Abstract
This chapter explores the numerous challenges impacting data management in the fourth industrial revolution. It highlights the importance of data management in the era of technological and industrial development in the 21st century business world. It draws attention to the value of countries enacting policies and reforms to curtail the rate of cyber-crimes and hacking into sensitive information of organisations whose operations occur significantly in the cyber realms. Much focus is given to the literature on legal policies enacted in many Western nations to prevent and minimize the consequences of data breaches. It draws attention to the benefits of effective data management in organisations and the key reasons considerable focus should be given to it from national governments across the globe.
TopBackground
Fourth Industrial Revolution is defined as the surge in technological development often associated with innovations in the manufacturing and industrial landscape of the 21st century business world (Ndung’u, 2018). The Fourth Industrial Revolution has shaped the means of interaction and online learning across all sections of the society. Over the past two decades, more services are available online with the exponential growth of technological development; a key component of the fourth industrial revolution. This era of technological innovation has enriched the socio-economic lifestyles of both the development and developing countries (The Economist, 1/28/2012). There has been enhanced advancement in medical services and breakthrough in treating many incurable diseases (Atieno, 2017). The resulting outcome of online services requires the effective protection of data users against cyber criminals. Similarly, technological development related to the Fourth Industrial Revolution provides a lot of data that requires the collection, processing and securing data for its rightful purpose. Data management has therefore become a valuable research area of study because of the need to secure data from the wrongful domain for exploitation by cyber criminals.
Although much of the challenges related with data management and governance have been written by scholars in the field of Information Technology, Computer Science and Information Management, little information has been shared in the areas of product data, consumer data and geolocation data in a comparative review of developing and developed world. This chapter seeks to examine some of the key challenges associated with product data, consumer data and geolocation data management in the fourth industrial revolution within the context of developed and developing world.
Key Terms in this Chapter
Cyberspace: It is the online setting where several participants are engaged in social interactions and have the capability to affect and impact each other.
Compliance: The practice of ensuring that employees of any organisation adhere to all laws, regulations, standards and of making sure your company employees follow all laws, regulations, standards, and ethical systems that relate to them.
Digitization: Is the method of changing information into a digital space which is organised in a computer format.
Data Management: Is a managerial method that involves the acquisition, storing, validating, protecting, and handling the necessary information to create accessibility, reliability, and availability of the data for its users.
Privacy Policy: Legal record that shows the ways a party collects, uses, disseminate, and handles individual’s personal information.