Data privacy has become a hot button issue because of the fact that this is the sort of thing that could potentially end up ensuring that personal user data doesn’t end up in the wrong hands. TripleBlind recently did a survey that showed the financial benefits that firms could obtain by emphasizing improved privacy for all of their users. According to this survey, 94% of Chief Data Officers had the opinion that data privacy could boost their revenues for the quarter.
It is estimated that 25 billion gigabytes of data is generated each and every day with all things having been considered and taken into account. Businesses that receive this data have a duty to manage it responsibly, and with all of that having been said and now out of the way it is important to note that a majority of CDOs felt that proper data regulation protocols could help them become more competitive in the market.
Some experts suggest that privacy enhancing technology might allow businesses to share data without harming their profit margins, but in spite of the fact that this is the case CDOs seem hesitant to take the risk. Around 60% of CDOs stated that collaborators might be tempted to modify the data that they receive, and since they don’t have control over how they use the data they might prefer to keep it on their own servers instead of spreading it around.
This is an especially big concern for healthcare providers, with 86% of them raising concerns about how such sensitive data might be used if it is shared. However, one industrial sector that is a bit more positive about data sharing is the finance niche. Over half of respondents who work in this field felt that they could improve revenues by as much as 20% by sharing data, although they are in the minority when we take a wider view that incorporates various other sectors.
This goes to show that prioritizing user data is in a company’s own best interests, and it is rare to find consumer regard and the bottom line coinciding so perfectly.
Read next: Study shows shoppers are more likely to buy products from brands that offer a personalized experience
It is estimated that 25 billion gigabytes of data is generated each and every day with all things having been considered and taken into account. Businesses that receive this data have a duty to manage it responsibly, and with all of that having been said and now out of the way it is important to note that a majority of CDOs felt that proper data regulation protocols could help them become more competitive in the market.
Some experts suggest that privacy enhancing technology might allow businesses to share data without harming their profit margins, but in spite of the fact that this is the case CDOs seem hesitant to take the risk. Around 60% of CDOs stated that collaborators might be tempted to modify the data that they receive, and since they don’t have control over how they use the data they might prefer to keep it on their own servers instead of spreading it around.
This is an especially big concern for healthcare providers, with 86% of them raising concerns about how such sensitive data might be used if it is shared. However, one industrial sector that is a bit more positive about data sharing is the finance niche. Over half of respondents who work in this field felt that they could improve revenues by as much as 20% by sharing data, although they are in the minority when we take a wider view that incorporates various other sectors.
This goes to show that prioritizing user data is in a company’s own best interests, and it is rare to find consumer regard and the bottom line coinciding so perfectly.
Read next: Study shows shoppers are more likely to buy products from brands that offer a personalized experience
