Business Intelligence (BI) and Big Data have become very valuable commodities in today’s business world. Thomas C. Redman known as the “Data Doc” famously said: “Where there is Data Smoke, there is Business Fire.”
As much as BI is vital for companies to gain the competitive advantage they seek, they also need to understand that BI usage has to be trouble free-in that, has to be framed within the boundaries of compliance and laws.
As increased awareness of privacy rights of consumers, the data rights and claims on digital rights of various/multiple stakeholders surface, BI has to contend with demanding (but also safeguarding) set of compliances due to a unique situation.
Which is that the customer of the company has also now become a vendor to it!
𝐇𝐨𝐰?
When the customer transacts with the company it acquires a set of personal data from the customer such as demographics as well as credit/debit card numbers etc. In this instance the customer ironically becomes a vendor of their personal data to the organization (freely acquired by the business). Even though such data is of value, they are taken freely by the business for its BI use.
Since such data are of value and businesses have acquired them from the customer itself, even if the customer agrees for the business to re-use them, the moment the business generates profits from such data, the status quo changes. The company unexpectedly gets entangled with a “data ownership dance” with the customer.
𝐖𝐡𝐚𝐭 𝐭𝐲𝐩𝐞𝐬 𝐨𝐟 𝐜𝐨𝐧𝐜𝐞𝐫𝐧𝐬 𝐜𝐨𝐮𝐥𝐝 𝐞𝐦𝐞𝐫𝐠𝐞 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐬𝐜𝐞𝐧𝐚𝐫𝐢𝐨?
Firstly, does the Company have rights to source and analyze data from the channels it is sourcing from? Are the data already in the public domain and anyone can openly access them? Or are the data proprietary? If so, does the company need to buy any licenses for the data access? What other compliances need to be adhered to?
Secondly, has the company specified and made aware to its customers, and stakeholders such as the supply chain partners, that the data obtained from them would be used for various analyses including BI?
Thirdly, are any confidentiality agreements to be signed and if so with whom?
The software related to the Cloud/Big data etc may need to be compliant with certain certifications – are they in place?
If, after using the BI with external and customer data, the company creates an innovation with competitive advantage, is it patentable alone by the company? Who else can claim its patent rights?
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