As the law lags behind in rapid technology innovations, particularly in big data, artificial intelligence (AI), machine-learning and the Internet of Things (IoT), there is increasing awareness and discussion about the need for an ethical-based approach to data analytics.
This article considers why an can build trust and transparency with consumers and citizens, and why it should be part of good information governance, as a means of maximising the value of information derived from data analytics while minimising risks.
Big data describes the large volumes of data held by corporations and governments. Using analytics technology tools, insights and knowledge can be derived from the data. These insights can then be used to make informed decisions, for example, in the development of new or improved products or services providing a competitive advantage and ultimately delivering results to the bottom line.