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The U.S. and European Union are working together to place restrictions on Big Tech companies. This limit on Big Tech will make it more difficult for companies to fight the newly established rules. Both sides are working together, trying to cooperate on the rules. The groups working on the rules are working on areas including hate speech and private data access. Also, the teams will work to prevent major online platforms from working against third-party vendors. This legislation is planning to limit the growing power of Big Tech companies. Memos were presented at the U.S. - EU Trade and Technology Council Meeting on September 29. Here, both parties covered the advancement of technology and trade tensions, placing an emphasis on updating the world economic regulations according to today's state of technology.

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This past week, Apple unveiled their new line of products, including new iPads and iMacs. There has already been a lot of controversy in the business world about Apple's new unveilings, including a new product, AirTag, looking incredibly similar to the product Tile, and the new podcasting app on iPhones directly competing with Spotify. However, the latest software update to their products has more profound consequences for other well-known businesses, particularly Facebook.

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The issue of data collection is once again being posed, however this time it involves a very well-known gambling app company in Britain, Sky Bet. After fighting his gambling addiction, a man in Britain decided to pull a request for the private data that Sky Bet collected about him, revealing multiple personal information files including his banking records, mortgage details, location coordinates, and a full portrait of his different gambling habits. After he quit gambling, Sky Bet used the personal data they had of him to label him as a “win back” customer, creating targeted ads that have led to yet another controversy surrounding data collection and usage.

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With evolving technology comes a growing number of sophisticated data breaches aimed at obtaining emails, credit card numbers and addresses for shoppers worldwide. In the last five years, there has been multiple high-profile breaches including Under Armor and the MyFitnessPal app, Target, Whole Foods Market, Chipotle Mexican Grills, and most recently Hudson’s Bay Co. which is home to Saks Fifth Avenue and Lord & Taylor.

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This is the third post in a five-part blog series focused on future trends in business.

Technology is an ever-increasing field, especially in today’s world.  The advancements we are currently experiencing are greater than the entirety of society’s past.  By 2020, the amount of information available via digital gateways will grow from the current five zettabytes to 50 zettabytes (in perspective, one zettabyte is equal to 10^12th gigabytes, or over 15 billion flash drives).  Subsequently, for almost all global actions, there are digital footprints left behind—every Google search in China, use of a Nest home system in the United States, or activation of a trending smartphone app in South Africa leaves behind data and information.  Enter, big data.

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The rapid growth in the fintech industry is revolutionizing the financial industry, forcing traditional banks and new startups to become more technologically advanced. Customer behavior is an area that has a lot of potential for financial institutions to gain insights through data analytics. Data analytics would allow banks and other institutions to have agile systems that learn through experience, where they would automatically refine the algorithms to improve results.

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In the age of information, the mind-boggling amount of data available at our fingertips can seem daunting. Yet, handled in an efficient manner, it can also be immensely useful. Big Data—referring to the use of nontraditional analytics to examine vast amounts of data—has become an increasingly important part of the business landscape. Over the past few years, several prominent corporations have invested in Big Data analytics and are incorporating them into their business strategies—UPS ostensibly spends $1 billion a year on Big Data analysis strategies. Specifically, many are looking at Big Data as a way to further optimize logistics and increase efficiency of commerce. Those who currently utilize Big Data analysis find it essential, warning that other companies who do not adapt to the technology may find themselves left behind.

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Big data has long been a buzz word in the business world, with the seemingly endless benefits more data can bring. Companies use data to spot trends and find consumer preferences, allowing for things like personal advertising and targeted pricing. While big data can be very helpful, some businesses find trouble transforming the vast amount of information into useful insights.