Technology has evolved leaps and bounds in the past decade, and every business, regardless of the niche, has already jumped on the digital transformation bandwagon.
Whether we talk about incorporating smart devices or adopting cloud computing for thriving business success, technology has undoubtedly laid the foundation for a successful business in this era.
However, integrating technology into business doesn’t guarantee a secure IT infrastructure, especially when cybercriminals find new ways to exploit customer identities.
Since data is the essential fuel that keeps businesses up and running, a little sneak into crucial customer details can cause massive destruction for an enterprise in terms of hefty fines and reputational damages.
With more and more businesses taking place online and grappling with the new privacy and data security complexities, there’s an immediate need to reinvent data management strategies.
Let’s understand the role of privacy and data management and how businesses can take the competitive edge.
Things have rapidly changed in the digital business landscape, and customers are increasingly becoming obsessed with how enterprises manage their personal data.
Furthermore, global data privacy and security regulations are also becoming more stringent. This means that businesses that aren’t complying with the regulations like the GDPR and the CCPA would eventually face issues pertaining to customer trust and loyalty.
Hence, if a brand needs to build customer loyalty and trust in this digital-first era, it should comply with data privacy and security regulations.
Now talking about the true potential of customer data, brands that aren’t leveraging customer insights would surely lag behind their competitors.
Over a decade, customer insights have been the game-changer for businesses striving for overall success since they can offer personalized customer journeys and deliver what their end users demand.
“Rapid technology adoption has undeniably helped organizations navigate their digital transformation journey. However, the speed of technology adoption in a data-centric landscape without assessing underlying risks has created endless privacy pitfalls" says Deepak Gupta, CTO and Co-founder (LoginRadius)
Hence, the ones seeking competitive advantage without losing customer trust must rethink their privacy and data management policies.
Let’s look at data and privacy shifts that could help businesses grow in 2022 and beyond.
Organizations that go out-of-the-box and separate themselves from competitors will be those willing to adapt to a new way of working with privacy and agility.
Data literacy is swiftly becoming the need of the hour within a business organization that requires a top-down data management approach that ensures data is viewed as insights to drive overall business growth.
For instance, valuable customer data collected through registration forms can be utilized to build a personalized customer experience that offers customers what they’re actually looking for by carefully examining their behavior and preferences.
Relying on old-school data strategy could be fatal for businesses serving customers online since market leaders already leverage cutting-edge technologies and tools to stand ahead of the curve.
For instance, most businesses now rely on identity management solutions to ensure they comply with global data privacy and regulatory requirements.
Also, a customer identity and access management (CIAM) solution can help businesses deliver a flawless user experience reinforced by security.
Moreover, customers love to share their personal details if they are catered to with a rich user experience through a CIAM with progressive profiling. This feature allows brands to collect crucial customer data gradually over time instead of a huge registration form.
Brands cannot just focus on user experience anymore; customers now demand security, privacy, compliance, and customer experience- all under one roof.
The market is flooded with endless options for almost every business niche, and customers won’t take a second thought to switch if they aren’t served with the desired experience.
In a nutshell, if a business offers privacy, security, compliance, and user experience through its platform, it’ll stand ahead of the competition.
A cutting-edge CIAM solution can help brands overcome these challenges like a breeze.
The modern digital business landscape has offered endless opportunities for enterprises to leverage their customer insights. However, they need to strategize things from a whole new different perspective.
Whether it’s the incorporation of a reliable CIAM or other privacy management solutions, brands have to put their best efforts into ensuring robust privacy management.