Why data and trust are intertwined
Data is everywhere. In 2018 alone, 2.5 quintillion bytes of data were created daily. Any company that deals with data must manage a difficult balance. On the one hand customers are conscious about sharing their data but on the other hand they expect highly personalized products and services.
The Global C-suite Study by IBM shows that companies which can walk this tight rope earn high rewards. In more detail, a company which manages to integrate business and data strategy as well as create value from data outperforms industry peers by a 165% higher revenue growth. Leading companies adopted three basic principles when dealing with personal data: transparency, reciprocity, and accountability. Firms which demonstrate these principles effectively earn the trust of the consumer and with that more and more of their data.