities functioning in that particular region, or having a similar intention. Similarly, open data based on the best practices of organisations, strategic innovation as well as other specific details can help industry players to avoid such situations and thereby, assure overall economic stability (World Bank Group, 2014). However, scholars have argued that open data may not be beneficial always, as it is highly depended on the need of the researchers as well as the reliability of the source of publication (Capgemini, 2013). Open data also is supposed to inhibit privacy rights of organisations or the subjected entity, often being published without proper authenticity from the concerned parties. In addition, as open data has lesser chances and scope for verification from the primary sources, it becomes challenging the users to depend on the reliability of the obtain information (Manyika & et. al., 2013). Nevertheless, open data serves as one of the most effective means to share information in the current phenomenon. It is owing to this reason that open data initiatives have been launched by several political and private entities as well as by the several public authorities in the recent years. In this regard, counties across the world have established customised open data portal to serve information seekers from vicarious fields ranging from researchers to economic and business decision-makers. In addition, these sources also serve as a primary source of information to public who seek these data either as a citizen, or simply as a stakeholder to the business environment (Jetzek & et. al., 2012). However, at a wider scale, the users of open data are also stated to be in need for political support as well as legal assistance in order to communicate the information in a just, transparent and responsible manner. In addition, the publishers of these data are also required to refresh the rate of data release with the intention to help the community to determine actual degree of maturation of the open data program (Crown, 2014). The importance of open data has certainly become a major concern for many users in the modern business and economic contexts. Subsequently, since past few years, open data has developed its importance as per the requirements of the many counters. Specifically, it was since the initial years of the 21st century that open data has speedily raised its popularity among investors, entrepreneurs as well as governmental bodies, as a measure to innovate strategies and avoid making similar mistakes as their counterparts (Department of Finance & Services, 2013). Alternatively, the open data is a considered as key factor that can be highly advantageous for the growth in the performance as well as in the innovation, owing to the fact that it helps in the obtainment of liquid information. The users are mainly observed to be benefited by open data for unlocking the managerial risks and economic values, which are related with the stakeholders (Viscusi & et. al., 2014). Government of the country is also helpful in accelerating the growth to all the sectors of the country, implying to the wide applicability of open data in the modern societal structure. It is noteworthy in this context that open data is mainly published in electronic formats. As the open data is machine readable, bodies also has the opportunity to publish the data in digital formats, further promoting its applicability in the current era of digitisation (McKinsey & Company, 2014). Conclusion Usage of the open data is intended towards ensuring a better growth and sustainability among the industry as well as political users, as was identified from the research. Arguments also assert that open data has wide applicability even in academic fields of operations inclusive of researchers, academicians and various streams of scholars. As per the study findings, open data helps encouraging innovative decisions within these fields that further signify its value. In case of entrepreneurs and decision-makers from the field of politics also, the value of open data is unignorable, as it helps preserving sustainability by sharing information regarding best practices and analytical purviews on the lacunas of entities in case study formats to assist better sustainable strategic direction. References Avital, M. & et. al., 2013. Generating Value from Open Government Data. Completed Research Paper, pp. 1-20. Capgemini, 2013. The Open Data Economy Unlocking Economic Value by Opening Government and Public Data. Capgemini Consulting, pp. 1-17. Crown, 2013. Assessing the Value of OS Open Data to the Economy of Great Britain – Synopsis. OS Open Data Economic Value Study, Vol. 2, No. 4, pp. 1-32. Crown, 2014. What is the Value of Open Data? Proceedings of an APPSI Seminar, pp. 1-31. Deloitte LLP, 2012. Open Data Driving Growth, Ingenuity and Innovation. A Deloitte Analytic Paper, pp. 1-33. Department of Finance & Services, 2013. NSW Government Open Data Policy. NSW Open Data Policy, pp. 1-16. Jetzek, T. & et. al., 2012. The Value of Open Government Data: A Strategic Analysis Framework. Copenhagen Business School, pp. 1-12. McKinsey & Company, 2014. Innovation in Local Government Open Data and Information Technology. National Policy Making Public Officials, pp.1-68. Manyika, J. & et. al., 2013. Open data: Unlocking Innovation and Performance with Liquid Information. McKinsey Business Technology Office, pp. 1-116. McKinsey & Company, 2015. Open Data: Unlocking Innovation And Performance With Liquid Information. Insights & Publications. [Online] Available at: http://www.mckinsey.com/insights/business_technology/open_data_unlocking_innovation_and_performance_with_liquid_information [Accessed January 5, 2015]. Omidyar Network, 2014. Open for Business: How Open Data Can Help Achieve the G20 Growth Target. A Lateral Economics Report Commissioned, pp. 1-65. Ubaldi, B., 2012. Open Government Data: Towards Empirical Analysis of Open Government Data Initiatives. OECD Working Papers on Public Governance, No. 22, pp. 1-55. Viscusi, G. & et. al., 2014. Assessing Social Value in Open Data Initiatives: A Framework. Future Internet 6, pp. 498-517. World Bank Group, 2014. Open Data for Economic Growth. Transport & ICT Global Practice, pp. 1-20. W3C, 2012. Supporting Open Data Use through Active Engagement. Position Paper, pp. 1-5. Read More