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Using data in a smart way

EY event will tackle the use of data while skirting privacy issues

Data is everywhere. In fact, the amount of global data is growing at an exponential rate. The International Data Corporation (IDC) forecasts that by 2025, the global datasphere will grow to 163 zettabytes (that is a trillion gigabytes); over 10 times the amount of data generated in 2016.

As organisations support more of their processes through information technology, more data is being generated and collected. The emerging velocity, variety and volume of data has given rise to new concepts such as ‘big data’ and ‘data science’. Data is only as good as the insight we can get from it. This entails effective, insightful data analytics. Today’s access to computing power in the data centre and in the cloud allows us to process this data, apply algorithms and visualize the data in unprecedented speed.

Various studies show that companies that adopted data analytics gained a significant lead over the rest of their competition. Data analytics is not simply an informed historical view of your company; it is the combination of real-time data together with the ability to combine multiple data sets from various sources to provide new insights into business that have not yet been available to companies until now.

Data must be the driving factor behind business decisions as it provides insights into the ins and outs of the company that is unparalleled.

However, in a world that is now more than ever focused on protecting people’s data with emerging regulations such as the highly publicised General Data Protection Regulation (GDPR), how can companies responsibly and efficiently utilise their data through analytics while ensuring they remain compliant?

The task is not an easy one, especially considering recent data scandals that affected over 87 million users shedding light on the dangers of data usage in respect to privacy laws. Companies tread a fine line between maximising their data capabilities and ensuring compliance with global regulations. Despite this, data analytics and compliance must not be viewed as opposing forces but instead as complementary aspects that seek to maximise the overall capabilities of the company.

EY is organising the All Things Tech event on September 6, followed by a networking session.

Registration is free at https://allthingstech02.eventbrite.com . For further information one can send an e-mail to all.things.tech@mt.ey.com.

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