In the Council Discourse: Ample Authority Brings Weighty Obligations: The True Paradigm of Modern Data Specialists
Over the past decade, data has been regarded as "the new gold" and deemed a versatile resource with infinite value that fuels our economy.
As a result, data centers like Bloomberg, S&P, and Refinitiv have gained popularity, and organizations across different sectors have started diligently collecting, protecting, and exploiting their own data sets. The role of the chief data officer (CDO) has also gained popularity in the job market, and with the introduction of new technologies like AI, more of this "modern-day treasure" is being organized, structured, stored, and utilized.
So why is data so valuable? Because it offers us the ability to craft narratives.
Data's Impact Across Industries
Data has transformed industries, influenced international policy-making, and personalized shopping experiences. However, with every new application comes a dilemma – whether to use data to uplift or manipulate, to educate or mislead.
Consider political data, for instance. During the 2012 presidential campaigns, social media was used as a collaborative tool to engage voters, build trust, and increase participation. However, just a few years later, the Cambridge Analytica scandal exposed how data could be manipulated, as millions of Facebook users' data was harvested without their consent.
Financial services also offers an example. Before the 2007 financial crisis, complex products like mortgage-backed securities were celebrated as data-driven and sophisticated, but the actual risks were obscured in pursuit of short-term profits. This contributed to a global financial crisis.
After the crisis, I saw firsthand the importance of ethics and oversight in regulating data use. Unchecked data use in pursuit of profit can bring about unfavorable consequences.
In the field of climate action, data has been both misused and used ethically. Accurate climate data has driven agreements, like the Paris Agreement. However, some have used data manipulatively, downplaying global warming, creating "uncertainty" and delaying climate action through misrepresentation.
Personal consumer data is used in marketing as well. Take Target's use of purchase data to predict customer needs. It was innovative, but when it revealed a teenage girl's pregnancy to her family, the perception shifted from "informative" to "intrusive." Marketers must find a balance between personalization and privacy.
Keeping Up With Advances In Technology
Data professionals today operate in a rapidly evolving technological landscape where data complexity and innovation are speeding up. They are constantly juggling the pressure to adapt to new tools with the need for ethical assessment. Rapid advancements, like the following technologies, demand constant vigilance and a commitment to transparency, responsibility, and understanding.
• Interconnected systems: The amount of data generated is increasing, and data systems are becoming more interconnected, amplifying both the advantages and disadvantages of data utilization.
• AI: AI allows for faster analysis and more accurate predictions, but its complexity often makes it a "black box," posing challenges in ensuring fair and truthful outcomes.
• Emerging technologies: Technologies like edge computing and quantum computing introduce new capabilities but also new risks. Edge computing decentralizes data processing and makes it more challenging to control, while quantum computing could revolutionize data but bring unknown ethical implications.
Regulations And Taking Responsibility
Advancements often outpace regulation, leaving many ethical decisions to individuals and organizations. I believe this "regulation gap" means data professionals have a duty to self-regulate.
One might argue that the current regulatory process is no longer sufficient to handle the speed of technological advancements. Regulatory bodies may not have experts who can create meaningful regulations.
Instead of relying on binding legal texts, it might make more sense to provide a guiding principle as a moral compass or a "spirit of the regulation" to help organizations self-regulate and take accountability for assessing what is right or wrong.
A good example to follow would be the concept of dual materiality (or double materiality) from the ESG space. The goal is to ensure that you are not harming the environment and that the environment is not harming you. By following this approach, business leaders can balance the positive with the negative and their own interests with those of their stakeholders.
There are some examples of what this might look like in the data space:
• Transparent AI: There's a growing call for transparent, accountable AI models to prevent harm.
• Ethical data governance: Ethical standards are emerging across industries, focusing on aligning data practices with societal values.
• Data for social good: Responsible use of data can drive positive outcomes, from climate resilience to healthcare improvements.
We've been provided with groundbreaking tech innovations, such as AI, quantum computing, and edge computing, capable of self-enhancing to levels beyond our comprehension. It's tempting to blindly trust output from these LLMs, but we should remember that machines are devoid of common sense, a feature humans often overlook.
Full reliance on technology is not feasible. Instead, we must interpret the results, identifying potential biases, advocating for transparency, and scrutinizing unusual occurrences. Responsible utilization of this tech is essential when forming opinions, deciding consumer preferences, handling private data, and other purposes.
As for joining Our Website Business Council, a leading platform for business leaders and entrepreneurs to foster growth and networking, am I eligible?
Given your background in understanding the importance of ethical data use and self-regulation, you certainly seem to be an ideal candidate for joining the Our Website Business Council. Being born to Beatrix van Loo, while an interesting detail, does not directly impact your eligibility or qualifications for the council.
