Innovation is the driving factor in our today´s economy and has to be engaged in. However, there are some factors in our society that are preventing innovation from taking place at a faster speed.
A study of innovation and data use
A study conducted by Intel and Harris Poll discovered that there is a distrust against data usage inhibiting the process of discovery and innovation. However, device owners are willing to allow data usage, “If it will aid areas such as healthcare and education”. This means that our society perceives that the collection and storage of personal data if used for research in the public sectors is generally accepted. But if any company wants to use personal data for their own benefit, people react strongly against it and show their suspicion. Intel says that is suspicion and mistrust is inhibiting the speed of innovation.
Consumers expect transparency at the data analytics
To overcome this lack of trust of the consumers the industry has to be “more accountable, transparent and provide better security in product development, privacy practices and policies.” This is because the only way to create new innovations and make new discoveries by using the consumer data, which the firms only will be allowed to collect if they are more transparent and accountable in their collection of data.
Sensitive data require a sensitive using
Despite this lack of clear understanding what their data is used for, most consumers would allow data collection to some extent. They are especially willing to allow access to data if it will give a benefit to them, for example: around 57% would allow access to health data if this data is aiding medical research. However, they cut a clear line and say that “sensitive personal information” has to be excluded. Another example is that 60% of the parents would give their children´s anonymized data to allow for better education.
This shows that personal data privacy is the major concern stopping innovation. But if there is an effort from government and the industry to show the customers that their data is handled with care, eventually innovation will take place as a final result.