During his keynote for this year’s National Retail Federation (NRF) 2020: Retail’s Big Show, Microsoft CEO Satya Nadella stressed the importance of data for retailers. Part of that importance derives from sheer volume: Retailers are generating an astounding 40 terabytes of data every hour. This vast amount of data creates new opportunities for retailers to deliver even better experiences for customers.
For Nadella, the evidence is compelling: “Giving data to employees is the single most ROI-intensive thing you can do. It increases your conversion rate by 15 percent and your satisfaction rate by 10 percent.”
Customer data is unquestionably a valuable asset for retailers and other businesses. It’s also a sensitive asset, protected by a growing number of data privacy regulations such as the EU GDPR and the California Consumer Privacy Act (CCPA), which took effect on January 1, 2020.
Governments and regulatory bodies are stepping in, establishing rules that call for retailers and other companies to do a better job managing and protecting customer data. Some regulations are a response to companies taking a cavalier attitude toward customer privacy. Other regulations are a response to the growing risk of data breaches.
Data privacy regulations create more short-term work for enterprise IT teams, but they also create new opportunities for sales, marketing, and support teams. If IT teams can integrate and manage customer data more effectively, other teams can analyze and act on that data more easily to deliver the benefits. One such benefit, championed by Nadella, is improved conversion rates.
Addressing Security and Opportunity With Privacy By Design
Following best practices for managing customer data and data privacy will help organizations with both regulatory compliance and business growth. Companies that adopt a policy of Privacy By Design — building privacy into their applications, data repositories, and integrations — will benefit from stronger security, streamlined regulatory compliance, increased operational agility, and new opportunities for better serving customers.
Our new infographic describes the journey companies can embark on to achieve Privacy By Design, helping ensure regulatory compliance and winning customers' trust and loyalty. Click on the image below to download the full two-page PDF.
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