In just one year, the European Union’s General Data Protection Regulation (GDPR) will take effect. In light of these upcoming changes, we asked data privacy expert Aurélie Pols to share some insights on this critical piece of legislation
As we saw in part 1 of this article, data can create value by fulfilling the three roles held by money (a unit of measurement, a store of value, and legal tender). But it’s interesting to go further with the analogy by asking ourselves what gives money its power, and what allows it to fulfill these three functions in the best conditions?
Data is unanimously considered to be the fuel of the modern economy. It has the virtue of being in a state of constant growth, and in theory, enables an increasingly clear understanding of the subject it depicts.
Yes, your analytics will likely be subject to politics within your company. The presented numbers will potentially impact sales, marketing, and other departments as well.
Be extremely meticulous and stringent about protecting your users’ data and privacy. Get to know the requirements and obligations that apply to your business regarding liability and data collection, processing and access. Remember:
All roles within a company are affected by digital analytics! By democratising the usage of data in your organisation, you’ll be able to respond to the ever-growing, ever-diversifying demand for data.
No matter how great your digital analytics tool is, it will never be better than a human’s comprehension and keen judgment. As technologies advance and develop promising automation capabilities, user expectations are becoming even more sophisticated – and this is where human analysis becomes necessary and unique.
Above all else, it’s the quality of your data that matters most. If your data is lacking in quality, your analyses will be skewed. When starting a new analytics project, focus first and foremost on accurate implementation.
Going beyond the observations from part 1 of this article, let’s now take a look at how to conquer the challenge of digital transformation.
The digital transformation, or “disruption”, presents a true challenge for the banking and insurance sectors. In this two-part series dedicated to the financial industry, we’ll look at market trends and provide several options to help financial professionals respond to this challenge using digital analytics.