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Perspectives

Balancing Data Privacy and the Value Exchange When Shaping Future Experiences: Part Three of Three

2020-05-27


Attitudes toward data privacy and brand trust differ greatly among younger vs. older consumers. Here’s how to shape future experiences that deliver value and transparency.

In a world of constant digital connection, where algorithms track much of our online behavior, personal identifying information (PII) is sacred.

Yet our findings reveal important distinctions in how each consumer generation views PII and its use. The youthful perceptions of Gen Z toward privacy and the value of personal data are decidedly different from those of the more seasoned Gen Y.

These distinctions will have enormous implications for cable and telecom providers, media and entertainment organizations, and internet platform and over-the-top (OOT) companies. They enable businesses to shape the future of experiences, including smart devices, connected homes and content. In the age of algorithms, are you a trusted brand?

In part three of our series, we explore the differences among each generation’s view of personal and online data.

 

 

Next steps for organizations

Amid privacy regulations and concerns, businesses can also find opportunity: As they collect and protect consumers’ data, companies can embed trust and transparency into their brand experiences.

The following steps can ensure both compliance and a smooth transition to better management of PII.

  • Evaluate the complexity of the data environment. Data gathering pulls from radically different sources, from customer edge touchpoints to backend databases and everything in between. Getting a handle on the complexity of this environment is the first step. Explore how to manage data requests and address data-collection points and information-sharing such as API integration.

  • Know how the organization will restructure data from the customer journey. Most companies know the general outlines of where and how customers interact with them. But new regulations require details. Touchpoint data needs to be in a ready-made format that makes personal information easy to retrieve. The responsibility for gathering this data also needs to be assigned. Sharing PII details with customers requires traditionally one-way processes to adopt a bi-directional flow.

  • Develop an overall strategy for managing PII. For companies that do business in California, the California Consumer Privacy Act (CCPA) is likely just the first of many state privacy regulations to comply with. We advise looking for crossover among the different state regulations. The expected rollout of more bills over the next 12 to 24 months means that the heavy lifting to prepare for CCPA will be reused in the coming months to accommodate other legislation.

  • Establish a data protection office. Governance and change management are an essential part of data privacy compliance. Establish a central office to ensure sponsorship from senior leaders and to facilitate funding. The office can coordinate all supporting programs and projects going forward. Doing so will enable the organization to achieve compliance in a strategic, comprehensive way.

Learn more by downloading the full report, “The Youth Boom is Here,” visit the Generation Now section of our website or contact us.

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Balancing Data Privacy and the Value Exchange When Shaping Future Experiences: Part Three of Three