into services, and in order to connect ICT investment to economic growth a wide range of systems reforms are also required. Specifically, these include reforms to business processes and organizations, research and development and human resources development. These various reforms are often referred to as a "broader sense of investment" or "intangible assets" macroeconomically. Here, we look at ICT investment and a broader sense of investment ("intangible assets" macroeconomically) based on prior research.

The Japan Development Bank has implemented a survey $ ^{23} $ of facilities investment planning by large companies in the 60 years after the Second World War (hereinafter referred to as the “facilities survey”). The 2016 facilities survey includes factors that have led to increased IT investment. “Reduce labor and improve productivity,” which was the most popular response, at around 50%, was followed by “Strengthening information security,” at around 30%. At the same time, fewer than 10% of respondents selected “In order to utilize IoT and big data,” indicating that IoT investment is low in priority. The Japan Development Bank typifies a broader sense of investment as a “General effort to achieve corporate growth, long-term survival and improvement of corporate value in the future” (Fig. 3-5-1-1).

We see a further tendency to include a broader sense of investment and intangible assets within GDP. SNA (system of national accounts) is used in estimation of GDP, and was first defined by the UN Statistical Commission in 1953, and this definition was revised in 1968, 1993 and 2008. Various countries use it as a standard for estimation of GDP. In the 2008SNA, intangible assets were made a larger part of GDP, and in Japan, 2008SNA was first applied as a new criteria of the GDP published in December 2016. Research and development is one of the points of the 2008SNA revisions, and the significant impact of this aspect is thought to indicate the importance of innovation. (Figure 3-5-1-2)

Within macroeconomics, Corrad, Hulten and Sichel's categorization is often quoted in regard to intangible assets. This separates intangible assets into computerized

Figure 3-5-1-2 Categorization of Intellectual Property Product in 2008SNA

Research and development
Mineral exploitation and evaluation
Computer software and databases
Entertainment, literary and artistic originals
Other intellectual products

(Source) United Nations Statistics Division

The System of National Accounts 2008 Annex3

information, innovative property, and economic competencies.

The categorization of trends shown above includes “software/databases,” “R&D (including IPR),” “human resources” and “organizational reforms.” It is believed that can be broadly divided data-related elements and human resources and organizational elements they as.

Examples of companies that are said to be effectively analyzing data are thought to offer some useful suggestions when considering how to quantitatively analyze data and link it to added value and problem solving, while considering what reforms are needed in human resources and organizations.

It has become much easier in the past ten years or so to perform data set analysis by computer and yield output results, and in general people can now do it, but it is believed important to clarify the purpose of the analysis, and consider what theories are being posited and what type of data is being used, and to ensure that data is actually used for corporate decision-making for bringing about added value and solving problems.

In examples in which data analysis is said to have brought about results, we see trends towards optimization not only of business flow and organizational reforms, but rather of the overall optimization; the emergence of theories and data at the workplace level; positive feedback into data storage and problem solving, and finally its use in business-related decision-making.

Figure 3-5-1-1 Categorization of Broader Sense of Investment by the Japan Development Bank

Narrower sense of investment	Category	Financial scale (year, corporation overall)	Characteristics contents
(1) Domestic tangible fixed asset investment	(around 60 trillion yen)	Acquisition of fixed assets required for the maintenance/expansion of production/business activities.
(2) Domestic intangible fixed asset investment	(around 10 trillion yen)	Acquisition of software, patents and trademarks etc.
(3) International tangible fixed asset investment	(around 10 trillion yen)	Tangible fixed asset investment overseas.
(4) M&A	(around 15 trillion yen)	Mergers and acquisitions to expand into new business sectors to grow.
(5) R&D costs	(around 13 trillion yen)	Research activities to develop new products and ensure future technological superiority.
(6) Investment in human resources	(differs depending on definition)	Human resource development/training in order to improve overall corporate competitiveness.

(Source) "Outline of 2016 Survey of Facilities Investment Planning," Japan Development Bank (4th August 2016)