A decade back, when the big data trend began, the mantra was to collect more and more data — then glean insights from it to better understand consumer behavior, market trends, and demand. Even today, big data is key to better decision-making and operational excellence; however, two phenomena challenge the notion of “collect as much data as possible”: data privacy and regulations.
The enforcement of major data regulations — such as GDPR and CCPA — has meant that data collection, processing, and management attract additional compliance costs, in addition to securing the data from insider threats and cybercriminals. Moreover, more and more jurisdictions are only introducing new regulatory frameworks to protect consumer data, limiting enterprises what data they can collect and where they can store it.
