Personal Data and Trust

As the volume and value of consumer data continue to grow, trust will become an increasingly potent competitive weapon. An organization that carefully manages how it uses consumer data will find that its customers are more willing to grant access and usage of that data—a factor that can dramatically sharpen its competitive edge.

Applying the right analytics and models to big data can provide new insights that will greatly benefit your business. However, it’s critical to ensure that these efforts maintain the trust you have already built with consumers.

Customers need to trust that information about them will be well stewarded, meaning that it will be used only for the purposes stated by the organization. Companies that excel at creating trust can increase the amount of consumer data they can access by at least five times in most countries. That data can meaningfully shift market share and accelerate innovation, creating a “trust advantage.”

Making trust a top priority requires a two-pronged approach.

  1. Internally, companies must establish a data privacy policy that is clearly understood by everyone from the C-suite down. The policy should detail when it is acceptable to ask consumers for use of their data and how the data will be managed once it is collected.
  2. Externally, it is critical to explain all safeguards to customers and inform them when oversights occur. Companies should also give consumers some level of control over how their data is used. This type of transparency is essential to maintaining consumer trust.
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