9 Online Privacy Myths Keeping You from Maximum Online Privacy

9 Online Privacy Myths Keeping You from Maximum Online Privacy

Online Privacy Myths Given how much data we share every day, maintaining online privacy is not easy. On top of that, cybercriminals, corporations and governments are trying to strip away the little privacy that internet users have left. In 2018, this concern is more important
DATA SOVEREIGNTY

Data Sovereignty: the ONLY truly safe path to avoid Privacy Shield turmoil

DATA SOVEREIGNTY India is following Russia and others in imposing data sovereignty restrictions that specify that data must remain in country. Meanwhile the European Parliament has called for the suspension of Privacy Shield from 1st September. How should ethical, customer-centric organisations respond? India is just
kpmg-400

Unscrambling An Egg: How CIOs Can Enable Business Through Unstructured Data

Enable Business Through Unstructured Data

According to IBM’s Global C-suite study, one of the CIO’s primary responsibilities is to help companies deliver a better customer experience through technology. Customers enjoy far more choice than ever, and they are empowered by social media to make more educated decisions, whether this is in regard to purchasing a pair of shoes (B2C) or office equipment (B2B).

Much of this information comes to consumers in text or video format from social media, websites and YouTube videos. This information is hugely influential as it leads ultimately to the yes/no purchase decision. When information appears in written, spoken or visual format, it is called unstructured data. This is because there is data in the words, but it flows as a continuum, which people are very good at comprehending, but computers are not.

Exponential Data Growth

On the supply side, it has been very difficult to make use of unstructured data, and that is a shame, since many experts in IT and commerce estimate that 80 percent of customer knowledge exists in this unstructured format. That’s a lot of data! Where does it come from? Sources include comments on “contact us” forms, customer emails, surveys, recordings of conversations with help desks, customer service centers and call centers, comments on social media, and blogs. Most of these sources are relatively new, having come into their own in the era of social media, but it has always seemed too expensive to try to glean the data from the words in any systematic fashion. In addition, the amount of this information continues to grow, daily.

Enable Business Through Unstructured Data

That is now changing. New developments in technology have made it possible to “unscramble the egg;” To pull data out of an unstructured pile and make use of it. The actual techniques used to do this include Text mining, Neuro-linguistic programming (NLP), Sentiment analytics, Machine learning and others, each of which extracts meaning out of text by using immense computing power in place of the natural contextual interpretive abilities that humans enjoy.

The key point here though, is that this new frontier waits for the CIO to initiate, or at least facilitate the move forward. Many companies remain stuck in an earlier age, with silos separating their departments and a great deal of delay or waste happening due to a legacy ERP culture. There is a general distrust of social media and an unwillingness to exploit it fully, due in large part to its newness, as well as its uncontrollable fluidity.

Data Science

The role of the CIO is changing, along with the IT department itself. Long seen as the department that looks after the computers and networks, IT is now coming into its own as an essential component of management strategy. IT has earned a seat at the executive table simply out of necessity. A company now is its data, it is its online presence, and decisions regarding branding, pricing, customer service and similar strategies need to hear from IT before they can become enacted.

CIOs who take the lead in bringing together a company’s strategic vision with the technologies available to ensure competitiveness and profitability, vault themselves from the already-important position of chief technologist to a broader-reaching position responsible for the future of the company itself.

Unstructured data is a resource; it is raw material waiting to be refined, and has the power to drive a company far beyond its competitors. But the best news of all is that this is just one of an unknown number of developments an innovations that the e-commerce age has in store for those who are prepared to act. The CIO who is capable of both building a team of engaged and informed IT professionals and finessing the political waters of the executive suite, essentially holds the future of the company in his/her hands.

By Steve Prentice

This post is brought to you by The CIO Agenda.

KPMG LLP is a Delaware limited liability partnership and is the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. The views and opinions expressed herein are those of the authors and do not necessarily represent the views and opinions of KPMG LLP.

Steve Prentice

Steve Prentice is a project manager, writer, speaker and expert on productivity in the workplace, specifically the juncture where people and technology intersect. He is a senior writer for CloudTweaks.

TOP ARCHIVES

Rainmaking From The Cloud - CIOs Struggle To Keep Pace With IT Demands

Rainmaking From The Cloud – CIOs Struggle To Keep Pace With IT Demands

CIOs Struggle With IT Demands In the digital era, where customers can select virtually anything with a click of a ...
10 Enterprise Analytics Trends to Look Out For in 2019

10 Enterprise Analytics Trends to Look Out For in 2019

10 Enterprise Analytics Trends Today’s intelligent world requires more from businesses then they have ever had to deliver. Prioritizing and ...
How the Oil Industry Can Benefit from IoT Technology

How the Oil Industry Can Benefit from IoT Technology

Oil Industry Can Benefit from IoT In 2010, the Deepwater Horizon oil tragedy struck and took the nation’s attention for ...
How Machine Learning Quantifies Trust & Improves Employee Experiences

How Machine Learning Quantifies Trust & Improves Employee Experiences

Machine Learning Quantifies Trust Bottom Line: By enabling enterprises to scale security with user behavior-based, contextual intelligence, Next-Gen Access strategies are ...
My Fascination with Amazon Go

My Fascination with Amazon Go

Amazon Go Recently, Amazon unveiled the world’s first completely self-service, no checkout, grocery store — and it’s really captured the public’s imagination. Lines ...