{"id":276,"date":"2013-11-06T14:16:42","date_gmt":"2013-11-06T19:16:42","guid":{"rendered":"https:\/\/solutionsreview.com\/business-intelligence\/?p=276"},"modified":"2013-11-06T14:16:42","modified_gmt":"2013-11-06T19:16:42","slug":"business-intelligence-and-the-data-mining-risks-associated","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/business-intelligence\/business-intelligence-and-the-data-mining-risks-associated\/","title":{"rendered":"Business Intelligence and the Data Mining Risks Associated"},"content":{"rendered":"

\"Business<\/a>Enterprises can increase their profits by utilizing big data.\u00a0 Big data can bring highly targeted and personalized products and services to consumers.\u00a0 Research indicates that consumers want to receive personalized information but they do not want their privacy compromised.\u00a0 According to estimates from the McKinsey Global Institute big data can increase retail sector profits by 60%.\u00a0 With these staggering profit margins it\u2019s no wonder why big data is a multibillion-dollar business venue.<\/p>\n

There is a delicate balance between consumers wanting to receive personalized advertising and being cautious of overly aggressive marketing practices.\u00a0 In a recent global survey conducted by IT consultancy and outsourcer Infosys, 39 percent of respondents said that they consider data mining invasive.\u00a0 Furthermore, according to a September 2013 survey from data privacy management company Truste, 1 in 3 internet users have stopped using a company\u2019s website or stopped doing business with a company because of privacy concerns.<\/p>\n

Transparency Matters<\/b><\/p>\n

Industry experts maintain that companies will be more successful if they are open about what they do with customers private information.\u00a0 Companies could lose customers if they are perceived to be spying or misusing customer information.\u00a0 Companies can offer customers incentives for sharing their information.\u00a0 By offering discounts or rewards points to loyal customers, enterprises can develop stronger relationships with their customers.\u00a0 \u201cRetailers need to do a much better job of using the data that they already have to reach their customers.\u00a0 At the same time, they have to be careful about being seen as invasive because they don\u2019t want to get into trouble and lose the trust of their customers,\u201d says Infosys client partner Nans Sivaram.<\/p>\n

Setting high ethical standards<\/b><\/p>\n

Michael Walker, a managing partner at systems integrator Rose Business Technologies, is an advocate for a code of ethics for big data professionals.\u00a0 Similar to oaths that doctors, elected officials, or lawyers would take, Walker believes an ethical code should exist for data professionals.\u00a0 \u201cMy solution is to have some sort of code of professional conduct that data scientists would voluntarily agree to follow to protect people\u2019s private data,\u201d Walker says.\u00a0 Earlier this year, the Institute for Operations Research and the Management Sciences (INFORMS) drafted a code of conduct in conjunction with its Certified Analytics Professional certification program.<\/p>\n

It is still to be determined whether or not an industry wide code of conduct for data professionals will be established.\u00a0 Regardless, transparency, respecting customer privacy, and setting high ethical standards will matter. Click \u00a0here to read<\/a> the entire piece form ComputerWorld<\/p>\n","protected":false},"excerpt":{"rendered":"

Enterprises can increase their profits by utilizing big data.\u00a0 Big data can bring highly targeted and personalized products and services to consumers.\u00a0 Research indicates that consumers want to receive personalized information but they do not want their privacy compromised.\u00a0 According to estimates from the McKinsey Global Institute big data can increase retail sector profits by […]<\/p>\n","protected":false},"author":16,"featured_media":292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"yoast_head":"\nBusiness Intelligence and the Data Mining Risks Associated<\/title>\n<meta name=\"description\" content=\"big data can increase retail sector profits by 60% With these staggering profit margins it\u2019s no wonder why big data is a multibillion dollar business venue\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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