Data is the new oil…so who owns it?
Data ownership is not something that we, as consumers give much thought. But our future self-interest demands that we should.
Where do you sit on the data spectrum? And by that, I mean specifically do you freely give up a lot of data without a second thought (think Facebook, Instagram), or are you cynical and choosy about what you give up?
Two different stories gave me food for thought this week. The first was the title of a blog I saw on Linkedin, called, ‘Your Browser History Could Be For Sale Soon. Are You Concerned?’ Err…Yes. And the second was a story I heard a keynote speaker tell at one of our recent events on identity and access management. Simon Moffatt, Senior Product Manager at Forgerock described how registering his family at his new NHS dentist involved filling out a thick file of paper questionnaires about a lot of information including his next of kin, their next of kin etc. And then, get this, all that information was subsequently typed up into the system by the receptionist (maybe even incorrectly) and THEN, archived. Archived? What decade are we living in?
Both of these stories demonstrate how much data we are asked to give out, or simply just ‘offer’ without being asked by routine internet browsing / online purchases. And my pet peeve, when is this data dissemination going to come back and bite us? Do you ever wonder what Google / Facebook / tech behemoths are going to do with all this data that we freely want to give up? And to what extent they will benefit from it? Who owns all that data that we are giving up? Some would argue we own it but they own the responsibility to use it ethically.
Of course, we the consumer (say the retailers / tech giants etc) form the argument for why this data is so crucial. It’s so that we can consistently have a better and more efficient customer experience. Log onto amazon and receive suggestions based on your interests / past purchases. Go into a store to buy a new shirt and they will already know your shirt size, that you like a slim fit and you already have five plain white shirts so maybe time for a checked one now? Or get a reminder from Netflix that you could restart your account as the latest series of House of Cards is back. The list is endless.
A lot of these do enhance the customer experience, but equally you have to wonder why you need to provide your date of birth and mobile phone number if you are simply logging onto a hotel wifi. Did you know that most organisations only use 10-20% of all of their data? And that’s if they’re doing an extremely good job. So why the obsession to poke and pry and collect? Because data is not just the new oil. It’s so much more. As Oracle have stated, “Oil does not produce more oil, Oil cannot be used multiple times, Oil cannot be combined with something else to increase its value.” Bingo. Data is to companies what oil used to be to the majors. Kerchink.
So before you go blithely sharing information on Facebook or Instagram, just think about what you’re sharing. Because at some point, the line between what you own and what you don’t won’t be so blurred anymore.
GDS Group hosts experts to help experts. We strive to provide an atmosphere for our attendees that enables them to confidently lead their companies through major transformation projects. For information on upcoming events, view our Technology Summits and Executive Events. To remain current on our activities, visit GDS Group on LinkedIn | Facebook | Twitter.
