Why Should Individuals and Companies Care about MyData?
Future of Growth
Written by Mikko Ristimäki
Personal data fuels modern digital services. The amount of data increases rapidly every year and organizations have started to utilize it on a wider scale. Yet, the utilization is often limited only to one company, which prevents creation of wide and versatile services. Both individuals and companies are losing.
There has been a lot of discussion around personal data and its visibility for the individuals as the tech giants are monetizing every bit they collect from you. This centralized platform ecosystem does not give individuals much insight as to where their personal data flows and who is using it. This leads to lack of trust and stronger longing for privacy.
What is MyData?
MyData as a term refers to the human-centric way to process and manage personal information. One of the key principles of MyData is that individuals should have easy and convenient access to their own data that organizations have as well as the possibility to control it. Control in this sense refers to the opportunity to see the personal information and the possibility to use or transfer personal data between organizations. To understand why individuals and companies need to care about personal data, we need know what are the benefits that transparent data sharing creates.
Benefits of MyData are manyfold for both individuals and companies
The benefits of MyData have both short-term and long-term benefits. In the short term, MyData principles increase trust and visibility while also serving improved user experience. The current zeitgeist is filled with privacy fears, data breaches, identity thefts and misuse of personal data in various creative ways. Evil marketers, political propagandists and controlling governments take advantage of the new digital possibilities. Like many, I too share these fears but I also want to see all the good technology and data can do for us. Personally, I enjoy amazing new experiences and services and believe in the new business potential currenctly locked by the currently unreachable MyData.
MyData's endgame is to empower individuals to use their data in exchange for life-changing services or value. Broad behavioral data sets can bring to life services that are hard to imagine today. Imagine the possibility to create AI-powered digital twins of yourself with all the digital footprint you have from behavioral, interest, financial, health and employment data, for example. These digital copies of you could make everyday life easier by shopping, booking trips, investing money, finding a new job or home, set you up with a date and choose what to watch on Netflix tonight. Human augmentation at its best.
For society and businesses, it could mean a totally new business order beyond Uberizing everything. Unleashing trusted, democratized and open exchange of data can feel like a threat. The only way to grasp the future is to boldly go beyond hidden gardens and protective data strategies.
What comes Next?
We at Posti believe in a fair, responsible, and transparent digital future. We have started our journey towards this by embracing MyData principles in our work. We are also actively working towards opening the ecosystem in Finland. This fall we will have technical and legal operator capability in place and are currently looking for partners to join in. Don’t hesitate to contact me and join our journey to build MyData enabled future for all of our benefit.
About the author
Mikko, who is Head of Data & AI Services at Posti, builds digital solutions to improve the everyday lives of Finns. These solutions are built alongside customers and with an understanding of data. Mikko has over 10 years of experience of online business and digital services in various different roles. Twitter @mpristim
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