When utilised properly, data can do a lot of good for everyone, but it's up to us in tech to show why we should be relied on to unleash those advantages for our customers and the community. There's been a lot of attention on where the business has gone wrong with data usage, but we're at risk of overlooking the positive news.
In practice, appropriate data usage.
Technology businesses have a special obligation to secure, manage, and appropriately utilise consumer data. A firm's dedication to appropriate data usage should be visible at all levels. Greater openness, a focus on new challenges such as algorithmic safety, and difficult trade-off talks about whether particular business aims are justifiable are all part of the plan.
Obstacles to overcome
The number of smaller company owners (52 per cent) are "very or very worried" regarding their info being traded or used without their consent, and 36% see no advantage in sharing their data at all. Only 17% of respondents said they 'fully understand' how their IT suppliers utilise their business data. Clients of small companies are likewise concerned about how their information is being handled, resulting in a knowledge gap.
The importance of education
It is in everyone's best interests to use data ethically. Xero offers a training programme to assist small companies and advisers in understanding the problems and possibilities of data utilisation. They also collaborate with an independent advisory group of domain experts from all across the globe.
The power of data to make enterprises and their consumers' lives simpler is astounding. Our capacity to obtain such advantages is contingent on goodwill, which can only be acquired using data responsibly. It's time for technology executives to pursue new and pledge to do their best.
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