As both digital and more traditional companies become more and more dependent on data to compete in today’s information economy, data is starting to have an irrefutable impact on companies’ valuation and reputation. The decisions companies make about how to use data can have an enormous impact on the success of modern enterprises, as well as on their image, their public perception, their competitors, and regulators.
Christopher Surdak is an Engineer, Juris Doctor, Strategist, Tech Evangelist, 2015 Benjamin Franklin Innovator of the Year, and Honored Consultant to the FutureTrek Community, Beijing, China. He is also the author of Data Crush: How the Information Tidal Wave is Driving New Business Opportunities, which is GetAbstract’s International Book of the Year for 2014.
- How do you explain the concept of good information governance and management to business people who are not engaged in the area?
Information is replacing capital as the basis of wealth and power in the world. As such, look around your organization at all of the investments you have made in managing the ebb and flow of capital. It is likely that every process, every system, every report and every metric has been designed to support clear, concise and timely management of capital. Going forward, you’ll need at least that same degree of control over your data; ALL of your data. The only major difference will be that your processes and decision making will have to operate about a million times faster than they did in a capital-centric world.
- What are the three biggest information-related problems facing businesses today?
Gartner began defining “Big Data” by the three “V’s” of velocity, volume and variety. These are primarily technical drivers and hurdles and so we keep improving our technology. These old three “V’s” are still an issue but as we eclipse them we face three new challenges: Veracity, Viability and Value. Veracity is the question of whether our data, our mathematics, our questions and the insights that they create are accurate. Viability is the question of what, if anything, can we do with these insights to generate new outcomes. Finally, Value is the question: Do these new insights lead to new outcomes that customers actually value? These new three V’s focus upon the application of Big Data, which is directly driven and determined by the effectiveness of your Information Governance structures. [Read more…]
Ensuring that you have effective ethical standards and governance for using customer data can ensure that your organization gains the benefits of Big Data, while managing the associated risks. Consumers are likely to expect such transparency more and more, and a healthy dose of self-regulation may prove to be the best way to avoid outside regulation.
Judy has been featured in the October/November 2015 edition of The European Financial Review. You can read it here.
Last week, my friend – I’ll call her Sally – sent out a group text to our circle of friends. She was horrified and angry about an email she had just received from a national drug store chain that she frequents. It said,
Time for more hair color?”
The message included a picture of the product she buys, correct down to the very shade she uses. [Read more…]
Lawyers Play a Big Role in Big Data Issues
Attorneys need to play a key role on issues related to data and big data as businesses face an increasing amount of regulation, laws, and rulings on data storage, collection, and processing. The management of data has become more complex due to the the increased amount of data being generated to produce value. Lawyers must be aware of the risks that come along with big data use and collection, such as data breaches, and illegal and unethical uses of the data that businesses collect.
Judy Selby was quoted in this article. To read the full article click here.
Editor’s Note: This article is authored by two BakerHostetler partners — an information governance practice leader and a new media, advertising, IT and privacy partner— and an associate. It is the final of a four-part series.
In our last article, we discussed the legal considerations in collecting, analyzing, and using social data. Complying with the black letter of the law is critical, but not enough; companies need to consider how their contemplated use of social data will be perceived by their customers and in the marketplace as a whole.
Companies should ask themselves, will the use of social data be viewed as intrusive, exploitative, or “creepy?” And is the use consistent with the image the company wants to project, particularly to its consumer base and investors? [Read more…]