The data economy and its accompanying technology are changing the world. The eight drivers of change below identify technological and data collection developments that are shaping how people work and live and how what they do is captured and perceived by others.
Big data, data analytics, and artificial intelligence are enabling predictive analytics used to anticipate needs, opportunities, and threats in an organization’s environment. The market for predictive analytics is growing rapidly, and major computing companies are key players. Organizations view predictive analytics as one of the most important ways to leverage big data.
Blockchain technology uses a distributed digital ledger to record data, contracts, and transactions, financial and otherwise, without the need for third-party validation. While bitcoin was the first proof-of-concept for the efficacy of blockchains, blockchains have applications beyond virtual currencies. By embedding trust in the algorithms of the blockchain, blockchains can enable trustless transactions and data exchanges, eliminating the need for supervision by intermediaries or government authorities.
Dark Data Comes to Light
The drive to leverage big data will lead to more data-gathering and better use of existing data. According to Gartner, dark data is “information assets that organizations collect, process, and store in the course of their regular business activity but fail to use for other purposes.” A significant fraction of sharing on the internet is “dark social,” sharing links via instant messaging, email, and text—communication that often is not recorded or studied. New approaches will allow better gathering, management, and exploitation of ever-expanding data.
“Fast data” emphasizes real-time decision making, based on the idea that the greatest value from data comes when the analytics can be used immediately. Examples include fraud detection, recommendation engines, personalization, and real-time demand forecasting. In all of these cases, the value comes from quickly processing and acting on the data—and this value can diminish quickly as the data get stale.
Risks to digital infrastructures are growing, even as dependence on them rises. Employees are both worried and harried—concerned about digital privacy and security in the workplace, and tired of the difficulty and complexity of maintaining system security. Associations face the same internal risks as other organizations but also have opportunities to support their members in new ways.
Nichification: Big Data Segmentation
The big data revolution makes it feasible to define new niche demographic segments that share common motivations and interests and to target them with tailored and tested appeals. Associations will be able to communicate to and even predict the interests of very specific segments but will run the risk of limiting broader audience awareness of content and messaging.
Personalized Artificial Intelligence
Rapidly advancing machine learning is combining with data analysis to enable software equipped with increasingly accurate pictures of consumers’ lives and likes. This technology can support personalized microtargeting and allow organizations to offload customer service work to chatbots and other interfaces. Individuals may interact more and more with software that seems to know and understand them, sometimes better than their friends.
Who Owns the Data?
In the United States, there is a growing movement among technologists and consumers to give individuals more control over data about themselves (their identifying information, online communications, purchasing histories, social media habits, etc.). This idea may prove a challenge to existing industry models, as free consumer data is the lifeblood of many popular online services and programs, particularly mobile applications.
To help your staff and volunteer leaders explore what these drivers of change might mean for your association and industry, ASAE ForesightWorks offers the Data and Technology Action Set. The set contains all eight briefs in this topic area and an introduction designed to help you work with the briefs, both on your own and with a group.