The value exchange

Abstract

Data is highly valuable to an organisation and in a data-driven economy a company’s ability to analyse and extract insights from data, to find patterns and trends and new revenue streams, dictates strategies and competitive advantage. Running parallel to this is a growing resistance from individuals towards the organisations who hold their data. Their mistrust in organisations is increasing, partly because many have displayed a severe lack of transparency about how they use and store individuals’ data. A few organisations have even misused individuals’ data to a point where all trust is destroyed. It’s led to a growing number of individuals reducing the information they share, and, in some cases, entirely blocking its use. In May 2018, the EU General Data Protection Regulation (GDPR) will require all organisations to become compliant with new regulations on data collection and use. This article examines the commoditised nature of data and how organisations need to build greater trust and consent into their data protection policies.