Compliance records provide fuel for big data analytics- Valutrics
Access information markets for big data analytics
Analytics tools ingest information that allows massive volumes of comparable information to be evaluated so unexpected patterns, trends or relationships can be recognized. More and more, big data analysis firms benefit by collecting data sets from multiple players in an industry and building cross-industry analyses. They will pay for the data, and will often negotiate bartered arrangements in which data contributors receive back the industry analyses at discounted rates.
Healthcare, pharmaceuticals, automotive manufacturing, automated control systems (such as railroad trains without operating conductors), all benefit from these analyses. But the analyses are valid only if the inbound data can be mashed up together. Nonconforming data simply does not effectively fuel the process. The analytics engines evaluate inbound data and if the data does not conform, the data is embargoed or quarantined.
As a result, it is simply less valuable. This is where information governance, integrated with compliance, can make such a difference. Well-designed compliance records have greater value to big data analytics because the rules that analytics engines rely on to evaluate inbound data are comparable, and often identical, to the rules being adopted for information governance and regulatory oversight. Connecting compliance to information governance enables the corporate data assets to produce new revenues by fueling big data analytics. The following are three realistic scenarios. In each case, the new revenues result from compliance and information governance working together:
- A health fitness company, collecting personal fitness records subject to privacy and security regulations, creates revenue by producing analytic outputs to medical insurers, healthcare providers, fitness coaches, and even designers of health equipment.
- A railroad transportation company, collecting performance, maintenance, and safety repair data subject to national transportation and environmental protection rules, creates revenues by producing analytic outputs that assist replacement part manufacturers, urban planners, and the designers of self-driving locomotives (yes, these really do exist).
- A manufacturer of smart automobiles tracks and collects movement data, performance information, and driver behavior (music preferences, texting while driving, frequency of stops), all subject to privacy and federal transportation rules, and creates revenues by contributing to industry-wide analytics sold to automotive insurance companies, retailers (seeking to push coupons and other promotions to the driver), entertainment distributors, and regulators evaluating new rules on motor safety.