Answer To: https://elearning.kbs.edu.au/pluginfile.php/886539/mod_resource/content/26/DATA4000_T2_2022_Assessme...
Tanmoy answered on Oct 02 2022
DATA4000
INTRODUCTION TO BUSINESS ANALYTICS
Table of Contents
Introduction 3
Analysis 3
Data Usability 3
Data Privacy and Security 4
Ethics Considerations 5
Artificial Intelligence 6
Conclusion 7
References 8
Introduction
According to the Ireland Privacy Principles and as per the General Data Protection Regulation (GDPR) there are several guidelines issued which are applicable also for Bank of Ireland with respect to the proposed analytics project. As per the regulations, it is Bank of Ireland who must ensure that it has taken the consent of the customers for using their personal data. Also, the agreement should have a clause which must specify that the data cannot be disclosed to a third party without the consent of the customers. Hence, it is the projected analytics project’s practice with respect to Artificial Intelligence (AI) which can have some forms of repercussions for safeguard of the customer’s personal information and protecting the rights of the individuals. It is also the Ireland Privacy Principles (IPP) which helps in defining the process in which the enterprises can protect and administer their personal data. Further, the IPP are dependent on the principles of data minimization, which instructs that the businesses must collect, use and disclose the personal data of the customers as per the consent provided by them. On the other hand, the European Union also have their own General Data Protection Regulation (GDPR) which helps in providing same type of regulation for protecting the personal data and information of the individuals living in Europe. As per the GDPR, the personal data and information of the customer should only be collected for accurate, obvious and genuine reasons. Also, such information must be treated in a fair, dependable and transparent manner. According to the analytics project of Bank of Ireland, it can be used for the acquisition and sharing of the personal information in a manner which should not violate the Ireland Privacy Principles or General Data Protection Regulation. Hence, it’s the proposed project’s use of Artificial Intelligence, which will help in collection of data in huge volume and could be difficult to secure.
Analysis
Data Usability
It is the database stakeholders who would be able to gain from the volume to more precisely for targeting the marketing campaigns and an opportunity for providing a database which is comprises of a more comprehensive dataset to the vendors who are especially interested in getting the details of customer’s credit card transactions. Further, it is essential to ensure that the data is being maintained in a secured form and the consumer’s privacy is kept intact without any forms of violation. Hence, it would be the database’s expenses for the stakeholders. It is the data quality valuation tool, a data cleansing tool along with a tool for the process of data visualization are the forms of data analytics software products which are necessary for the analytics project. Also, it’s the Ireland Privacy Principles which have implications with respect to the Bank of Ireland proposed analytics project in that the bank should ensure that the customer’s consent is being used for the personal information necessary for the purpose of marketing. Also, such data must not be used for any other purposes without the consent of the customers and also the data should not be disclosed to any third parties without taking any consent from the customers. It is General Data Protection Regulation (GDPR) which will necessitate Bank of Ireland for verifying that the customers agree to use the data for the marketing purposes. Also, such data cannot be used without the consent of the customers and will not be disclosed to a third party without the consent of the customers (Frost, 2021). There needs to be a well-structured database management system which will be beneficial for the end users, the board of directors as well as the employees of the company in numerous ways. Further, it is the employees of the enterprise who will be able to get access of the information is such data is genuine and allowing to respond to such changes in a rapid style (Tutorialink, 2018). In case there are any forms...