Data Privacy and Analytics Co-Creating Innovation – Your Company’s Path to Both on Oct 14, 2020
There is a better way than pitting privacy protection against optimal analytics. The proven path is to build your reputation and customer trust by leading with data privacy protection because it is simply the right thing to do. Anticipate that the common threads of data privacy regulations worldwide are trying to provide privacy rights to people, individuals, like yourself and your families, and build in practices that are meant to readily comply with logical guidance. You may have to tweak a thing or two as emerging regulations come in to play, but you’ll be far ahead of most companies, and likely, your competition. The personal data you’re left with for analytics will be rich and robust and drive insights and innovation, all while elevating your company as a trustworthy brand for customers, employees, and partners. We’ll start with a few overriding principles:
- Well-planned use of data is needed for a company’s innovation and market value.
- Data analytics are at the core of a company’s capacity to drive strategic goals.
- Data privacy rights and regulations definitively limit a company’s use of data, and yet also elevate a willingly compliant company to ethical standards nurturing rare corporate trust.
- Positively embracing data privacy as a driver of creativity and innovation can create a competitive advantage for a company.
- Understanding there is data privacy software that allows a company to both protect data privacy and embed fresh culture, policies, and processes to use analytics as an advantage.
- Being able to collect and connect information, identify trends and patterns to build on, and personalize engagement while safeguarding people’s privacy becomes the key to innovation and monetization.
Where does a company start then, given all the challenges of being data-driven, protecting their brand, and act ethically and trustworthy? It’s got to be by taking a firm stand and going all in to lead with privacy protection that enables the company to be agile and effectively use valuable data. Consider how these strategies and using Dataguise technology can empower your company to be creative, smart, and effective in the market:
- Discover and identify all the personal data your company holds across on-prem, cloud, applications, or other data repositories, as well as all formats (structured, unstructured). Create identities for all individuals whose personal data you retain.
- Minimize personal data that your company collects —directly or through third parties—and holds to what is needed in conducting business. Delete unnecessary data and identities not tied to any business processes. You can’t properly protect the privacy of an identity you can’t tie to a known individual, but personal data of an orphaned identity can create liability exposure. Delete all old personal data that is no longer valuable in your business.
- Manage your data so personal data elements are matched to the correct individual and identity no matter what data lake or repository, which cloud platform, what business units, systems or formats, and wherein the enterprise the personal data was collected or stored. Standardize the correct identification of individuals whose personal data you hold using keys like Customer IDs and education of your stakeholders. When correctly managed, your company can achieve a complete and dynamically updated inventory of individuals whose personal data you hold.
- Use optimal approaches to encrypt, mask, or delete privacy data based on how your company needs to use personal data. With element-level encryption, you can later decrypt personal data when you and the individual start a new engagement or transaction. With element-level masking, you can both obfuscate the individual’s actual identity and still preserve the value of the data for analytics. Format Preserving Masking provides flexibility to maximize the data value while protecting data privacy.
- Verify your user access authorizations of both employees and third parties and then track authorized data users’ access, maintain a risk profile on them, and assess risks dynamically based on the rules you’ve put in place.
Start by unlocking the value of your data using the fastest technologies to discover and protect personal data. Maximize value in creative uses of privacy-protected data to provide unique insights for marketing and monetization. Dataguise AI-infused software ensures that your data’s valuable trends are retained while individuals’ data privacy is upheld. When you’ve properly protected personal data that has been collected, you’re still able to understand what the underlying data means, see where the data came from, when it was updated, and other factors needed for correlation to drive insights. From there, data analytics and interpreting results can be rapidly managed, even at the line of business level, to drive customer satisfaction, engagement, and revenue.