This is the fifth post in our Executive Guide to Cutting-Edge Tech Customer Onboarding blog series. If you have not read our other posts you can find them here.
Earlier this year, Kathleen attended an executive roundtable for a global Education Technology provider. Learning Leaders and Decision Makers went around the room talking about their own perceptions of the value and risk that AI posed as part of their learning and development strategy. Overall, while it offers tremendous benefits in speed and cost-efficiency, data privacy remains a significant concern.
Data privacy is not just a technical concern; it's a strategic imperative. With only 29% of consumers trusting brands with their data, leaders must take proactive steps to safeguard this trust. Wes Chaar, Ph.D., founder of Avant-Garde Strategy and Strategic Advisor states: as stewards of our organizations and employees' data, it's essential to address privacy concerns head-on implementing the following best practices:
Regulatory Compliance: Adherence to data protection laws like GDPR in Europe and CCPA in the United States is a critical first step. Organizations must not only comply but also demonstrate their compliance to build trust.
Robust Security Measures: Implementing strong security protocols, such as encryption and regular audits, is vital in protecting data from breaches and unauthorized access. These measures are the bedrock of any trustworthy data privacy strategy.
Third-Party Assessments: Independent audits and certifications provide external validation of your data privacy practices. This third-party endorsement can significantly enhance your organization's credibility.
In addition to establishing the critical practices, every organization must establish the foundational elements for trust:
Brand Positioning & Reputation: As Priya Sarathy, Ph.D. states, a reliable and ethical brand reputation instills confidence. Customers are more likely to trust an organization that is perceived as responsible and transparent in handling their data.
Industry Awareness & Responsiveness: As Beverly Wright, Ph.D. states, data breaches can impact public perception across an entire industry. Being aware of these risks and responding with robust safeguards is crucial in maintaining customer trust.
Customer Understanding: Priya Sarathy, Ph.D. highlights the importance of knowing your customers' cultural norms and familiarity with technology is essential when communicating your data privacy practices. Tailoring your messaging to resonate with your audience can make a significant difference.
Transparency and Communication: Kathleen Rouse’s own experience highlights that it's not enough to implement strong privacy measures; organizations must also be transparent about how data is collected, used, and safeguarded. Additionally, integrating customer feedback into your product roadmap fosters trust, showing that you are committed to building products that prioritize privacy.
In conclusion, Wes says it best: trust in data privacy is a multifaceted issue that requires a strategic approach. By combining regulatory compliance, robust security measures, third-party assessments, and a transparent, customer-centric communication strategy, organizations can position themselves as leaders in data privacy.
About the Authors:
Kathleen Rouse is an Independent Consultant and has taken her 20+ years of experience maximizing adoption and increasing renewal rates to best-in-class 95%+ and 45%+ growth rates and turned them into playbooks, processes & templates for her clients to increase their customer retention and growth.
Priya Sarathy, Ph.D, CDMP is a data strategy leader and analytics enabler with over 15 years of experience in leading analytics solution design and build, and transformations across various industries, such as financial, telecom, technology, and services. She has a Ph.D. in Econometrics and Quantitative Economics, and multiple certifications in machine learning, programming, and Data management.
Wes Chaar, Ph.D. is an Author, the Founder of Avant-Garde Strategy and a Strategic Advisor. Over the course of his 20+ years career, Wes has driven industry-leading innovation, applying his skills to work on various revenue management, pricing, channel distribution, consumer choice modeling, scheduling, CRM, audience targeting, media, marketing problems that drove business results. He established himself as a leading thinker and expert in the Analytics and Data Science, Machine Learning, Artificial Intelligence, and Data Fusion fields. His work has been recognized, including receiving an Emmy for Engineering and Technology (Turner team), the INFORMS Innovative Applications of Analytics Award and many more.
Dr. Beverly Wright serves as VP of Data Science & AI, and Executive Director for Data Science & AI at University of Georgia, as well as Past President of INFORMS Analytics Society, and Chair of Data Science & AI Society at Technology Association of Georgia. Beverly is a sought-after professional speaker at established conferences, presenting on topics related to data science, artificial intelligence, consumer insights, and marketing analytics.
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