During our class last week, the disruptive technology of “The Internet of Things” was discussed. During the discussion, the class talked about the amount of data a corporation could gather about an individual and that individual’s privacy. I found an interesting article that discusses consumers distrust of data collection and selling to a third party. The article states “45% of respondents express very low trust or no trust at all that companies were using their connected device data securely and in ways that protected their privacy.” Also, many service agreements are “black and white; either agree to data collection or do not use the service. Since many corporations are building business models for the connected era (the internet of things), the author, Stacey Higginbotham suggests providing context about the data to the consumer to help ease the consumers worries. Shes suggests some type of label, kind of like a nutrition label you find on food, that will clearly outline the companies data-storing and data-sharing policies. The label could include what data is stored, who the data would be shared with or sold to, and how long that data is stored. I believe this is a good idea that will help consumers have a better understanding of the data they are sharing. Also, any company that will openly provide this information could improve relations and build trust with consumers.
What are your thoughts about a data label?
What other information do you think should be on the data label?
Throughout class we have discussed various topics about business intelligence and big data. To make importance business decisions, many companies have come to rely on big data and the algorithms that analyze it. However, this article makes an interesting point that companies may be relying on big data too much. The article states the big data helps executives understand what is happening but fails to establish why it is happening. Without understanding why certain trends are happening, executives are making decisions without realizing the whole picture. Ultimately, businesses need the right balance between correlation and causation in order to make an informed decision for their companies.
When it comes to Big Data and Analytics most people think about using that data from a business perspective. Interestingly enough, the article I read talks about several projects that have started using big data and analytics for a humanitarian cause. The article describes how the The Swedish Migration Board was able to predict an influx of immigrants from 2,500 a month to 10,000 a month using big data and analytics. The article also describes how using big data from social media posts to predict conflict and unrest in certain areas. The article goes into more description of the possible outcomes for theses projects that would help benefit the communities around the world. Unfortunately, having systems that analyze big data are expensive and the cost are currently limiting the full potential of these projects. If these projects are able to get the required funding, it will be interesting to see if the theories do in fact pan out and make a positive impact on the world.