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A new competitive edge – harnessing data with purpose?

Data, with its all-powerful applications and new ecosystems has positioned us at the tipping point of a great breakthrough. In this new, brave landscape, leveraging data to unlock exponential value to solve one of the greatest challenges of our times is no longer a dream but an actual possibility – well within the realm of imagination for those who will know how to harness data – purposefully. A new change in thinking is in the offing – a wonderful opportunity for global business leaders across the board to pivot their approach towards data to turn it into their most enduring competitive edge.

There are several reasons for the future to hold more restrictive data governance for businesses. But the primary one is the rising demand for data protection and privacy regulations. And this growing demand for data-driven decision-making is compelling businesses to integrate more transparent measures around data. To comply with global regulations and laws on data-related topics, organizations need to integrate augmented data management framework to survive and thrive in 2023 and beyond.

Data breaches have become more common, and there is no sign of them stopping anytime soon. Organizations are exploring new avenues to invest heavily in data security to stay ahead of the curve. During the third quarter of 2022, internet users globally experienced approximately 15 million data breaches. The number was up by 167 per cent when compared with the statistics from the previous quarter, as per Statista report. Industry leaders are now placing a high value on data security as these threats are posing grave danger to consumers’ sensitivity without their consent.

The original article was published at the Financial Express.

The Boston Global Forum (BGF), in collaboration with the United Nations Centennial Initiative, released a major work entitled Remaking the World – Toward an Age of Global Enlightenment.   More than twenty distinguished leaders, scholars, analysts, and thinkers put forth unprecedented approaches to the challenges before us. These include President of the European Commission Ursula von der Leyen, Governor Michael Dukakis, Father of Internet Vint Cerf, Former Secretary of Defense Ash Carter, Harvard University Professors Joseph Nye and Thomas Patterson, MIT Professors Nazli Choucri and Alex ‘Sandy’ Pentland.  The BGF introduced core concepts shaping pathbreaking international initiatives, notably, the Social Contract for the AI Age, an AI International Accord, the Global Alliance for Digital Governance, the AI World Society (AIWS) Ecosystem, and AIWS City.