Ontario Chamber report says strong data governance critical in modern, post-pandemic economy
THE ONTARIO CHAMBER of Commerce (OCC) has released its latest report, In Data We Trust: Unlocking the Value of Data in Ontario. With the Covid-19 crisis rapidly transforming the modern economy, the report outlines the need for Ontario to unlock opportunities and manage the threats of its increasingly data-driven economy.
“Long before Covid-19, it was evident that data has quickly become one of the most valuable resources in our economy, revolutionizing traditional business models across finance, health care, manufacturing, and many other sectors,” said Rocco Rossi, president and CEO of the OCC. “The reality is that almost everything we do as consumers relies on and is made possible to some extent by data analytics and related technologies, from fraud detection to supply chain optimization. In many ways, the pandemic has accelerated this transformation, as the need for digitization and the integration of health data have become more critical than ever.”
In Data We Trust reflects on the value of data innovation, explores lessons from Covid-19, and outlines organizational best practices and policy recommendations focused on privacy, cybersecurity, data sharing, and artificial intelligence (AI).
“Digital contact tracing, adoption of AI technologies, and expansion of 5G networks: all of these will benefit our society, and will require mobilizing data in responsible and innovative ways,” added report author, Claudia Dessanti, senior policy analyst at the OCC.
Key takeaways include:
“The data revolution does come with certain risks, including the erosion of personal privacy, data security breaches, labour market disruption, ethical challenges, and increasing regional inequality,” summed up Dessanti. “That is why it is incumbent on the private and public sector to work together to create an environment that encourages data-driven innovation while protecting against these very real challenges.”
To read the full report, click here.
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