Privacy has become a sensitive issue as it can potentially prevent personal user data from falling into the wrong hands. TripleBlind recently conducted a survey that highlighted the financial benefits companies could achieve by emphasizing improving privacy for all of their users. According to this survey, 94% of chief data officers believed data protection could increase their revenue for the quarter.
It is estimated that 25 billion gigabytes of data are generated every day when all things are considered and accounted for. Businesses that receive this data have an obligation to manage it responsibly and with all of that said and now getting out of the way, it’s important to note that a majority of CDOs felt that proper data governance protocols could help them to become more competitive the market.
Some experts suggest that privacy-enhancing technologies could allow companies to share data without hurting their profit margins, but despite the fact that this is the case, CDOs seem reluctant to take the risk. Around 60% of CDOs indicated that employees may be tempted to alter the data they receive, and since they have no control over how they use the data, they may prefer to keep it on their own servers rather than it to spread.
This is a particularly big concern for healthcare providers, with 86% expressing concerns about how such sensitive data might be used if shared. However, one industry sector that is slightly more positive about data sharing is the financial niche. Over half of the respondents working in this field believed that they could increase their revenue by up to 20% by sharing data, although they are in the minority if we take a broader view that includes different ones involves other sectors.
This shows that prioritizing user data is in a company’s best interest, and it’s rare for consumer appreciation and the bottom line to align so perfectly.
Read more: Study shows shoppers are more likely to buy products from brands that offer a personalized experience