The importance of business data cannot be overemphasized. All businesses, both small and medium scale, have lots of customer data to protect.
This is why a business future without data ownership could be disastrous. This article takes a detailed look at data ownership in businesses and what the future will be like without this.
What is data ownership?
Data ownership implies having complete control and legal rights over data. It describes who rightfully owns the data assets, use, acquisition, and distribution rights.
Data ownership is usually implemented in medium and large enterprises with large storage of data elements that are either distributed or centralized. The data owner has copyrights over such information. He or she can also take legal actions if when a data breach occurs.
What happens to your business without data ownership?
At the moment, there are so many Artificial intelligence technologies that make use of organizations' data and help businesses gain insight while making informed decisions.
For AI to function properly and maximally, it requires data with a high level of accuracy.
With the democratization of data, AI technologies will has become smarter and provides lots of benefits which include:
Predicting Customer Behavior and Product Recommendation: AI helps a business know their potential customers and understand the best products that suit them.
Automated Customer Service: With chatbots, customers can be attended to quickly and appropriately, based on their requests.
Workload and Managing Process Automation: Sectors like healthcare, banking, manufacturing, and insurance are already applying. They source out the less sensitive and repetitive parts of their working process to AIs.
Data Management: As needed, AI helps to cross-reference, update and transfer files. This enables businesses to detect fraud and guard against cybersecurity threats.
Already so many businesses have embraced the use of AI technologies. However, without data ownership, it is impossible to leverage on the benefits that AI offers.
Conclusion
Data is the new oil; it is one of the biggest assets of every organization. Therefore, firms interested in globalizing their business must ensure that they take total control of their data at all times.
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Tags: data owenership, data storage, data assets, customer behavior, product recommendation, data management
