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Data Privacy and the Role of AI
Organizations can build trust with customers by proactively managing data
2 Min Read
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With AI proving to be the buzzword of 2024, many discussions have focused on adopting generative AI and AI governance. However, focusing on these topics alone risks overlooking a key first step: Establishing a robust data management strategy. The use of AI can both solve and create challenges for the businesses that embrace it. To prepare for potential roadblocks, corporations should ensure that data is handled in compliance with industry expectations.
Ironically, these data management issues can be addressed by AI itself. Through machine learning and advanced analytics, AI can identify and protect personal data across a broad range of file types, including audio, video and image data. This dual role of AI highlights its importance during the data management processes, ensuring that businesses can maintain data integrity while exploring new capabilities.
The Role of Businesses in Protecting Customer Data
Businesses hold the core responsibility of safeguarding customer data. This responsibility goes beyond complying with data protection regulations and includes the ethical obligation to protect customer privacy.
By using effective data management strategies, such as data monitoring or encryption, businesses can quickly respond to subject rights requests (SRRs) and other privacy requirements. By proactively managing data, an organization can build trust with its customers, leading to a longer-lasting relationship based on transparency and security.
The Socio-Economic Impacts of AI
The rapid evolution of AI continues to have both social and economic implications. It has the potential to transform industries by improving efficiencies and creating new opportunities. However, it also raises concerns about privacy, data security and the ethical use of technology.
To tighten data management strategies before embarking on an AI journey, companies should implement clear data usage policies or access controls that ensure the security of data. The prioritization of these measures will ensure businesses can operate responsibly and maintain the trust of stakeholders.
With over 50 countries set for general elections this year, geopolitical conditions could influence AI strategies and policies. Therefore, businesses should use this time wisely, focusing on tightening data management strategies before embarking on an organizational AI mission. This involves understanding what personal data they hold, how it is used and implementing controls to restrict unnecessary data usage.
The journey towards AI integration is fraught with challenges but it presents many opportunities. Businesses must prioritize the development of a strong data management strategy, using AI to address the complexities of data protection and compliance. By doing so, a business can protect its customers and navigate the social and economic impacts of AI. The path to AI readiness begins with securing the foundation: Effective and defensible data management.
This article first appeared in IoT World Today's sister publication AI Business.
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