Introduction to the Digital Economy: Why Data Became a Factor of Production

The core shift in the digital economy is that data has evolved from a byproduct of recording into a production factor that directly drives business operations. This means companies must rethink how they collect, use, and manage data.

1. Three Levels of Digitalization

Digitize business operations to generate data; transform data into assets for reuse; enable intelligent decision-making to inform business strategy. Most companies get stuck at the second step.

II. Three Prerequisites for Data Elements

Clear ownership, usable quality, and compliant circulation. Without any one of these, data cannot truly create value.

3. What enterprises can do

First, standardize metrics to avoid multiple versions; then build reusable data assets; finally, introduce algorithms and models.

Key Takeaways

1. The essence of the digital economy is that data has become a factor of production.

2. Standardizing metrics and governing data quality are prerequisites.

3. Build a solid data foundation before pursuing intelligent decision-making.

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