“Data is the new oil of the digital economy”. Yes, this is definitely an overhyped statement, but most will agree that data is valuable and is essential for organizations to realize innovation. it allows organizations to spot valuable patterns, trends and relationship over time to support the organization with actionable insights.
However, the data minimization principle and (specific) legal data retention periods require organizations to destroy data after a certain time period. Consequently, those organizations have to destroy their foundation for the realization of data-driven innovation: data. Without data and a rich database of historical data, the realization of data-driven innovation will become challenging. Hence, this introduces a situation where organizations cannot spot valuable patterns, trends and relationship over time to support the organization with actionable insights.