Developing a privacy strategy in a data driven world

As companies collect a multitude of customer data through many systems, the management of this data has become an increasing focus for customers and organisations. Customers are setting a value in the data they provide to organisations, be that in spending more with those who protect and use it properly or limiting the information they provide to those which they are less sure about its protection and use.

In a world of evolving technology and changing customer expectations, organisations need to constantly consider and challenge what they are collecting, how they are using it and most importantly, how it is protected

Governments around the world have been developing policies to protect consumers' information, businesses are often having to evolve to ensure they comply with different requirements. GDPR in the EU compliance is a good example, under GDPR a customer has the right to request a company remove or return the information they have collected on the customer.  Whilst these same laws do not necessarily apply in Australia or New Zealand today, the principles around what information a business collects, secures and uses need to be at the forefront of thinking when a business is developing its data strategy and how it might evolve in the future. Businesses operating only in Australia and New Zealand today, need to think about where customer data is being collected and how they can best centralise this for use today and in the future.

Regulations will change in time, it’s a matter of being prepared for change and being able to pivot efficiently to meet the requirements and expectations of governments and consumers

Laws are not necessarily enough in the eyes of the consumer, the increasing pace of technology change adds extra complexity in how a business ethically handles customer data to result in increased value and ultimately, trust.

Organisations have even more complex technology ecosystems, all of which are collecting different data points for relevant usage. Whether it be creating a single customer view, enabling more effective marketing practices, or implementing reporting across the different business functions; understanding what data is collected across these systems is vital to successfully protecting and using the information business have available to them today.

As customer's understanding of the value of their information increases, organisations need to be transparent in what they are doing with the information they collect, and in return, the value for the customer for providing it. 

The impact? Increased value and trust.

As Steve Jobs said in 2010, “Privacy means that people know what they’re signing up for.  In plain English, and repeatedly…. Let them know precisely what you’re going to do with their data”.

Data privacy policies need to be uncomplicated, easily digested and accessed by the user. In return, customers are more likely to be willing to share information, knowing how it will be used, stored and protected as well as the value it provides to them as an outcome.

Key priorities for an organisation’s approach to data privacy and usage practices

• Develop a customer data strategy to outline what customer information is needed to enhance the experience, and deliver customer and organisation objectives in line with the organisation’s strategy

• Understand what and where customer information is collected and stored across the technical architecture of the business

• Centralise information which offers value to both the organisation and the customer

• Constantly challenge the value of the data being collected, are all fields necessary and whether they add value to the customer

• Transparently share with your customers how the organisation uses data and how it is protected

• Be prepared to evolve as policy requirements shift in line with government and their constituent’s expectations

Check out Datamine’s Guide to Data Strategies for more information.