Personal data as valuable asset
The recent revelations involving Cambridge Analytica and Facebook have been all over the news. The repercussions have been fierce: Cambridge Analytica fired its CEO and Mark Zuckerberg had to testify before Congress over the data scandal.
What all this illustrates is that personal data has become one of the most valuable assets of the modern world.
One of the fundamentals of GDPR is to empower people to give their consent, with full knowledge, of how their information will be used and for what purpose. But should the protection of this valuable asset only be the job of the government? No, any company that holds personal data should treat this data with respect and proper ethics.
At MultiMinds, we believe data and analytics are vital to run a successful business.
By successful we mean, your company is ready to:
- face disruption
- adapt to a hybrid world where online and offline experiences blend
- address changing consumer needs adequately and quickly
Big digital disruptors like Google, Netflix or Amazon have many things in common. One of the main things that distinguishes them from their more traditional competitors is the use of personal data from their customers to improve experiences.
As technology keeps progressing, soon IoT and AI will be able to dig into our personal data and impact our relationships with certain brands. As consumers, we are adopting new technology and change our habits rather quickly (just compare the tech you use on a daily basis now as to the tech available during your childhood). With the rise of new technology our concerns about the personal information we share are growing. This is when data becomes critical to run a successful business.
How much are people willing to share with companies? What do they want in return? These are critical questions for any organization. And the answers are vital information. Very often things framed as critical and vital are most likely to be discussed at board level.
So, establishing a culture in which everyone – at all levels of your organization – understands and appreciates how data brings value to business should be on your agenda.