Data can be used for value creation through use of analytics but there is also a fear of it being misused, so India should have robust data protection laws, according to industry experts.
They discussed the issue during a summit organised here on Saturday by IIM-Rohtak, themed -- 'Marketing Analytics: From measurement to insight', which focused on the change in the ways how brands and organisations reach out to their target audience and connect with them through various channels.
Various panel discussions were held on marketing opportunities and problems that can leverage analytics for solutions and insights, and leaders from top corporate houses attended the summit, the institute said in a statement on Sunday.
"One panel focused on value creation through the use of analytical tools with a large chunk of data being generated. Due to digitisation and coming of cyber-physical system, 2.5 quintillion bytes of data created each day. Companies are offering personalised and tailored products to customers by micro-analysing their behaviour. Technology has been a great enabler to the capabilities of the human mind, it said.
The experts also talked about fear of misuse of data not only from public agencies but also from private companies.
Private companies can observe and measure the online activities of the customer. They can use this data to determine whether to provide a particular service to a particular individual, they cautioned.
Panelists said the demand for data localisation from the developing countries has been due to the need for data protection. There is also fear of curbing of freedom of expression due to monitoring of the online content by the authorities. There is a need to find the critical balance between data analytics and data protection, the statement said.
As India is near the cusp of the data revolution, there is a need for robust data protection laws in line with the EU General Data Protection Regulation (GDPR). One of the most significant changes in data privacy regulation in 20 years has come from the European Union, and India should adopt similar data protection laws, the statement said.
The experts concluded that there is a need to involve all stakeholders to come up with balanced data use and protection mechanism.
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