Benzinga | Jul 7, 2021 10:23AM EDT

Data is More Important Than Ever, but Buzzwords Alone Won't Cut It

Photo by Mika Baumeister on Unsplash

What's important for business operations and maintaining relevance in a rapidly changing world? Few topics are as widespread and as crucial as the developments revolving around data and its uses in business. While some innovative companies have forged ahead rapidly and collected vast amounts of data of all kinds, it seems that many organizations are still in the dark regarding privacy compliance, data reporting and actual use.

Overall there is arguably a significant data chasm between the top companies involved in technology and data collection like the members of the informal FAANG grouping (Facebook (NASDAQ: FB), Apple (NASDAQ:AAPL) Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX), and Google (NASDAQ:GOOGL) and the vast majority of other companies. While the kind of data collection and implementation that companies at the top of tech perform is likely far outside of the capabilities of most other companies, trends across industries are pointing toward a new focus on the benefits of data for nearly every organization.

The Dark Side of the Data Discussion

However, there is a significant problem with the practice of data for data's sake. Privacy compliance and respect for user's personal information is paramount. If the collection, storage and use of data is not transparent and explained properly and using other buzzwords for their own sake -- this might end up creating a false narrative that ultimately could damage the company itself and build distrust amongst users.

The difficult task is implementing data tools and techniques in a viable and practical way and utilizing it in an ethical and respectful manner.

While data and its uses have undoubtedly become more important, the opportunities to misuse data and the consequences for such actions have also grown. From privacy and compliance to security and biases, companies are likely be walking a fine line in regard to many of these issues for some time into the future.

Benzinga recently got to talk with Paul Pereira, the founder and CEO of AI advertising and innovative data driven company Alfi (NASDAQ:ALF), on these topics.

"Every business that wants to be successful and remain in business MUST harness the power of data reporting ethically and responsibly. Data intelligence and assisted intelligence will be a de facto norm rather than the exception within the next five years," Pereira stated.

A problem in the cutting-edge of the data technology sector to overpromise advanced capabilities could also occur. Pereira described one of these issues simply with the terminology of artificial intelligence (AI). While many companies claim to have advanced "artificial intelligence," what seems to be going on is better stated as "assisted intelligence."

Ultimately, companies should strive to utilize and innovate but not feel as though they need to misrepresent to stay relevant. "The power of Alfi is not just chatter but real solutions delivery in an ethical and respectful manner with full privacy compliance," said Pereira.