AI & DATA ANALYTICS
“ Data is very valuable and where there are vast quantities stored , there will be thieves ready to swoop in and steal it ”
SHIVVY JERVIS TRENDS FORECASTER AND CEO , FUTURESCAPE 248
Pros and cons These are numerous and since we live in a data-centric world , it ’ s essential to get as many advantages as possible . However , the main ones data mining covers are : the gathering of reliable information , it ’ s efficient and costeffective , it helps businesses make profitable production and operational adjustments and it can be used by both new and legacy systems . However , there are obviously drawbacks . The first is cost , associated with the use of lots of technology in the process and the need for storage as well as maintenance . Then normally a specialist would be hired to select the tools and other operations involved , which is an added expense .
Security is a big issue because of the risks of identity theft when it comes to the customer information being gathered . With such huge amounts of data , hackers could easily target and access them and steal critical information . Then , of course , there are related privacy issues with the risk that some information could be leaked unknowingly or sold on . The data also has to be accurate or it could cause problems with decision making and it has to be used for the original intended purpose .
Shivvy Jervis , Trends Forecaster and CEO of Futurescape 248 , thinks that bias is still a major concern in any AI system . “ Because the data produced reflects society , so a society with racial or sexist bias will produce data tinged with this . This can exacerbate the issues and cause problems on a larger and more
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