Perspective Chapter: Data as Currency - On the Impact of ICTs and Data on the Saudi Economy and Industrial Sector

Abstract

In delineating successful digital application models in Saudi Arabia, this chapter explores the country’s digital readiness to further expound its industrial strategic goals. We argue that a gap exists between the availability of data and technology and the availability of human capabilities that can facilitate the meaningful processing of industrial data. Data deluge brings substantial challenges in the collection and management of massive amounts of unstructured data towards decision making. Likewise, unprecedented production of information exceeds the ability of authoritative bodies to create regulations and policies that can keep up with these transformations in the nature of work. We explicate the impact of well-timed policies (fiscal and monetary), prediction of long-term structural changes in the industrial sector, industrial strategy formulation practices, and examine the economic studies and analysis of sustainable development in these areas.