Galaxy Consulting
  • Home
  • About Us
    • Our Process
    • Meet Us at Industry Events
  • Services
    • Business Analysis and Usability
    • Content and Knowledge Management
    • Records Management
    • Information Architecture
    • Enterprise Search
    • Taxonomy and Metadata Development and Management
    • Document Control
    • Information Governance
  • Solutions
    • Information Overload
    • Compliance
    • E-Discovery
    • Internal and External Websites
    • Enterprise Search
    • Collaboration and New Employees’ Onboarding
    • Customer Service
    • Manual Processes
    • Vulnerability of Sensitive Information
  • Portfolio
    • Our Brochure
    • Our Clients
    • Case Studies
    • Presentations
    • Press Releases >
      • Galaxy Consulting Receives 2016 Best of Redwood City Award
      • Galaxy Consulting Receives 2015 Best of Redwood City Award
    • Videos
  • Testimonials
  • Blog
  • Free Consultation
  • Contact Us
  • Terms of Use/Privacy Policy

Digital Trust

3/31/2021

0 Comments

 
Picture

While consumers have happily shared personal data on social platforms in return for greater connectivity and shared experiences, recent news about data harvesting has caused alarm. Many companies that rely on consumer insight are rethinking how to build digital trust and make it sustainable.

​A study of 25,000 consumers across 33 countries, the majority of  92 % of which are U.S. consumers say it’s extremely important that companies protect their personal information. Another 79 % say it’s frustrating to realize that some cannot be trusted to use it appropriately. Lack of trust is one of the biggest reasons consumers switch companies.

And with the General Data Protection Regulation (GDPR), a regulation intended to strengthen data protection for EU citizens and let individuals decide which brands can use their personal data, good data stewardship is becoming critical to the success of every business globally.

The Importance of Insight

The ability to process personal data is critical to business in the digital age. Data-driven organizations rely on customer insights to help inform the development and design of products and services, the overall customer experience, and marketing strategy. From demographics to personal preferences, customer data allows companies to deliver hyper-relevant products, services, and experiences.

Some companies have built entire business models around the sale of anonymized personal data. Technology is creating opportunities for businesses to understand their customers on a deeper level and monetize this knowledge. Biometric, visual, genomic, and device data can allow ever-increasing degrees of personalization.

Personal data is a currency no business can afford to risk.

Earning Digital Trust

To earn digital trust, organizations' leaders have to eliminate anything that jeopardizes it. Companies looking to future-proof their customer data supply should take these measures:

• Deliver on their commitments. 83 % of U.S. consumers say it’s extremely frustrating when companies promise one thing but deliver another. An organization’s commitment to delivering promised experiences and meeting customers’ expectations is paramount to earning trust. Successful companies understand their baseline level of trust and eliminate issues or offers that detract from the trust. Otherwise they must reset their parameters.
​
• Establish rigorous governance. The only way trust can become sustainable is by establishing a rigorous process and a robust, cross-functional governance structure to continuously measure trust and hyper-relevant effectiveness and acting on the findings. Please see our posts on Information governance.

• Give customers full control over their data. As customers demand greater control over how companies use their personal information, organizations must become more transparent. Customers must be given full access to, and control over their data, which will demonstrate responsible stewardship and ethics. Furthermore, they must ensure that the appropriate safeguards are in place to protect it.

Some companies may look to adjust their profit models and potentially charge for services (i.e., “pay for privacy”) so customers are explicitly aware of the value being exchanged. That way companies could make money on direct interactions with customers as opposed to the derivatives of those interactions (i.e., selling insights or advertising). Or they could move from an information exchange relationship to a more classic view of understanding what customers need and having them pay for it.

More companies will undoubtedly assess their existing propositions and the economic viability of new models. But the question remains as to whether the underlying information and experience will become something that is merely expected, rather than something that customers would be willing to pay for.

The Path Forward

Digital trust is only sustainable when companies establish a rigorous process and governance structure. Most importantly, digital trust must be managed as the critical growth enabler it is. Companies will inevitably look to capture new categories of customer data such as biometric, geolocation, even genomic data in their drive for greater relevance. Customers' concerns will inevitably rise, so it’s critical that companies have strong data security and privacy measures in place, give customers full control over their data, and, crucially, are transparent with how they use it.

We have successfully implemented data security and data privacy in many organizations. Please contact us today for a free consultation.

0 Comments

    Archives

    April 2022
    March 2022
    January 2022
    July 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    July 2020
    April 2020
    March 2020
    December 2019
    November 2019
    September 2019
    August 2019
    July 2019
    May 2019
    March 2019
    February 2019
    January 2019
    December 2018
    October 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    December 2017
    September 2017
    July 2017
    June 2017
    May 2017
    April 2017
    January 2017
    December 2016
    November 2016
    September 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011

    Categories

    All
    Alfresco
    Arena
    Automatic Classification
    Autonomy
    Big Data
    Business Analysis
    Case Studies
    Change Control
    Change Management
    Cloud Content Management
    Cloud Ecm
    Cloud Enterprise Content Management
    Cms
    Collaboration
    Compliance
    Concept Searching
    Confluence
    Content Analysis
    Content Localization
    Content Management
    Content Management Systems
    Content Strategy
    Controlled Vocabulary
    Coveo
    Crisis Management
    Dams
    Data Integrity
    Data Security
    Digital Asset Management
    Digital Asset Management System
    Digital Transformation
    Dita
    Document Control
    Document Control Systems
    Documents Management
    Documentum
    Drupal
    Dublin Core Metadata
    Ecm
    E Discovery
    Engineering Change Process
    Enterprise Content Management
    Enterprise Search
    ERoom
    E-Signature
    Exalead
    Fatwire
    Gamification
    Gmp
    Gxp
    Hadoop
    Information Architecture
    Information Governance
    Information Overload
    Information Technology
    Iso 9001
    IT Systems Validation
    Joomla
    Knowledge Management
    Knowledge Management Applications
    Metadata
    Mobile Devices
    Naming Conventions
    Ontology
    Open Source Cms
    Open Text
    Oracle
    OWL
    Personalization
    RDF
    Records Management
    Risk
    Search Applications
    Self Service
    SEO
    Sharepoint
    Social Media
    Structured Content
    Taxonomy
    Teamsite
    Thesaurus
    Tridion
    Twiki
    Unified Data
    Usability
    User Adoption
    User Centered Design
    Vasont
    Vivisimo
    Web Site Content
    Web Site Design
    Wiki

    RSS Feed

Powered by Create your own unique website with customizable templates.