Edward Chenard explains the significant risks go along with the potential benefits of data science. Privacy practices in how company information is used extend to big data analytics. The algorithms used in data analytics may not be tested or thoroughly understood even when the results of the analysis impact the lives of real people.
Data collection and use in company Big Data projects have become more strictly controlled over the past few years, as awareness of privacy requirements has increased in the data analytics community. However, more education is still needed of how data analytics teams support company privacy requirements in the course of their work. Good privacy practices is fundamental to maintain the trust of consumer and business customers.
New programs like Hadoop have made machine learning attainable to more data analyst teams in more companies. The recent explosion in machine learning has exponentially increased risks associated with flaws in the algorithms built into a machine learning digital products. Human biases and assumptions can live on in algorithms used to made determinations like wether a job is offered, credit is extended, products or services are offered. The validity of the algorithms used and the quality of the interpretations made from the results needs questioning from multiple points of view to manage these risks. Big data is a team sport.
Edward Chenard is a data analytics advisor who inspires and motivates teams to innovate, build, launch and iterate emotional products that create better customer experiences. He is an adviser to top-tier consulting firms, investment banks, and private equity firms on digital. Global speaker about our evolving digital world.
Some people know how to build digital products but are not always good at knowing what to do with those products. Other people know what to do with digital products but cannot build digital products. Edward can do both, and is the intersection between business and technology.
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Privacy and Data Security in the Age of Big Data and the Internet of Things, U.S. Federal Trade Commissioner Julie Brill. Delivered at Washington Governor Jay Inslee’s Cyber Security and Privacy Summit, January 5, 2016, https://www.ftc.gov/system/files/documents/public_statements/904973/160107wagovprivacysummit.pdf
Chris Matyszczyck, The Internet Will Vanish, Says Google’s Eric Schmidt, CNET (Jan. 22, 2015, 6:00 PM), available at http://www.cnet.com/news/the-internet-will-vanish-says-googles-schmidt/.
FTC Event Big Data a Tool for Inclusion of Exclusion? September 15, 2014, https://www.ftc.gov/news-events/events-calendar/2014/09/big-data-tool-inclusion-or-exclusion