Data Capital Is Business Capital
In today’s digital economy, data is a kind of capital, an economic factor of production in digital goods and services. Just as an automaker can’t manufacture a new model if it lacks the necessary financial capital, it can’t make its cars autonomous if it lacks the data to feed the onboard algorithms. This new role for data has implications for competitive strategy as well as for the future of computing.
Given this central and mission-critical role of data, strong management practices and a robust management system are essential for every organization, regardless of size or type.Learn more about The Rise of Data Capital (PDF)
Data Management Principles and Data Privacy
The General Data Protection Regulation (GDPR) enacted by the European Union and implemented in May 2018 includes seven key principles for the management and processing of personal data. These principles include lawfulness, fairness, and transparency; purpose limitation; accuracy; storage limitation; integrity and confidentiality; and more.
The GDPR and other laws that follow in its footsteps, such as the California Consumer Privacy Act (CCPA), are changing the face of data management. These requirements provide standardized data protection laws that give individuals control over their personal data and how it is used. In effect, it turns consumers into data stakeholders with real legal recourse when organizations fail to obtain informed consent at data capture, exercise poor control over data use or locality, or fail to comply with data erasure or portability requirements.
The Value of a Data Science Environment
Data science is an interdisciplinary field that uses scientific methods, processes, algorithms, and systems to extract value from data. Data scientists combine a range of skills—including statistics, computer science, and business knowledge—to analyze data collected from the web, smartphones, customers, sensors, and other sources.