Thu. May 30th, 2024
risk managment

Restrictions That Make Data
Commercialisation Harder For
Business Owners

In the digital age, entrepreneurs have been one of the first who has gotten the memo to maximize
and invest in technological approaches. As a result, virtually no big businesses survive today
without using the internet and other computerized systems. 
It is evident how technology has propelled our society into a more advanced civilization and has
made an endless number of actions easier and more efficient. For example, data
commercialization makes businesses more lucrative and successful. However, as advantageous
as this industry is, it also has its cons. Here, we will tackle the restrictions that make data
harder for most entrepreneurs. 

Risk Management

Data is such a huge asset nowadays that they are extremely vulnerable and prone to countless
risks. To counter attacks or breaches, most entrepreneurs cannot be complacent and must take
multiple security measures to keep their information safe. 
Sadly, having valuable data is not enough as they are as good as gone if not kept well. Risk
management gives businesses more to worry about and focus on maintaining operations.
Fortunately, big data is a worthy investment, and so are the measures that help make sure the
information is well-protected.

Entity Discrimination

Data localisation limits how businesses manage the information they acquire from consumers,
resulting in various inputs from different areas, especially overseas. Foreign services usually
receive more difficult treatment than domestic firms, making transactions more complicated. 
Foreign firms are often seen as less favorable because they require more paperwork than local
services and are far more expensive. On the other hand, a few countries make no distinction
between the two entities, applying the same rules, whether domestic or not. However convenient
as that may sound, it can pose several conflicts. For example, since one set of legislations is
subjected to both local and foreign transactions, entrepreneurs can no longer sanction non-
compliance with legal requirements.

Lack of Legal Framework And Common Standards

One of the most severe restrictions of big data is its lack of uniformity, one: in foreign and
domestic dealings and two: in the legal framework and common standards. In addition, data
formats are inconsistent depending on their platform, which is an obstacle in creating
longitudinal data to be used by businesses. This inconvenience ultimately affects the collection,
aggregation, and comparison of useful information.

Uniform standards are vital in data commercialisation for the information to be reused across
multiple networks and systems to maximize interoperability. It also allows for increased access,
enhancing sharing capabilities. This adjustment makes way for social and information systems to
administer interconnection and interaction. Then, intermediaries define data quality standards to
officiate the reusing process and make transfers. Without this feature, the way businesses use
data commercialisation will cease to be effective.
As for the legal framework for data commercialisation, this, unfortunately, varies too. In most
cases, statements are not mutually exclusive, but they are found to overlap, causing unnecessary
conflict. Since multiple parties are involved in big data serves as a problem for businesses
because of the uncertainties regarding data ownership. Data sharing is incredibly complicated
when meant to be transferred across many different countries. Additionally, entrepreneurs need
to ensure that their data commercialisation processes comply with the contracts of their

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