Hot Profession – How to Achieve More with Less Data Once Cookies Burn Out

On the path to a 'more private' internet, third-party cookies that have closely tracked the movements and activities of internet users, collecting analytical data and offering personalized offers based on that data, are crumbling. The elimination of these cookies is actually an opportunity for positive changes in every industry that exists in digital form, as it allows all important information to be collected directly from users, without intermediaries. At the same time, it is also a challenge because not everyone has access to people who know how to manage the data dragon, which can spew toxic fire with potentially costly consequences if mishandled. In other words, there are very few data scientists and other data professionals compared to the demand for them, and a solid legal framework has been established to regulate this delicate area. The General Data Protection Regulation – GDPR and the ePrivacy Regulation (ePR or Cookie Law), which put personal data in electronic communication under control, impose strict penalties on companies that do not align their operations with the rules of the game. It must be openly acknowledged: the playground is becoming less and less fun, data collection requires more effort, but the end results could also be better.

Privacy as a Business Imperative

With the departure of third-party cookies, companies operating digitally must build relationships with users by transparently stating what they do with their personal data. Once they gain their trust (and desired data), they will actually have a better view of users' interests, preferences, characteristics, and behaviors, which means more accurate predictions of their behavior, improvements in targeting, and even more personalized content, as well as a possible reduction in costs that were previously allocated to third parties.

– Caring for personal data protection increases the trust of clients and employees and positively affects the reputation of the business entity, which consequently reduces sales problems. Reducing the risk of personal data breaches is always a good idea, and research shows that more than 70 percent of organizations claim to have significant business benefits from privacy, such as operational efficiency, agility, and innovation. For many organizations, privacy is today a crucial business imperative – confirms Duje Kozomara, founder of the company Consent, which specializes in personal data protection consulting and building an internal culture of privacy.

He emphasizes that there has always been interest in his services, which include aligning business operations with GDPR, performing the role of an external data protection officer, compliance analysis with legislation, and conducting training and education related to this area, but over time it has increased as awareness of the importance of personal data protection grows in the corporate environment.

– Part of the interest has likely increased due to more intense activities of supervisory bodies in the European Union, including the Croatian AZOP (Agency for Personal Data Protection, ed.), which recently imposed two high monetary fines for GDPR violations. On the other hand, it seems that the leaders in the management of Croatian companies are beginning to understand that GDPR-compliant business does not only mean avoiding monetary fines but can also bring a range of business benefits – says Kozomara, who most often conducts internal training on the basic principles and obligations of GDPR and training internal data protection officers (DPOs).

Important Independent Analysis

To ensure that life without third-party cookies does not bring unpleasant surprises, companies must know their websites.

– Unfortunately, most websites in Croatia still violate the Electronic Communications Act and GDPR by launching cookies before they have even obtained the consent of visitors, not to mention that they often do not request it in a lawful manner – explains Kozomara, who is therefore working on a project whose name he exclusively reveals to us.

The Regula tool will enable the obtaining of lawful consents on websites, and it will be the first solution of its kind entirely in the Croatian language. Data collection is the first step; the second would be to create value from it, which is the job of data scientists who are also being created in Algebra, which conducts several programs of varying duration and depth, aimed at employees who need to enhance their analytical skills and take steps towards specialization in data science.

– Independent analysis of business data is an absolute imperative for all individuals who must have daily insight into the movement of overall business, sales, marketing, procurement, but also a vision of what steps to take next – agree Hrvoje Josip Balen, a member of the Management Board of Algebra, and Leo Mršić, head of the master's program in data science and director of Algebra LABA.

They highlight several programs potentially interesting to companies that want to educate employees and better prepare them for business in the digital economy.

It is Necessary to Know How to Analyze

As part of the specialized education for Microsoft Azure, the Azure Data Science Academy and the Business Analytics Academy focusing on data warehouses based on Microsoft technologies are available. For those who want to delve deeper into the field of analytics and data science and specialize in it, as well as for companies that want to invest in long-term employee education, a master's program is intended. The Data Science program, for which the only requirement for enrollment is the desire for specialization in advanced data analytics, is currently enrolling its fifth generation of students. From next year, as Algebra is launching cooperation with one of the most prestigious educational institutions in the field of science and technology in the world, the Massachusetts Institute of Technology (MIT), an integral part of this master's program will be the MITx program in statistics and data science.

– Participants will thus receive an MIT certificate upon completion of the MITx program along with Algebra's diploma, which could also be interesting to employers looking for further opportunities for employee education in the field of data science and analytics – emphasize Balen and Mršić.

Whatever data path companies embark on, it should be kept in mind that frantic data collection is not part of the solution. We must stop believing in the mantra that more data means better results.

– More data only complicates life. Their quality is always more important than quantity, and minimizing the amount of collected data is one of the basic principles of GDPR – says Kozomara. 

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