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For years, conventional wisdom has stated that the smart way to build a successful business was to amass large amounts of information about your customers. Now, there is the drawback: Big Data can also inflict serious damage to a business.
Businesses face an erosion of faith in their ability to do what is right with what they have learned. Most of us use Facebook, for example, but a growing number of us do not trust the Silicon Valley technology giants to responsibly manage what we share.
Facebook Inc.'s Managing Director, Mark Zuckerberg, is the most visible technology leader to cope with the music up to now. Shares of Facebook collapsed last week after reporting slower-than-expected revenue growth following the Cambridge Analytica privacy scandal.
The problem of trust transcends Facebook. Data breaches have hit companies nationwide, and executives have more than once appeared to be sleeping at the wheel or orchestrating a concealment.
In 2017, Equifax Inc. EFX 0.19 percent revealed that the personal information of nearly 150 million people was compromised in a data breach. Before that, Uber Technologies Inc. paid $ 100,000 to hackers to keep the theft of 57 million accounts secret. The list is long.
Analysts have been predicting for some time a slowdown in public sentiment towards Big Data. In 2013, for example, the consulting firm Ernst & Young in an investigation report titled The Big Data Backlash said that "the golden age of anytime, no matter where." , open access to customer data "would end in 2018.
Regulations could slow down the ability to collect massive data. Adopt the new European Data Protection General Regulation: its application started in late May and resulted in the decline of one million Facebook users in this region in the second quarter.
Companies react by naming the CEO, Beatriz Sanz Saiz, world leader in Ernst & Young's analysis, said in an interview. While this promotes better accountability, it's mainly because "the first priority for most executives is to leverage their own internal data."
Ms. Sanz Saiz estimates that companies usually use only 5 to 10% of the data collected. They would like to use more. That's why a multitude of industries – from oil to transportation to health care – strengthen internal data services or forge new partnerships with technology giants like Alphabet Inc. or Microsoft Corp.
Guys, Andrew White, an analyst at research firm Gartner Technology, said in an interview. Boards should look at big data-related functions (such as machine learning, artificial intelligence, or cloud computing) with the same rigor as executive compensation, financial audit, or succession planning. The direction.
governance we're talking about, "said Mr. White." It's a company that provides a service and does not fully weigh on the social consequences. …
According to the Ernst & Young study, nearly 80% of those surveyed think that businesses collect data in order to fill their pockets rather than just make their lives more easy. "As a result, they become more selective with whom they share data and a reaction is developing," the firm said.
To counter this, companies have to prove that they can do more than just monetize our data. 19659002] Think of the impact of Google Maps on a rural road like the one in which I live in southeastern Michigan. For years, locals fought for the narrow dirt road, which was a critical path before the civil war, to not lose its historic character.
The traffic is becoming denser because the traffic apps and map to use it because it will shave a minute or two of their way. This resulted in higher maintenance costs, accidents (three vehicles sinking in our yard before as many years) and an increase in dust.
"Municipalities and agencies responsible for managing roads and reducing traffic are free of their individual needs (eg, speed bumps, speed limit changes, adding traffic lights)," said one gate. -Face of the company. "Google Maps will then strive to reflect this reality fully and accurately in our card model."
The Cleveland Plain Dealer recently published columns on the actual game for a Big Data Seizure: Seniors were forced to drag their license before buying age-restricted items at Giant Eagle grocery stores – and they were concerned about protecting their information
"They do not scan them because of your age," says Roy Hewitt, 71. sports sports editor at this newspaper, "I said he is clearly eligible to buy from." alcohol, cigarettes s or propane: "My beard is over 21 years old"
M. Hewitt alerted a newspaper columnist about the practice and the subsequent coverage triggered a vigorous response
said: "We understand that some customers might be reluctant to sweep their identity cards and want to reassure them those customers that Giant Eagle takes its responsibility to protect their personal data very seriously. "
million. Hewitt says that he no longer receives patent, but still has a dark vision. "You can not trust some banks and companies to watch your credit and not be hacked.How are you going to trust a grocery store in the world?"
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