DATA SECURITY
while keeping their interaction unchanged. A SAP study that was conducted in 2017 revealed that consumers believed that brands should have a greater level of transparent data-use policies. A transparent working of data-collection by brands can help a business to stay away from scams like the Cambridge Analytica and also help customers to stay protected.
3. Adaptability: When it comes to handling lot of personal data, adaptability is key. Some companies are better prepared to handle data and move on when required. It is important that businesses can manage to adapt to the changing regulatory environment and consumer sentiments. Companies that rely on third party platforms to handle the data that they collect has a clear advantage over those who rely on data investors because the legal platforms have years of experience in the same and can adapt more easily to the changing needs. There has however been a growing debate as to whether businesses should make use of
the customer software program over a SaaS system that has a single code base. The custom-based software can be more tailored to a company’s needs but the problem with these is that it is slower when it comes to moving with the evolution in the market. The Saas community has therefore found more popularity when it comes to a company that is working with Social Media for collecting data. A SaaS platform that has a single code base like Hootsuite and Spredfast can be the answer to the problem. Cambridge Analytica can be said to have evolved the awareness of the business world. Entrepreneurs who do not choose to make the necessary changes would later find themselves in a position like the same. There are three basic ways to prepare oneself for a future that has evolved to be better because of the Cambridge Analytica Scam. The first is to consider customer’s data as the heart of any business. Secondly, businesses should move to a transparent way of dealing data. It should also be able to move along
with the changing regulations. The future of business seem to be wiser after the experience with Cambridge Analytica and the consumers seem to want a safer experience with an interaction. If you are an entrepreneur who is holding on to the old way of doing things it is advisable that you make that much needed change in your company. This will make your consumers feel good about interacting with your business on a digital level. It is natural that consumers who are comfortable with a business would naturally stay loyal to it. When it comes to data interaction safety and trust is one factor that allows the consumer and business relation to stay healthy. It is important for the future of any business to keep these basics in mind to maintain a great relation with their consumers. Sharing data has been long taken for granted as something that does not mean much to running a business. But the fact is that one should give the process of data sharing and customer interaction a lot more importance than what they had earlier given. This will keep your business in the good books of customers and help your business grow in the future.
SPI Thinktank Innovation & Tech | July 2018
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