Investment in AI is growing at a very rapid pace. Companies are eager to adopt AI thanks to its ability to speed up processes, eliminate bottlenecks, and even save money. But what should businesses be doing in preparation?
According to Constellation Research, 60% of AI adopters raise their budgets by 50% year over year. However, with current privacy standards, it is very complex to implement AI without disturbing the balance between innovation and privacy.
Who would be responsible for data security incidents in which information is accessed without an authorization?
Data breaches can hurt businesses and consumers in a variety of ways, from damaging lives to ruining reputations. It is essential to maintain an equilibrium between the fast-paced AI innovations of the day and the relatively slow-paced growth of required regulatory policies.
When businesses use personal data, they are generally required to gain consent and be able to explain how they employ that data. However, the use of black-box AI technologies offers no such explanation and requires long-term storage of huge amounts of customer data. This clearly violates the regulatory privacy standards of companies and their customers. A study conducted in 2018 measured the cost of a data breach at $3.86 million globally. Considering the companies studied generated between $100 million and $25 billion in annual revenues, the cost of a privacy blunder for large companies seems negligible.
Data governance and data management are key components of any AI program, and privacy regulations enforce this. In order to be compliant, there are certain things you need to know about your data.
- Who has access to your data?
- How is your data being utilized?
- How clean and trustworthy is your data?
This forces organizations to be more vigilant of their data management thereby putting more good data to use and creating higher quality outcomes.
All companies handle their client’s customer data differently. Do you know how your organization handles data? How secure is your own personal data?
Some enterprises collect and control your personal data, releasing which needs to pass through stringent requirements and procedures, which could also require their clients to pay for their data. On the other hand, there are companies like PredictivEye that do not collect and control their client’s customer data. Our clients’ data is exclusively accessible by the client, without requiring additional copies for processing purposes. Today where data is seen as a gold-mine, this is revolutionary and unprecedented. With PredictivEye, data always belongs to the organization we serve. This approach does not compromise the security of company data as it does not grant access to third-party AI platforms.
Although people, processes, and technology are at the core of good Data Governance, it has to be implemented as a disciplined workflow within the organization.
Without Data Governance, data would never be treated as a valuable commodity.