Playing Inside the Trust Economy: Recognizing the Value of Data in the Face of Regulatory and Technological Change

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Presented at ICRMC 2019 by

Beth Dobrygowski

We are living in the 4th industrial revolution, which is characterized by advancements in technology, robotics, machine learning/ artificial intelligence (AI), and analytics. We know that, in order to thrive in the face of this changing economic and social landscape, organizations need to leverage these new technologies. We also know that critical and strategic decisions are driven through insights gleaned from the data a company holds and buys. Data about people. Data about performance. Data about data. With the proliferation of data breaches and the increasing number public discussions about the appropriate use of data (recall Facebook-Cambridge Analytica), companies have a strategic and business imperative to ask questions not only about what insights can be derived from data, but also, what ethical obligations do we have to the people who share their data. Increasingly, our digital and data economy is being understood by consumers as a trust economy; one that is premised a social contract between customer and company to use data appropriately and for good purposes (economic or otherwise). As companies disrupt themselves through the use of new tools like AI, having privacy, security and ethics engrained into the governance, design and ongoing operations of these solutions will greatly minimize reputational as well as operational risk; and, at the same time, will be a differentiator that will not only increase customer adoption of services, but ultimately lead to increased profitability. In this session, our panelists will discuss the evolving regulatory and technological landscape and how this impacts companies with respect to how they managed and use data, their obligations to protect data, and strategies companies can consider to manage privacy and security risks in the 4th industrial revolution.