Most organisations recognise the need for a data driven business model. The main reasons for this include cost reduction, better substantiation of decision making and more objective decision making. Although data has been collected and interpreted for decades, data analytics has gained momentum over the past fifteen years. The data that is collected is not only of vital importance to businesses but can also be a source of concern. As an organisation you are always looking for a balance between data analytics and privacy.
Data analytics vs data privacy?
Every day the news reports of data breaches and identity theft. Consumers are therefore increasingly aware of the importance of protecting their data. Governments have woken up to increasingly stringent requirements for the collection and management of consumer data. The question now arises whether data analytics and privacy are in each other’s way? Not as long as a good balance can found be found within your business.
Improve awareness and data privacy training
Only 25% of all organisations regularly trains employees in how to comply with data privacy regulations. This is at odds with social developments and new regulations. It is important as a business to invest time and money in training. Also it is just as important to keep repeating the message about data privacy and ensuring transparency about the use of data.
Intensify collaboration within your organisation
Gains can also be made in the cooperation within your organisation. This requires close collaboration between IT, security and privacy officers, legal departments and marketing. Employees within these departments must be constantly aware of the importance of data privacy and the use of the same data. An open discussion is essential here for good decision making and timely intervention.
Synthetic data & anonymisation of data
Another important point of attention is the design of data analytics projects. Privacy should be the standard. The easiest way to achieve this is to anonymise data or use synthetic data. Synthetic data is data from statistical models where the input is constantly varied. This will always result in a different output but all within the same categories. For example dates of birth can be replaced by ages or age categories. If this is done for more data in the same model, the data remains relevant and usable however it is not possible to determine exactly who the data relates to. This is particularly useful when testing models to use the results in business models or to draw conclusions from research.
Openness and transparency
Finally it is very important to be open and transparent to customers about the use of their data. It is much better to be honest about what data you are collecting. Also do not collect an unreasonable amount of data has been which can later make cause to complaints.
Investing in data analytics and privacy
Data driven organisations have a head start compared to their competitors. To maintain that lead, there is a continuous need to continue to invest in data analysis and privacy. The data is required to make the right decisions within your business. With the right balance of technology, collaboration, training and support, and proactively informing customers you will always maintain a great balance between data analytics and privacy.
Tech-Wales IT Services
At Tech-Wales we pride ourselves providing excellent IT consultancy services and cloud computing services. We also offer flexible Business IT Support solutions to provide your business with IT support. We have fully trained and customer focused technicians who will make sure that your IT network is always working for you. We provide pay as you go and monthly IT support packages for your business and can help you if you are having any issues with Windows 10 updates. We provide the complete IT package for your business so do not hesitate to contact us to discuss.