- Companies must make effective use of data to remain competitive; extracting data from systems remains a challenge.
- Due to stricter privacy regulations, companies are now collecting more of their own data instead of third-party data.
- Despite new regulations, companies do not see them as an obstacle, but as an opportunity to handle data more responsibly.
Over the past four years, the use of data has received a significant boost. Increased consumer expectations play a key role in this, says project manager Mark Kok at the booth of GX Software, a company specializing in data services. 'A lot has happened in recent years; from fully working from home to the reliance on webshops and the growth of digital channels. As consumers, we have become much more capable and demanding in a short time.'
This accelerated the development of digital platforms, where the smart use of data plays a crucial role. Data has taken on a central role in business processes. And although the end of third-party cookies has been looming for some time, one thing is certain, Kok believes: 'Companies need to become more proactive in collecting and managing their own data. Every interaction with your customer or target audience provides relevant insights. A conversion may not immediately lead to a purchase or contact moment, but it could in the future if you apply smart models.' This shift in thinking is driven by the uncertain future of third-party cookies. By collecting and utilizing first-party data, companies can better respond to customer needs and deliver more relevant messages, at the right time. 'A Customer Data Platform (CDP) can meet this need,' says Kok.
For organizations, it is becoming increasingly important to know who their customers and suppliers are. Banks, accountants, and law firms, among others, have been required for years under the Anti-Money Laundering and Counter-Terrorism Financing Act (Wwft) to investigate signals that point to fraud and money laundering. They use data for this, such as that from Company.info. 'We are seeing that more and more companies that are not Wwft-obligated are also conducting these investigations, for example, to prevent reputational damage,' says Stefan van Vliet, senior account manager at Company.info. The company collects information from various data sources and supplements it with in-house developed data intelligence through machine learning and artificial intelligence. 'For example, we can use trend analyses to see whether a company is likely to grow or shrink. Take a business that grows from a sole proprietorship to several employees. It moves to a larger building and opens a second location. You can identify trends from that.' Van Vliet expects much more to come in the coming years with the use of artificial intelligence.
More traditionally mechanized sectors such as manufacturing and the food industry have long used data to optimize business processes. Jelle Melis, Director of Business Development, Cloud Data Platform, and IoT at TMC, notes that in the 1990s, models were already used to predict the right time for machine maintenance (predictive maintenance). These models were based on averages. Now, models use real-time data such as machine operating hours. "You see that the world of OT (operational technology) and IT are increasingly converging. With more data available, better decisions can be made more easily. And if machines cannot provide the necessary data themselves, we add extra sensors to capture those data." He shows a video at the booth of a machine that scans the position and shape of carrots and potatoes on a conveyor belt and quickly determines how a robot should optimally chop them.
At the DataExpo booth of iamsara.io, Tim Botter demonstrates what can happen when artificial intelligence, speech, and video technology come together. The company creates 'VideoTwins' for businesses. For example, the CEO of a large multinational can personally address a new employee during the onboarding process. The VideoTwin, which is almost indistinguishable from an actual video recording of the CEO, synchronizes lip movements and uses the right expressions to pronounce the new employee's name and provide important information about the company. And the VideoTwin can do this in over forty different languages. iamsara.io is a spin-off from Botter's video company, Summit Media, and the name SARA is an acronym for Summit Avatar Resources Applications. "Every self-respecting company nowadays has a chatbot on its site. We find such avatars not very personal and improve this by giving them the face of a real employee. You can talk to the VideoTwin just as you would in a video call. The user experience can be further enhanced as the technology behind video chatbots becomes smarter. We believe we can make a large group of people happy with this."
However, organizations vary greatly in terms of the stage of digitalization they are in, notes Paul Damen of Rockfeather. For example, when making strategic decisions: "If they already have their data in order, they often still look back with data analysis. Predictive models are really the next step up the ladder. AI and advanced forecasting can help companies effectively predict future behavior and market developments."
Recently, a number of new rules regarding the use of data and the deployment of artificial intelligence have come into effect, such as the Digital Governance Act (DGA), the Digital Services Act (DSA), the Digital Markets Act (DMA), the Network and Information Security Act (NIS2), and the Artificial Intelligence Act (AI Act). Next year, the Data Act will be added to these regulations. The legislation sets clearer boundaries on what is permissible with data and the applications that utilize it.
However, the exhibitors who have spoken see the new regulations not as a hindrance to the development of data-driven technology. Kok from GX Software says, "The shift from third-party data to first-party data is also a result of changing regulations. Of course, privacy rules must be observed, and data cannot be stored without consent. This is very important, but it is also manageable." The privacy law GDPR is a factor to consider, agrees Damen from Rockfeather. "It’s part of the job, but it doesn’t suddenly make things very different." "We closely monitor the development of laws and regulations and see it as our responsibility to alert clients and advise their legal teams," concludes Melis from TMC.
