Data privacy is, as it should be, highly in the minds of technology companies and the general public. Unfortunately, much of the recent discussion has been about controversies arising from the misuse or fraudulent nature of some data sources. But we should not leave this cloud as our collective judgment of how data can help companies make better decisions.
When processes and strategies are in place to ensure that the collection and use of data is done responsibly, we can act properly, as well as consumers and brands. The benefits and opportunities made possible by accurate, well-organized and exploitable data will benefit the entire industry.
Trademarks must place data protection in the foreground
Recently, I had the honor to speak at the top of responsible AI / DI officials during which I addressed these issues and clarified the importance of brands in ensuring that their consumer data strategies are a top priority. Trademarks are responsible for clearly indicating the types of data to which they have access, the permitted uses of that data and the value they can provide. Developing useful but consumer-friendly data strategies must be at the forefront of all business today.
Brands are under tremendous pressure to make quick and important decisions based on data, but they must not lose sight of the trust placed in them and that their partners are transparent about the data they use, their use. used and how it will be collected. And, with a supercomputer in every consumer's pocket, data is available at a rate never seen before. Combined with the processing power needed, companies can intelligently and responsibly use the latest technologies in artificial intelligence to target and segment their audiences with strategies that prove to be a pragmatic approach to reaching their customers. current and even new. While consumers are still weary of the way brands use their data, they are also more likely to engage with trusted brands that manage their information responsibly and offer more personalized experiences. According to Accenture 92% of US consumers believe it is extremely important for businesses to protect their information, although 44% of them are frustrated when companies fail to deliver relevant experiences and custom.
Balancing trust with personalized experiences is something that any retailer dealing with consumer data needs today to understand as a business imperative.
Healthy setting of data approaches
To fully exploit their potential with the help of data, companies must also adhere to a sound approach that balances the authenticity and quality of the data available. Before data can be applied to business decisions, it must be refined, analyzed and measured against specific business challenges.
Once data is ingested and stored, it is critical for businesses to remove poor quality data and refine the remaining data into usable and contextualized datasets that can be applied to analyze a number of key business challenges. Raw, unfiltered data will create confusion. But the data noted, filtered, filtered and contextualized can be used for a high-level analysis reflecting the optimal levels of trust for an organization and its partners.
Data should enable professional decision making with confidence
Mobile location data is one of the richest and most powerful data sets available today. When companies analyze them effectively and responsibly, they can compare different opportunities, such as potential store locations, product location strategies, and vacation promotions.
By 2018, while Amazon was hitting all retailers with a significant share of the e-commerce market, the strategies put in place to gain a competitive advantage should undoubtedly include a thoughtful marketing strategy encompassing responsible practices. in data processing.
Businesses of all types should adopt the use of data and focus on their approach. Do not let some bad apples or harmful examples of data manipulation make you miss this opportunity. Understanding the benefits and challenges of data is essential. The sooner companies understand this dynamic, the better. In today's diverse marketplace, businesses need data solutions to anticipate and cope with many circumstances and challenges.
The types and lasting effects of decisions that companies must make are growing, and if a manager does not have all the information available to make these decisions, it can hurt his business and his customers. If you do not consider all the options and ways in which data can help you, I strongly encourage you to take up the challenge and learn how responsible use of data can strengthen your principles and help your business grow.
The opinions expressed in this article are those of the invited author and not necessarily those of Marketing Land. Associated authors are listed here .
About the author
Gladys Kong, CEO of UberMedia, is an expert in mobile technology and data solutions. Gladys is dedicated to innovation and the development of new ideas in technology startups. Since she joined UberMedia as Chief Technology Officer (CTO) in 2012, Gladys has been responsible for passing UberMedia's from a social media application development company to a Leading company in mobile advertising technologies and recruiting one of the best data science teams dedicated to the constant production of data solutions that anticipate and meet the diverse market of today.
Gladys' mandate in technology is considerable: she was CEO and co-founder of GO Interactive, a social gaming company. Previously, she was vice president of engineering at Snap.com and vice president of research and development at Idealab, where she helped found many companies, including Evolution Robotics, Picasa, X1 Technologies, and d & # 39; others.