The volume of data that businesses can collect is growing at an unprecedented rate. This is driven largely by the ever-evolving Internet of Things and unstructured data generated through social media, media and other online activities like product purchases and customer reviews.
Although we know that data helps organisations to understand consumer behaviours, pinpoint efficiency gaps, spot growth potentials, and mitigate risks, there’s also a tendency to gather copious amounts of information, feed it into algorithms, and hope for insights.
To really get the most out of data, firms should have a clear idea of how an information management and governance system can be utilised to support their broader strategy, helping them achieve their objectives while keeping their increasingly data-conscious customers happy.
With that in mind, here are some tried and tested ways that you can prepare your business for the data revolution:
Data Stewardship
When collecting data, there’s an obligation to use it responsibly, especially in sectors that are highly regulated. As GDPR’s requirements continue to tighten, it’s vitally important for businesses that rely on personal information concerning European data subjects to manage personally identifiable information ethically and legally, ensuring that they’re in complete control of their data. Applying a more structured approach to data collection and management isn’t just a legal necessity, it helps support optimised business practices.
Abiding by GDPR’s rules and regulations, however, should be the baseline for businesses, and companies that go the extra mile to keep data collection to a minimum are the ones that truly stand out from the crowd.
Working with data minimisation in mind
On thinking more ‘data minimal’, businesses should only be collecting personal data that is adequate, relevant, and limited to what’s necessary. Storing personal information that goes above and beyond these limitations can, in most cases, lead to a lack of user trust in your business – which is imperative for ensuring continuity in a digitised day and age. Not only this, increased data storage makes you a bigger target for hackers, inevitably increasing the risk of unauthorised access without consent. By embedding data minimisation principles into your business, you’ll be protecting not just your clients and customers, but yourself too.
Building trust with your consumers
Now that our day-to-day lives largely revolve around the internet, our society is more tech-savvy and data-aware than ever before. Customers are growing more concerned about how their personal information is stored, and if businesses fail to prove that they’re trustworthy enough, they’ll struggle to keep up amidst the data revolution.
To help build and maintain trust with their audience, businesses should demonstrate that data privacy sits at the epicentre, ensuring that anything that requires data collection or verification is quick, easy to use, and reliable.
Leveraging AI
A driving force behind the data revolution, GenAI is swiftly becoming indispensable for businesses. Its capacity to leverage advanced algorithms for extracting, analysing, and interpreting information is crucial for ensuring smoother, faster operations and optimising the overall customer experience.
However, as organisations adapt, collaborate, and innovate to harness artificial intelligence’s full potential, it’s equally pivotal to preserve that all-important ‘human touch’ to ensure seamless integration into business processes.
Partnering with a real-time verification service
Here at InAcademia, we understand that keeping up with such a rapidly evolving technology and data landscape can be overwhelming. Our real-time, secure student verification software is both easy to use and helps you strip back on unnecessary data collection, placing you as responsible stewards of customer data in the era of the data revolution.
Find out more about how InAcademia supports GDPR here or contact us directly to discuss your requirements.