Data-Driven Economies: The Strategic Role of Data in Value Creation and Economic Development
DOI:
https://doi.org/10.54518/ibr.2.2.2024.1274Keywords:
Data Economy, Data-Driven Value Creation, Data Analytics, Economic Development, Productivity, Digital EconomyAbstract
Data has emerged as a strategic economic resource that increasingly influences value creation, innovation, productivity, and economic development within digital economies. This study examines the role of data in contemporary economic systems through a qualitative Systematic Literature Review (SLR) guided by the PRISMA 2020 framework. Literature published between 2019 and 2023 was collected from major academic databases and analyzed using thematic synthesis. The findings indicate that data contributes to economic value through data-driven business models, analytics capabilities, evidence-based decision-making, and innovation processes. The review further reveals that organizations leverage data assets to improve operational efficiency, enhance productivity, and support strategic development. In addition, effective governance mechanisms play a critical role in maximizing the value generated from data resources while addressing emerging sustainability and accountability concerns. The study concludes that data-driven capabilities have become essential foundations of value creation and economic development in increasingly digitalized economies.
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