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Understanding the Power of Data

Data Basics, Scaling AI Marie Merveilleux du Vignaux

Data has the power to transform your life by getting you accepted into your dream university or ruin it by falsely accusing you of a crime. In this blog post, we will discuss how organizations can use data in a fair way with insights from Nicole Alexander, Professor of Marketing & Technology, NYU and former SVP, Chief Innovation Expert, Ipsos, which she shared during the just-released Egg On Air Episode.

→ Watch Full Episode Now!

Data is such a powerful tool that our audience trusts us with.”

Data Is Versatile

Data can be used in many ways and for various purposes. It can be used to generate a higher revenue source, just as it can be used to develop products and content that will later be consumed and/or read by consumers. In order to find the balance between these two goals, organizations need some sort of internal policy or framework that clarifies how the organization takes in data, stores it, and uses it. This transparency is necessary to build sustainable and Responsible AI strategies.

Nicole Alexander on Egg On Air

Data Is Private

Nicole Alexander brings up a strong concern about data usage: accessibility.

Data can be extremely problematic, particularly when you think about accessibility.”

Organizations should always ask themselves:

  • What are the levels of access to information within an organization?
  • Who has the ability to access certain information?

Access to data must consider the levels of privacy of the gathered information. There will be times where teams will want to use highly confidential information (to which they don't have access) for their analysis. Strong company guidelines on levels of access and data usage can help prevent individuals from having to make this choice.

Data is extremely beneficial to the way that we move forward with society.”

Data can bring valuable insights to organizations, but there has to be a level of authorization of data or at least transparency of how the data is being accumulated and used. Most of the time, consumers are unaware that their data is streaming nonstop or that their actions are being recorded. While this type of information helps organizations better serve consumers afterwards, the lack of communication between organizations and consumers creates an issue.

The element of covert silence in how the data is being captured and leveraged is where the harm lies.”

According to Nicole Alexander, the harm comes in not allowing consumers to understand how their data can be used and why they should want to share their data.

Data Affects Everybody

As mentioned above, many people are unaware of how and when their data is being collected and used by an organization. Today, however, data is all around us. It’s interlaced in society. Facial recognition and biometrics are an obvious example. Data can have both positive and negative impacts, so it is important for all individuals to have an understanding around data.

Looking at sources that culminate that information for you and make it digestible is probably the easiest way for individuals to understand what is happening in the world of data.”

Whether that understanding comes from researching GDPR and other laws around data privacy, getting in touch with someone within the organization, or a simple Google search, consumers should stay up to date with data policies to understand the different nuances around the subject of privacy.

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