You’ve no doubt heard the saying, “Data is the new oil.” Data, like oil, is a valuable resource that, when refined and applied in the right way, can fuel business growth, innovation, and revenue.
However, unlike oil, external data doesn’t flow freely and can’t be claimed by people who discover it. The flow of data in a business relies on consumers who provide it and sanction its use. And increasingly, they are reluctant to give companies access to their personal information and have legitimate questions about how we use it. Consumers reward businesses they trust with their data, and that trust is earned with ethical data stewardship. In this business climate, strong data privacy practices are not just a compliance necessity: They are a competitive advantage.
A staggering 94%1 of organizations report that customers won’t buy from them if they fail to protect data properly, and 81%2 believe that the risks from data collection outweigh the benefits. But crucially, only 29% of participants in a recent IAPP survey3 found it easy to understand how well a company protects their data, while 64% agreed that clear and understandable privacy policies enhance trust. The adoption of AI by businesses doesn’t help: 57%4 of global consumers view the use of AI in collecting and processing personal data as a significant threat to privacy.
The market shift around the necessity and value of data and increasing customer concern about company data practices require that businesses adopt customer-centric privacy practices. By adopting ethical data-handling practices and being transparent about those practices with customers, businesses can build trust and translate it into powerful business benefits:
Osano’s privacy platform enables comprehensive, transparent consent management
for privacy and marketing teams:
Osano’s status as a B-Corp and certified public benefit corporation further enhances the perception of your company as a privacy-forward brand that’s focused on building trust and loyalty among customers.