The Link Between Innovation and Prosperity

Abstract

The digital era accelerates the growth of knowledge to such an extent that it is a challenge for individuals and society to manage it traditionally. Innovative tools are introduced to analyze massive data sets for extracting business value cost-effectively and efficiently. These tools help extract business intelligence from explicit information, so that tacit knowledge can be transferred into actionable insights. Big data are relevantly fashionable because of their accuracy and the capability of predicting future trends. They show their mightiness of bringing business prosperity from supermarket giants to businesses and disciplines of all kinds. However, with data widely spreading, people are concerning their potential risk of increasing inequality and threatening democracy. Big data governance is needed, if people want to keep their private right. This chapter explores how big data can be governed for maintaining the benefits of the individual and society. It aims to allow technology to humanize the digital era, so that people can be benefited from living in the present.