Trust is a rather difficult concept to pin down. It’s even more difficult to measure and quantify. What exactly then is the value of trusted analytics?
Will organizations that have earned trustworthiness achieve better results, build better relationships or make better decisions? When consumers are involved, the absence — or loss — of trust can clearly have a major impact on the success of a brand’s reputation and sales performance.
Anecdotal evidence over the last few years suggests that data breaches of some of the world’s leading retailers which exposed millions of shoppers’ payment cards had a major impact on brand reputation and in some cases, financial results. Yet many consumers remain ignorant or ambivalent about how most organizations use their data.
Most businesses have little incentive to be transparent about how they gather and use data, beyond basic compliance with regulation.
Good behavior by businesses does not always pay — it is easier than ever to use data and analytics in ways that are not always in the best interests of the consumer.
Consumers are only now starting to become conscious of the value of trust in sharing personal data and the increasing possibility that data could be exploited.
Few consumers truly grasp the power their data commands and, as a result, are unable to accurately gauge the value they should place on sharing it — or the penalty they should mete out for low transparency, or if their trust is broken.