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Data privacy isn’t about compliance — it’s about customers. Although much of the ink spilled around data privacy focuses on obeying regulations such as the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), it’s a mistake to think about data privacy as a compliance exercise. To take this approach is to miss an opportunity.
75% of organizations consider the safeguarding of customers’ data privacy to be a competitive differentiator, according to a survey by Forrester. Our new whitepaper, Practical steps for a customer-centric approach to data privacy, explores how organizations that seek to thrive in today’s digital ecosystem should embrace data privacy as a way to build strong customer relationships and achieve competitive advantage.
Thinking differently about data privacy, rather than just focusing on the defensive approaches traditionally associated with data privacy, organizations should be exploring offensive use cases. These offensive use cases should be based on Data Intelligence to rethink customer engagement. Organizations should focus on creating an improved customer experience, enabling innovation through AI and ML, and enhancing communications with customers, including marketing. This is the road to digital transformation.
Trust is the foundation of any customer-centric approach for data privacy – the organization needs to be trusted to obtain, store and use personal data in a secure, compliant and ethical manner. Building this trust could require both operational and cultural changes to be made. The whitepaper offers concrete ways for organizations to approach five crucial elements of a transformative data privacy program:
It’s important to realize that although phrases such as “building trust” are often bandied about and can seem abstract, there are tangible, concrete steps that organizations who are serious about digital transformation can take. Moving beyond the defensive use case for data privacy will open up new opportunities for organizations – while, conversely, thinking solely in terms of compliance can actually hold an organization back. For example, the same Forrester study shows that senior managers fear that ML and IoT will result in the accidental exposure of customer data. That fear creates resistance towards further AI and IoT deployments. The level of trust customers have in an organization to deal with their personal data ethically impacts stakeholder decision-making broadly.
In short, today, organizations have a unique opportunity to engage in a more customer-centric way with data privacy. By putting Data Intelligence at the heart of offensive use cases, organizations can travel well beyond mere compliance and deliver significant, transformative value.
To learn more, read this new whitepaper, Practical steps for a customer-centric approach to data privacy.
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A message to our Collibra community on COVID-19. Read more from our CEO.