Data as an important factor of production

Data as an important factor of production for the following reasons:

(1) Data is the core key element of the digital economy. The data element plays a key role in the development of the economy and society. With data, it is possible to make predictions, layout and plan in advance; with data, it is possible to better understand the user, recommend and customize according to user preferences; with data, it is possible to continuously improve and update tools, and constantly innovate products and services; with data, it is possible to analyze, avoid, and prevent risks more accurately, and so on.

(2) The combination of data elements and digital technology has brought about changes in production methods, business models, management models, and modes of thinking, changing old business models and creating new ecologies. Driven by data elements and digital technology, the digital industry is developing rapidly, and at the same time, it also promotes the digital change of traditional production factors and promotes the development of industrial digital transformation.

(3) The digitalization of traditional production factors promotes industrial transformation and upgrading. Land, labor, capital, technology, these traditional factors of production have also ushered in digital change. For example: the same acre of farmland, plus a camera, it becomes a live "digital farm", in addition to the crop output in the ground, there is a more substantial fan economy and other value sharing revenue; the same teacher, before the classroom can only teach dozens of students, now in the online classroom can teach thousands of students.