PR_MCBig Data: Why Data Is the «New Black Gold» and How to Start Extracting It?
Nowadays, an increasing number of communities are actively leveraging the resource potential of big data to improve the process of managerial decision-making, strategic planning, and modeling. While previously the focus was on preparing statistical reports or conducting quantitative research, today leading experts are concentrating on digital analytical systems capable of integrating hundreds of electronic information sources and reproducing the current state of the investment market.
Big data can perform several tasks simultaneously:
- Tracking Economic Dynamics – Data clearly shows which sectors of the economy have the greatest growth potential, where risks of stagnation exist, and why certain tools are more effective for enhancing competitiveness.
- Attracting Investments – In the 21st century, investors are interested in answers to questions such as: Where is the community located? What is the logistics and sales market like? Who lives there? How many workers are available, and what are their competencies? What resources exist? Land, infrastructure, education, utilities? Who supports it? Is there a local investment council, assistance programs, transparency
- Budget Optimization – The use of digital data helps determine the efficiency of expenditures, better manage municipal assets, and even identify “hidden” financial reserves.
- Increasing Trust Levels – Working with open data allows communities to maintain a high level of trust from local businesses and residents toward local governance, which is one of the key factors of sustainable development.
The critical importance of all these aspects was recently highlighted by Kateryna Ivanchenko, Director of the Center for Innovation Development (CID), and Mykhailo Leychenko, Director of IT and Analytics, during the workshop “Economic Data as a Foundation for Investment Project Development”, held as part of the site event of the Mayors’ Club at the Ukrainian Investment Congress. The Center for Innovation Development has been a driving force behind the digital transformation of Ukrainian communities for over 10 years. This analytical center has brought together a team of highly qualified specialists who work daily at the intersection of big data analysis and digital technologies. CID’s mission is to advance electronic democratic governance, an innovative economy, and a data-driven management culture through the use of big data, digital technologies, and artificial intelligence.
Mykhailo Leychenko emphasized that the Center for Innovation Development not only provides high-quality data for informed managerial and investment decisions but also helps communities develop a comprehensive database for future project proposals. To achieve this goal, the Unified Economic Data System – an innovative platform connecting nearly 100 official data sources, which are automatically updated- is used. The system supports more than 20 analytical modules, including: business climate index, budget revenues and expenditures, tenders, economic sectors/clusters, taxpayers, business dynamics (closures/openings) and migration (re-registrations), individual business profiles, business relationships, assets (land, real estate, transport, intellectual property, etc.), debts/loans, mortgages, exports/imports, and more. This tool allows communities not only to “see for themselves” the economic status of their municipality but also to analyze the activity of each economic entity within a given territory.
🔶 The Center for Innovation Development collaborates with over 200 local governments across 24 regions of Ukraine, has partnerships with more than 50 central government bodies and international organizations, as well as with over 100 civil institutions. By February 24, 2022, more than 100 communities had already begun using CID’s tools in practice, and even after the start of the full-scale invasion, 80% of them confirmed their readiness to continue working.
We are convinced that the future of Ukrainian communities will directly depend on the degree of integration of digital data into the process of local economic governance. Big Data is the path to sustainable development and attracting foreign investment, which can transform the quality of life across the entire country.
If your community is interested in implementing an economic profile, please contact our coordinator now, who can provide an additional discount for members of the Mayors’ Club:
Larysa Starikova
📩 program_nmefp@eotukraine.com
📞 +380 98 213 9192 (Viber, WhatsApp)
👉🏻 You can learn more about the workshop on our YouTube channel or by viewing this presentation.