Gaining a competitive advantage through data ethics
The Covid-19 pandemic has accelerated digital transformation projects, with surging amounts of data fuelling automation and artificial intelligence (AI) programmes for businesses from a wide range of sectors.
But in the middle of this information explosion, addressing data ethics is becoming an urgent task. According to the Open Data Institute, data ethics is “a branch of ethics that evaluates data practices with the potential to adversely impact on people and society – in data collection, sharing and use”.
Data ethics requires organisations to realise the power and insight that can be garnered by utilising the vast amounts of information available to them. In order to act responsibly and ethically, firms need complete visibility into the data they collect, store, share and use to ensure transparency when addressing customers, regulators and the supply chain.
A strong ethical ethos can help companies stand out from the crowd. A powerful ethics stance goes much further than environmental sustainability: it also covers the increasing amounts of data organisations collect and use.
However, as data regulation increases, and consumers become more aware of privacy and data-tracking issues, there is a risk that a perfect storm of complexity is developing. Data collection and use – and therefore data ethics – is under the spotlight now more than ever before.
Gaining a competitive advantage through data ethics.