Monday, May 16, 2022

Growing Data Privacy Concerns in the Age of Digital Transformation

Data is the new currency in the age of digitization. The exchange of which creates a win-win situation for tech companies to provide personalized experiences for netizens.

After visiting an ecommerce website, you might have noticed platforms like Reddit, Facebook showing you the same products that you were eyeing.

  • Balancing Personalization With Privacy
In the digital age, the difference between a profitable and non-profitable company is the way its data is used in enriching customer experience.
  • Understand and Focus on Data Principles, Policies
Thorough understanding of data principles and policies is integral to protecting the privacy of customers.
  • Data Analysis to Support Customer Intent
One of the ways to create a customer-centric business model is by analyzing the user data and democratizing the access to data analysis reports across departments that frame marketing strategies.
  • Balance and Educate, Lower Risk
Data privacy and personalization are two sides of the same coin. But rather than being conflicting, these must be vetted by legal advisors before their application into innovation and business processes.
  • Rooting for Customer Trust
User data when used in context helps in maintaining the privacy that establishes trust between customers.
  • Allows Ongoing Research
Data sharing not only helps advance research but also points it in the right direction which is beneficial to both the manufacturer and consumer.
  • Verification of Results
Feedback and analysis from customer data validate the purpose that the company tries to achieve.
  • Product Development and Improvements
Why do you think there are 13 versions of the iPhone? Data exchange is the key to continued growth in the process of creating revolutionary products.
  • Promotes Connection and Collaboration
For the purpose of collecting data, companies are more inclined toward promoting collaboration with the users than ever.
  • Conclusion: Support Digital Transformation Through Data Sharing
It may come as no surprise that in the age of digital transformation, companies need to consider the security of the data they collect, store and share. Nevertheless, promoting data exchange can increase market transparency and continued growth.

Data privacy must be the foundation of any transformational digital project as without it you might not only be penalized but also lose customer loyalty and trust. Digital transformation through data sharing leverages innovation and the introduction of cutting-edge technology to accelerate business processes.


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