Creating Value From Personal Information
Increased personalisation of products and services, enabled by technology, drove the growth of personal information usage. Digitisation was happening at a rapid rate, but when Covid-19 appeared, the rate of adoption increased further. In a short period of time, we saw businesses moving on-line to secure revenue, working practices changed and track and trace was a new phenomenon. At the heart of all of these changes are people, and the personal information we collect about them. Organisations are having to respond to these changes, but frequently privacy & data protection is an afterthought.
There is no question that personal information is a key asset, but how often do we have a strategy around how to maximise the value, while maintaining compliance?
Our strategy propositions have personal information at their core. We can help you to explore how personal information can be leveraged to drive growth, while balancing regulatory risk.
Developing New Services
New services are being introduced at an increasing rate, whether it be new products, marketing campaigns or changes in working practices. At the heart of many of these is personal information. Where this is the case, it is a legal requirement to demonstrate privacy & data protection has been considered from inception.
Organisations can adopt one of two approaches to achieve this; (1) treat data protection as oversight layer, or (2) embed data protection into development methodologies. Irrespective of the approach you adopt, you have to be able to evidence that you have considered privacy & data protection.
Whichever option you decide, our consulting services can help. At a strategic level, we can work with you to identify processes that should incorporate data protection by design, identify the required changes and support your implementation. On the other hand, if you need tactical support on a project, we can make sure you consider the relevant questions and evidence decisions.
There is no single proposition that covers these options, so if you would like to discuss how we can help you achieve your regulatory obligations for new services, please get in touch.
Building Privacy Based Trust
In an increasingly on-line environment, your reputation is key. Customers, both consumer and business, are more likely to buy from organisations that they believe deliver within a set of promised parameters. Trust is at the heart of any long-term relationship, with failures having a negative impact on both customer loyalty and revenues. As we increase the volume of personal information held on individuals, privacy has an increasingly important role to play in building and maintaining customer loyalty.
Privacy-based trust can be developed in many ways, from changing the tone and clarity of customer facing documents, developing customer advocacy to using alternative technological approaches such as personal data pods, trust tokens or ensuring your data protection compliance is in place. The challenge is to determine the most suitable strategy for your organisation, then deploy it.
Our privacy-based trust engagements are configured to meet client requirements, but typically provide you with:
- An assessment of current approach privacy & data protection and impacts on privacy-based trust
- Identification of potential options for developing privacy-based trust.
- Implementation feasibility, time to market and roadmap
- Final report outlining our findings & recommendations
The findings from this work can be used to provide insights into new approaches for building customer loyalty, prioritise initiatives to develop privacy-based trust or improve the maturity of data protection compliance.
Mergers & Acquisitions
Customer data and the value it can bring when aggregated is a key factor in driving company valuations in today’s market. While the positives are self-evident, the negatives must also be considered, especially where data protection maturity differs between the parties.
Data protection failings present additional risk for an acquiring company. Issues such security flaws in legacy systems and rectifying non-compliant data sets can be expensive and should be reflected in the valuation, but frequently isn’t.
Designed to run in parallel with other due diligence processes, the Ixium M&A proposition will give you an insight to the personal information you are looking to on-board, visibility of post-merger integration challenges and highlight your on-boarding responsibilities. This will provide you with a clear understanding of issues to be addressed from a privacy & data protection perspective in post-merger activity.