Why data ethics is important for your company?

Paola E. Haiat
May 28, 2021

Technology is evolving every day, and at the same time, there are both new professions and new challenges to address for companies. It is estimated that from 2020 to 2025 the big data market will be valued at 16 trillion dollars and will have an average annual growth of 25.7%.

 

What is big data and how is it used?

According to Search Data Center it is: "an evolving term that describes any voluminous amount of structured, semi-structured and unstructured data that has the potential to be mined for insights."

A couple of facts about its use:

- These are unwieldy data due to their volume, variety and velocity, which are difficult to capture through conventional software.

- Today many companies use them to learn about their users' behavior in order to offer them valuable content. We see it in platforms like Netflix or Amazon, which show content or products that may be of interest to you, but we also find it in the supermarket sector in chains like Carrefour, which based on the purchase of users adapts the product offerings, promotions and other services.

- In the fruit and vegetable sector, it can help to measure product yields, make forecasts and have a proper control of what is produced, what is sold or what is bought.

Now, what is data ethics?

Data protection originated in the medical field, when patients had some "protection" of their personal data and medical records, thus protecting their privacy.

Data ethics is the concern for the proper treatment of data to ensure that the privacy of users is respected. All over the world, data must be processed under certain restrictions. Each country or region is governed by different data protection laws, which are concerned with how data is used, most of them stemming from major scandals and increasingly concerned with restricting inappropriate use of data.

What is the importance of data ethics in a company?

1. Data ethics is concerned with transparent treatment in the processing of personal data.

2. In acompany's day-to-day business there is an exchange of data, contacts and transactions that must be protected.

3. The exchange of encrypted messages makes it impossible to decipher what is being said in the conversation, making it confidential.

4. Be mindful of protecting your network and who you do business with. If you centralize your operations in an application that does NOT treat your data ethically, they could end up knowing your network of customers and suppliers to sell this data to other companies.

At Consentio we care about the proper and confidential handling of your data, as well as your transactions and networks. Do you want to know more? Click here.

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