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.
Unless companies do something to combat the toxic environment of distrust that surrounds data use, consumers will be predisposed to view all new uses of data about them as misuses.
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