In the last few years there has been a dramatic change in the opportunities organizations have to generate value from the data they collect about customers or service users. Customers and users are rapidly becoming collections of “data points” and organizations can learn an awful lot from the analysis of this huge accumulation of data points, also known as “Big Data.”
Organizations are perhaps thrilled, dreaming about new potential applications of digital data but also a bit concerned about hidden risks and unintended consequences. Take, for example, the human rights protections placed on personal data by the EU. Regulators are watching closely, intending to preserve the eight basic privacy principles without compromising the free flow of information.
Some may ask whether it’s even possible to balance the two.