How Is High Focus on Consumer Privacy Impacting Big Data?

 Big Data and Consumer Privacy are two opposing technology sides that need each other for an enhanced and expansive digital transformation.

What is Big Data?

Big data is the cumulative collection of structured, semistructured and unstructured data by businesses and organizations and used to gain vital information. The collected is adaptable in several data-based and analytics-based cognitive technology innovations in AI, RPA, BPA, Machine Learning, Deep Learning, and several other advanced analytics applications.

According to recent global estimates and research findings on consumer privacy concerns, it is believed:

a) 1 in 10 internet users globally uses ad-blocking software to stop a business from tracking online activity.

b) 88% have concerns about business security practices.

c) 75% are critical to sensitive data used without permission.

Therefore, the way businesses handle consumer data privacy creates a big point of difference. It also a genesis for competitive business advantage as businesses utilize the edge to push their case for enhanced consumer data privacy with solutions like data mapping, interactive customer points and customer care best practices etc help businesses gain a winning and better competitive advantage.

 

But then how does increased consumer privacy impact big data? Let us discover below.

5 Ways Consumer Privacy Concerns are Impacting Big Data

1. Regulation and Legislation on Consumer Data Access

The legislation from around the world and other regions signify that consumer data safety is serious issue businesses and companies have to take seriously. Diverse consumer data helps in the transformation and growth of businesses. The analytical and statistical benefits embedded therein are an actual mine wealth of actionable information for businesses in pursuit of their goals and objectives.  However, the businesses and companies have a tremendous responsibility to ensure safe storage, management of the collected data.

Big Data Security has also seen a higher concern about access to personal data or information with legislation, regulation and tightening of restrictions on how personal data can or should be used, and on who gets access to it.

2. Big Data Analytics Permission for Personal Data Reuse,

Businesses and companies in the established and emerging economies must first get permission or consent consumers for any data reuse. Without sufficient personal data, big data analytics becomes inaccurate and merely based on wrong data which results in faulty analysis or unfair results.

For example, the European Union requires all businesses to comply with GDPR. And this has had a cascading effect in other parts of the world notably: Australia, Asia-Pacific, South America and North America and Canada with similar consumer data privacy protection rules and laws.

3. Increased Enforcement of Legitimate Data Source Use

 Big data must be legitimate, accountable and transparent on what data types are collected, and how they use the collected data, and with whom it's shared.

The importance of improved data security because of enhanced consumer privacy at all entry points and levels means all data collected must meet standard accepted protocols. Besides, business analysis algorithms must not accidentally publish illegal or unaccepted practices. This implies inaccurate data analysis due to unverified data sources or scientifically unbacked/unsubstantiated data sources can be a strain and potential source of legal action.

4. Data Collection and Usage Transparency Imperatives

Big data should be transparent enough to show the usage patterns of customers’ data. Businesses must let their consumers know what part of data is studied, how it’s studied and the purpose behind the data study. Consumers are more likely to be comfortable with big data’s information collection if they know what's done with their data.

Businesses should endeavour to make it possible for their customers to learn what they know about them with incorporated Big Data Analytics Solutions. In other words, simplify the process to obtain all of the data a business knows about a customer. As consumers are increasingly worried about several aspects of data breaches that take place from time to time. A key illustration is the frequent social media breaches that hit users with data breaches over the past few years.

5. Reduced Unsolicited Online Ads, Mails, and Predictive Analytics

It is a known fact that big data helps both consumers and corporations as it can help daily life areas like lower car insurance rates, lower gas prices, car servicing and maintenance indexes, better financial planning and management and also help track the spread of diseases (pandemics like COVID-19), suggest proper lifestyle choices to individuals and improve health through fitness.

Besides, online ads, emails, subscriptions requests, all adopt big data and predictive analytics to know which ads to display and to who, which mails to share and which subscriptions to send. It is big data that enables Google to predict what you may type next in the search box, this is also adopted by several online services to place or suggest content you are most likely to prefer. With privacy concerns, there are some extra cautions while dealing with different geographies relative to business services and products promoted online.

Summary

Data privacy is always a big issue for most companies today on several parameters especially companies that deal with big data. As consumers are aware of the fact that companies know a lot about their private lives as they have access to their private data records. Therefore, Big Data Consulting Services ensure extra security, truthfulness, and transparent mechanisms which are crucial to remember whenever dealing with customer privacy and data are added at all times.