Data is power…and profit
The problem with data: While there’s broad awareness of at least some of the risks in user profiling and targeted advertising (yes, we’re looking at you, Facebook), according to this FT piece “most smartphone users often do not realise the extent to which their data [is] passed to third parties, or repackaged and passed on again.” Researchers at Oxford found, after examining close to 1 mn Android apps, that 90% could transfer data to third parties in the US, 5% to third parties in China and 3% to those in Russia. With our phones containing “stores of sensitive information,” there’s potential for a literal wealth of customer information about us to be shared every time we check them — from our location to our opinions to our habits and preferences.
But if we imagine for a moment that not everyone who analyses our data is trying to sell us something, interesting opportunities open up for how companies themselves could function more effectively. Harvard Business Review suggests combining data science with change management to analyse what the daily workings of employees can tell us about the structural activity of a company, and then working with experts to design mechanisms that will improve processes and retain talent.