Report: Businesses collect massive volumes of data from individuals, using it to personalize customer
offerings, innovate products and diversify into new markets. But increasingly customers are
concerned about who is doing what with their data. Governments are rewriting the rules to
protect privacy. And watchdogs are stepping up their scrutiny of data practices. How can
organizations preserve and even increase the potential of personal data? Accenture has a new report out covering this.
79% of 600 businesses surveyed by Accenture said they are collecting personal data. Personal data gives businesses lots of new business opportunities – but also risks. This report lists following:
- There is a crisis of trust in data security
- Customers are acting on their privacy converns
- Customers are demanding a data dividend
- New tech and startups are helping people to go off grid
- Regulation is changing the rules of data collection
- Watchdogs are increasing the scrutiny of data practises
Accenture believes five principles of corporate digital responsibility are necessary to meet these challenges:
Implementing these can turn potential risks into opportunities for business differentiation and growth.