With the stage set for increased use of data across organisations in all industries, the focus on customer-related data offers the potential to be the most exciting – and profitable.
In Beyond 2020, we asked, “do our customers know their data is the new gold?” We believe the answer is a resoundingly yes.
With data already a hugely valuable commodity, we’re moving closer to it becoming the currency in an advanced value exchange.
We will see the monetisation of data at the consumer level with people paying for services with personal data rather than money. But it’s important to bear in mind that, for customers, data has a more visceral value than mere gold.
It’s all too easy for organisations to be dispassionate about data. But, to customers, data isn’t an impersonal collection of opinions and statistics, it’s an insight into their lives and personalities.
Organisations that don’t treat this data with respect or that fail to act in a fair, consistent and transparent manner, show that they’re no closer to understanding what their customers want. As a result, they will lose out to their more customer-focused and data-savvy competitors.
8) www.cio.com