Big Data Success: It's a Matter of Trust
By now, it has become obvious that data is the fuel for the digital age. But harnessing all the data and putting it to full use remains a monumental and vexing challenge. Boston Consulting Group (BCG) recently examined this topic and discovered some surprising trends. Among them: Many consumers are adverse to using tools to control their personal data, even if the tools are provided; and, contrary to common belief, Millennials care as much about data privacy as other generational groups. For business and IT leaders, earning customer and employee trust is paramount. According to the BCG report, "The Trust Advantage: How to Win with Big Data," consumers want data privacy, and they are willing to either reward or punish businesses based on their preferences. For organizations, the bottom line is that building trust opens the door to richer and deeper connections with customers, providing the ultimate customer experience. Here's a look at some of the key factors affecting privacy and trust, and what businesses must do to boost their chances for success.