Big data analytics is one of the top technology trends for the year 2015 in the market researcher Gartner’s survey. In the edge of ‘Internet of Everything’ (IoE), it seems to spread its wings for facilitating customer-centric IoT (Internet of Things) architecture and platforms. As enterprises strive to stay firm amid growing competition, it can readily cater many of their business requirements. Perhaps, this is the reason Dell’s recent Global Technology Adoption Index survey hailed Big Data as the topmost factor to get about fifty percent faster revenue growth for the enterprises than their business rivals.
Big data analytics- Gartner sounds the alarm
There’s nothing wrong with this awesome technology. But as it becomes pervasive, companies need to remain overcautious and vigilant while adapting it in full swing. It is Gartner again who has rung the alarming bell for improper use of big data analytics.
As implications of big data have extended far beyond organizational benefits while covering many social and ethical aspects, the market researcher Gartner has recently predicted that “The improper use of big data analytics will cause half of all business ethics violations by the year 2018.” The market researcher has further noted that the improper use of big data analytics could lead enterprises to loss of reputation, wastage of resources, and lack of competitiveness. Gartner also warned companies of possible legal consequences for that in the future.
Big data analytics is way useful for promoting business, but then improper or say, faulty practices can lead any company to difficult situation. In other words, it is a double-edge sward that can take any company up or down in no time. As many companies start depending heavily on data analytics, regulators like FTC (Federal Trade Commission) in the US start paying close attention amidst increasing complaints of privacy violation.
Malpractices in both analysis and usage of the data can damage any company’s reputation and can cause an unrepairable loss. For example, if an insurance company sends fitness-related tips to Fitbit devices’ owners for promoting health insurance plan then they will be annoyed, and that insurance company’s reputation will be spoiled.
Today, laws and regulations regarding data analytics are less in number and also in the primitive stage, but as smart devices’ users are increasing and incidences of data breach come in the limelight, authorities will certainly come up with the stricter rules. Therefore, it is advisable for the companies to opt for proper and effective big data analytics to reap all its benefits without getting trapped in the future.