In a Roll Call op-ed today, SIIA President Ken Wasch explains how data is empowering innovation, and warns policymakers that a fixed regulatory approach could stunt economic growth.
The IT ecosystem is evolving at unprecedented speed, and data is becoming a driver of economic and social growth. Cloud computing, the ubiquity of smartphones, and improved bandwidth are fueling a new era of data-driven innovation, Wasch says.
“A range of previously unimaginable applications of data-driven innovation are already being produced — or will be in the near future. These innovations are making people’s lives better and safer and more prosperous, while also increasing energy efficiency and saving money.”
Wasch’s sentiment echoes a forum hosted earlier this month by the National Institute of Standards and Technology and the University of Maryland. Attendees like Google, the National Institutes of Health, and Lockheed Martin came together to discuss the ways data can help address a range of national priorities. The opportunities are vast.
“Right now, hospitals are providing better care by analyzing data about the triage process and using that information to eliminate wasteful steps that prevent patients from getting to the doctor quickly. Traffic-management centers are processing millions of cellphone and GPS signals, combining them with a wide range of other data about car speeds, weather conditions and more to assess road conditions in real time and avoid traffic jams. And financial services companies can collect and integrate customer transaction information in real time to quickly identify questionable patterns and proactively enact new processing rules to reduce fraud.”
But if this technological and economic evolution is to truly take hold, it needs support from policymakers who can ensure that the conversation stays focused on how to best benefit customers and the economy at large. A fixed regulatory approach would only stifle innovation and hurt consumers. If industry and policymakers can work together, we can safeguard consumers and unleash data’s enormous potential for transformative growth.
Laura Greenback is Communications Director at SIIA. Follow the SIIA Public Policy Team at @SIIAPolicy
Laura Greenback is Communications Director at SIIA.