Designing the data compound
As consumer purse strings tighten and physical commerce becomes increasingly unreliable, organizations are striving to emerge successful in the new reality and not fall behind their competitors. There’s a growing need to become data-led and manage the exploding volume, depth and accessibility of data in the most cost-effective way.
The answer may lie with building the right ‘data compound.’ But, what does the perfect ‘data compound’ look like? It’s a question more organizations are grappling with today. Their goal? To ‘formulate’ a precise ‘mix’ of personal data assets that will unlock new opportunities for insight-based decision-making, innovation and growth — while making sure that privacy, security, ethics and compliance concerns are effectively managed.
In A balancing act: Privacy, security and ethics, we explore how organizations are using consumer data and data-led decision-making to build the right ‘data compound’ to help drive growth. However, if the wrong blend of data ‘elements’ are used, it can prove ‘combustible’ — even ‘toxic’ — to an already fine balancing act between consumer privacy and regulatory scrutiny regarding the appropriate use of personal data.