Data as opportunity
The way we shop, travel, receive healthcare and are entertained – indeed all aspects of our lives – have been transformed by data-driven technological and digital advances. At the very heart of these advances is an ‘information economy’.
It’s no surprise (although we don’t agree with the analogy) that data has been coined ‘the new oil’ due to its power, potential and value to businesses and wider society. It’s fair to say that the regulatory and legal landscape continues to evolve in order to try to ‘keep up’ with innovation.
Overlay all of this with the fact that conversations about ‘data ethics’ are becoming increasingly prevalent in society and that governments (including our own in the UK) are grappling with national data strategies designed to facilitate and nurture data economies, and it’s easy to see why Boards are so focused on data-related issues.