Data security and compliance with new privacy regulations are now mandatory requirements for any organization. However forward thinking Chief Data Officers and Chief Digital Officers will understand that personal data is a new asset class that can deliver a good ROI if carefully invested in.
Here are 9 questions that will help you think about how personal data can be used to generate profit.
Customer Relationships
- Who are our most valuable customers and what relationships do we want with them?
- What do we know and what would we like to know about our customers?
- How do we build the trust with our customers where they will share more about themselves with us?
Value from Data
- What additional business value can be created out of the data we already have?
- What value do our customers really want us to deliver to them?
- What data could they trust us with and what’s the easiest way for them to provide it?
Benefits Beyond Compliance
- How can we provide our customers with transparency of what data we collect about them and what we do with it?
- How can we give them control over what we keep and how we use it?
- What technology solutions will go beyond compliance to deliver privacy and control?
The team at Privacy4Profit can help you ask these questions of your business and then help you craft and implement a strategy around personal data and privacy.