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Introduction

The scale of analyzable data continues to expand in 2017. Enterprises enterprises need, now more than ever, to focus on the privacy and security of their customer data as they build increasingly accurate profiles of individual customers.

Highlights

  • For optimum business efficiency and customer experience, a lot of potentially sensitive data must be collected, handled, and analyzed by organizations.
  • Consumers are growing increasingly aware of risks to data security, and are generally opposed to the opaque collection and use of their data.
  • Providing excellent support and service in the evolving age of devices and data will mean balancing interests of personal privacy and data collection for an optimized experience.

Features and Benefits

  • Identifies weaknesses in current customer data protection practices.
  • Evaluates the influence of connected devices in regard to customer data collection and aggregation
  • Demonstrates the benefits of using voluntarily provided customer data to improve overall data quality and the customer experience.
  • Explores the business benefits of incorporating privacy by design into products, services, and policies.
  • Emphasizes the immediate role that cybersecurity will play in the development of a long-term consumer privacy strategy.

Key questions answered

  • Why does optimizing customer experience potentially pose a threat to customer privacy?
  • Why is the scale and cost of analyzable data today a unique business consideration in regard to security and privacy?
  • Why is customer data privacy not necessarily antithetical to long-term business profitability?
  • What regulatory trends may impact consumer privacy rights and business data collection practices in the future?
  • Why do today's consumers often sacrifice product or service functionality for increased privacy?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

For the best customer experience, a lot of potentially sensitive data must be collected, handled, and analyzed by organizations

  • The scale of analyzable data is exploding
  • The changing structure of the internet and growth of IoT is compounding existing trends of mass data collection
  • To optimize customer experience – and profitability – businesses desire a highly accurate view of each customer

Consumers are increasingly aware of data security and privacy, and are generally opposed to opaque use of their data

  • Maintaining privacy today is difficult, and many consumers are becoming aware of this
  • Globally, consumers acknowledge a broad desire for more privacy
  • Building services and products with privacy in mind may strengthen customer relationships and data quality

The current regulatory environment leaves more uncertainty for consumers and their data

  • In the US and UK, regulations are unlikely to give major fortifications to consumer privacy rights in the immediate future
  • Cybersecurity policy will likely be the functional surrogate for enterprise data privacy development

Appendix

  • Methodology
  • Further reading
  • Author

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