From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
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Data privacy considerations
From the course: Business Analytics Foundations: Predictive, Prescriptive, and Experimental Analytics
Data privacy considerations
- [Instructor] Data privacy is another key consideration when using data for business analytics. Why do we need data privacy protections? Every organization has data about people, like customers, employees, and patients. This is sensitive private information that needs to be protected for legal and ethical reasons. Such information includes names, Social Security numbers, health history, demographics, et cetera. Businesses want to analyze people and predict their behavior. For this, such personal data is needed for analytics and machine learning. The entire domain of customer analytics is built on such data, but using such private data can violate laws, regulations, and ethics based on the industry, country, or company it's used in. When such violations happen and are exposed, it can lead to serious issues for the company, like lawsuits, fines, loss of customer confidence, and impact on the company's stock price. Hence, it's important to honor privacy requirements when using data for…
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