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  • Top tech balancing act in 2020: Innovation vs. Risk
Article:

Top tech balancing act in 2020: Innovation vs. Risk

14 September 2020

BIG DATA (BI)

Innovation

As more business goes digital, the volume of data being gathered is growing constantly. Data management and privacy-as-a-service can help companies maintain trust among users and regulators, while extracting value from their data.

Risk

Since the Facebook-Cambridge Analytics scandal arose, significant concerns have surfaced about the use of personal data for any number of purposes, from brand marketing and advertising to political targeting.
For most software companies, a fall in consumer trust in your products compared to those of your competitors can significantly impact revenue and market.

 

Artificial Intelligence (AI)

Innovation

AI works to make sense of the vast amounts of data tech companies are generating. Simultaneously, AI is blurring industry lines, expanding the opportunities for tech innovation and partnerships. AI is also increasingly being used to augment recruitment processes to address workforce concerns. From chatbots to interview scheduling tech companies can look to AI for talent acquisition support.

Risk

There are unprecedented challenges spurred by AI, facial recognition and other emerging tec, human error can become concentrated once introduced into AI. Fear of machines replacing human-staffed positions also bears an existential concern.

 

Robotic Process Automatoin (RPA)

Innovation

RPA offers applications to handle repetitive and manual tasks. RPA can take over assignments including form fulfillment, database entries, calculations and statistics. RPA can also enable greater workforce value and talent retention by eliminating administrative work. 

Risk

As increasing volumes of work and ballooning expectations lead to the adoption of RPA solutions, data security and privacy risks may be inadvertently introduced. Improper data use and automated access could lead to unintentional errors and liabilities, meaning RPA system adoption may require additional security controls.

 

Experts: 

BDO United States:

- Aftab Jamil / Assurance Partner

- Doug Hart /Assurance Office Managing Partner

 

August 2020