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McKinsey Report: Open Gov’t Data Part of New Economy

big dataMcKinsey & Company projects that freeing up data from seven sectors could generate up to $3 trillion in revenue for companies who rely on government open data to run their business, Nextgov reported Thursday.

Joseph Marks writes that more than 500 companies, ranging from large corporations to small startups, use open government data for functions in sectors such as healthcare, transportation, energy and healthcare.

Panjiva co-founder Josh Green said businesses seeking to join the new data economy should first identify a problem that needs a solution, not think of what the open data can do.

“If you just start with the data and hope there’s a problem that can be solved with it you’re likely to spend a whole lot of time floundering,” Green told Nextgov.

Marks cited the example of Panjiva, which works with Customs and Border Protection to crunch import and export data.

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