Big Data Business Dilemma

A business dilemma all around the world is the access to big data. Businesses are receiving stronger and faster technology as the years go on. Now, in 2018, the businesses of the world have more information at their fingertips than they know what to do with. Safety measures are now becoming a major concern because of the dilemma of the lack of privacy for businesses and individuals. There are also control issues when it comes to technology, big data and privacy. “Political parties and movements for example are using big data to analyse information and individual choices to sharpen and tailor political messages to influence electoral outcomes, as seen in 2016 in the UK’s Brexit referendum and the US presidential election” (Institute for Human Rights and Business, 2016). So, what else is going on and who is a liability? “The difference now is that big data and technology relying on algorithms allow companies and governments to process vast amounts of data efficiently and quickly, and to make nuanced conclusions and judgments which have lasting impacts on human rights and society” (Institute for Human Rights and Business, 2016). The dilemmas mentioned have occurred in the past, present, and many things are now possible for the future as the speed of technology grows, but the rate of protecting privacy and many freedom laws do not. It appears that the leaders in the technology and big data world did not look ahead while creating these amazing things, lacking in the area of understanding the risks and consequences of such free and fast data. They should have asked themselves about all of the possible consequences that could occur with such vast amounts of data flying around through so many hands. The impact of these actions are mounted on individuals, businesses, communities and society by putting into question the importance of personal privacy and ethical standards. We now have to question what our rights really are, and if we still have rights to our own privacy.

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With something as large as big data, I want to say that group efforts are put into action when making decisions, even a consultative type of decision making. The problem is that decisions are made about how to make technology faster and more free, but not enough decisions are being made about who will help monitor these things. “Businesses get in their own way by refusing to create a culture around data and not prioritizing the proper funding and staffing for data management” (Carmody, 2016). Salil Tripathi (2017) performs a podcast with human rights scholar Usha Ramanathan about the impact of technology on society currently. “It is difficult to think of a remedy when society is only beginning to grasp the extent of technology and its pervasive control over lives” (Tripathi, 2017). There is a discussion about what leaders can do, and this includes creating laws to protect privacy, providing regulators and coming up with other remedies to prevent future problems. Leaders will need to get their legal representatives involved as part of their team to figure out how to mitigate financial risk, as it will take time and money to create laws, provide regulators or monitors and to promote other remedies that could exist. They also need to involve more people within the businesses in the decision making processes to help prevent future consequences of risks unseen. According to Schrage (2016), Michael Jensen came up with a wonderful approach for business leaders and it is called the RACI framework. The RACI framework represents a decision rights approach, and consists of the words responsible, accountable, consulted and informed. “Jensen’s subtle and brilliant insight was that the right to make decisions — not just the ability to perform or be responsible for tasks — is essential to organizational efficiency and effectiveness” (Schrage, 2016).

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References

Carmody, B. (2016). Biggest Problem with Big Data Management in 2016. Retrieved from

https://www.inc.com/bill-carmody/biggest-problem-with-big-data-management-in-2016.html

Institute for Human Rights and Business. (2016). Top 10 Business and Human Rights Issues. Retrieved from https://www.ihrb.org/library/top-10/top-ten-issues-in-2018

Schrage, M. (2016). How the Big Data Explosion Has Changed Decision Making. Harvard Business Review. Retrieved from https://hbr.org/2016/08/how-the-big-data-explosion-has-changed-decision-making 

Tripathi, S. (2017). Usha Ramanathan on Big Data. Information and Communication Technology. Retrieved from https://www.ihrb.org/focus-areas/information-communication-technology/podcast-usha-rhttps://www.ihrb.org/focus-areas/information-communication-technology/podcast-usha-ramanathan-1 amanathan-1

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Daniel Fortune

Daniel Fortune is a successful business professional, entrepreneur, father, and lover of travel.

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