Companies are using the power of data to reimagine how they engage customers, manage supply chains, improve health outcomes, reduce emissions and solve other complex business and societal problems. And the opportunities borne by the sheer volume of data are only multiplying.
But organizations’ ability to convert data into value is hindered by a trust divide. Wary customers expect stronger data privacy and security safeguards. And governments are responding with strict regulations backed by significant fines.
Using data responsibly, securely and ethically is a business imperative for the next decade and beyond. We’re seeing the emergence of a new social contract between business, government and citizens that elevates the importance of data trust. The companies that take charge of their data—discovering, protecting, governing and disposing of it in the data lifecycle—with privacy considerations in mind will have the greatest opportunities to innovate, improve customer experiences, drive strategic objectives and improve social outcomes.