Limitations of Predative analytics (8)

 


Legal and Privacy Concerns 

Predictive analytics mostly taps into the personal data of individuals, including their shopping habits, locations, ages or even their medical records. This not only allows companies to make their decisions more efficient, but at the same time it seriously endangers people’s legal rights and their privacy. People are concerned about what kind of data has been collected from them, if it is protected, and if it is used only for the purposes they have agreed to.

Many countries have very strict legislations governing the collection and utilization of personal information. A good instance is the GDPR in Europe and similar regulations for other parts of the world which allow entities to use data only in cases that have been explicitly stated by the data owner. Besides that, companies have to make known exactly the purpose of using the data and how they will keep it safe.

Thus, if an enterprise uses the information in a wrong way or loses it, they can be punished by paying huge fines, giving lawsuits, and losing their reputation. Even solo, if it is not intentional, abusing data will result in the wrong marketing of the individual, it could make the person feel uncomfortable, or in the worst case, even cause a breach of privacy.

For instance, they will not come into these conflicts if they treat the data in a correct way. Responsible here means, that the customer is clear and honest, that the data is secured and not accessible to unauthorized persons, and that the law is followed to the letter. As people feel that their information is safe, the risk of accepting predictive analytics in the future is reduced.

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