In Session 1 we will explore the promise of data analytics in driving new productivity growth across the economy with a more detailed exploration of two key economic sectors. The Industrial Internet of Things will dramatically expand the monitoring of everything from aircraft engines to gas pipelines. This can make complex systems safer and more efficient, but it poses difficult questions for regulators about how data on sensitive operations can be stored securely and compared to similar installations in other countries. There are similar challenges ahead for financial services, which have come to depend on its ability to operate across borders, even while complying with the rules of individual jurisdictions. Global networks help drive down costs and Big Data analytics offer tantalizing marketing and investment opportunities, but these must be carefully balanced against the need to preserve the confidence of both clients and regulators.
