Most consumers don't
realize that their lives are actually about to change dramatically. The
change will be subtle at first, but profound within a decade.
Let’s take a recap of what has been going on. Governments and organizations have long been exercising the harvesting of people's personal information. This is how governments keep track of you, in good and in bad, and it enables more efficient resource allocation and service processes for governmental bodies and different organizations - ideally for your benefit. As consumers, some of us embrace it, expecting some sort of quid pro quo, while others are frightened over the fact that there is some much data about us that is not in our control. Some companies, like Facebook and Google, arguably base their whole business logic on the exploitation of personal data.
This harvested data is generally regarded as a source of competitive advantage, meaning that most personal data generated today is confined to the use of the organization that has harvested it. However, no matter how rich a single company's personal data sets are, they are insignificant when compared to the personal data outside its own organizational boundaries. There are massive advantages to be gained from integrating and analyzing all of this data, for both the individuals and businesses.
It takes time for business innovations to punch through to the minds and lives of the general public. We take mobile apps for granted, but not many of us bother to think about how they came to be an integral part of most of our lives. Yet, it was only in 2007 when the first truly popular mobile platform came into existence in the form of iOS for the iPhone, and in 2010 iOS got the Apple Store. It was a revolutionary moment. For companies, it meant that they now had a way into the consumers' pockets - quite literally - to provide them with services, or information about their services, and a ready solution for monetary transactions. For consumers, it entailed a promise of access to desired services anywhere and anytime.
Now let’s review the present. Personal data, mobile apps, platforms - what does this all mean? We are increasingly being harvested for personal data in exchange for seemingly free use of services, such as Google’s Gmail, Youtube etc. Mobile applications are a significant part of our lives and different digital platforms enable this avalanche of digital transactions. Very soon, more specifically in May 2018, a general data protection regulation (GDPR) takes effect in European Union, which will effectively force organizations to give the control of personal data back to the individuals. This regulation will also affect organizations that have business activities inside EU. This regulation is arguably the single most important action in EU’s aspiration to generate a digital single market, which is valued at around 1 trillion euros annually in 2020.
So what’s next? I expect to see a number of human-centric personal data driven services being released as soon as May 2018 when GDPR kicks in. There will not be an explosion of releases in the beginning, since personal data sharing standards have not yet been formed, but there will be a number of big players that share their data by some form of APIs, which will help smaller players benefit from a wider array of personal data. In ten years time, I imagine virtual personal assistants are an integrated part of people’s lives. They do what personal assistants generally do: they relieve us of menial tasks for us to concentrate on the things we appreciate more. No more wondering what groceries to buy, your virtual assistant will know the exact content of your fridge, and may even throw in a few suggestions for dinner based on your consumption history. Banging your head on the wall because you’re trying to get a big picture of your finances will be history: personal finance management applications know exactly your balances and expenses - past, present, and predicted. Your assistant is also a your wellness coach who knows exactly how much you exercise, eat and when you last had a checkup. All you need to do is to give them your permission to read your data - and why wouldn’t you? It’s your own personal secretary/butler/minion. You may finally just sit back and enjoy.
But, since it is in the deep rooted nature of human beings, we will probably find something to complain about. Perhaps the machines turn out to be condescending.
Let’s take a recap of what has been going on. Governments and organizations have long been exercising the harvesting of people's personal information. This is how governments keep track of you, in good and in bad, and it enables more efficient resource allocation and service processes for governmental bodies and different organizations - ideally for your benefit. As consumers, some of us embrace it, expecting some sort of quid pro quo, while others are frightened over the fact that there is some much data about us that is not in our control. Some companies, like Facebook and Google, arguably base their whole business logic on the exploitation of personal data.
This harvested data is generally regarded as a source of competitive advantage, meaning that most personal data generated today is confined to the use of the organization that has harvested it. However, no matter how rich a single company's personal data sets are, they are insignificant when compared to the personal data outside its own organizational boundaries. There are massive advantages to be gained from integrating and analyzing all of this data, for both the individuals and businesses.
It takes time for business innovations to punch through to the minds and lives of the general public. We take mobile apps for granted, but not many of us bother to think about how they came to be an integral part of most of our lives. Yet, it was only in 2007 when the first truly popular mobile platform came into existence in the form of iOS for the iPhone, and in 2010 iOS got the Apple Store. It was a revolutionary moment. For companies, it meant that they now had a way into the consumers' pockets - quite literally - to provide them with services, or information about their services, and a ready solution for monetary transactions. For consumers, it entailed a promise of access to desired services anywhere and anytime.
Now let’s review the present. Personal data, mobile apps, platforms - what does this all mean? We are increasingly being harvested for personal data in exchange for seemingly free use of services, such as Google’s Gmail, Youtube etc. Mobile applications are a significant part of our lives and different digital platforms enable this avalanche of digital transactions. Very soon, more specifically in May 2018, a general data protection regulation (GDPR) takes effect in European Union, which will effectively force organizations to give the control of personal data back to the individuals. This regulation will also affect organizations that have business activities inside EU. This regulation is arguably the single most important action in EU’s aspiration to generate a digital single market, which is valued at around 1 trillion euros annually in 2020.
So what’s next? I expect to see a number of human-centric personal data driven services being released as soon as May 2018 when GDPR kicks in. There will not be an explosion of releases in the beginning, since personal data sharing standards have not yet been formed, but there will be a number of big players that share their data by some form of APIs, which will help smaller players benefit from a wider array of personal data. In ten years time, I imagine virtual personal assistants are an integrated part of people’s lives. They do what personal assistants generally do: they relieve us of menial tasks for us to concentrate on the things we appreciate more. No more wondering what groceries to buy, your virtual assistant will know the exact content of your fridge, and may even throw in a few suggestions for dinner based on your consumption history. Banging your head on the wall because you’re trying to get a big picture of your finances will be history: personal finance management applications know exactly your balances and expenses - past, present, and predicted. Your assistant is also a your wellness coach who knows exactly how much you exercise, eat and when you last had a checkup. All you need to do is to give them your permission to read your data - and why wouldn’t you? It’s your own personal secretary/butler/minion. You may finally just sit back and enjoy.
But, since it is in the deep rooted nature of human beings, we will probably find something to complain about. Perhaps the machines turn out to be condescending.
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