Data under microscope: How can brands and consumers balance the data equation?

September 27, 2022
Data under microscope: How can brands and consumers balance the data equation?

As the physical and digital world intersects, data is no longer an asset for a business, but an identity for the consumers. Brands are increasingly becoming data-conscious, and the pressure to be more data-driven often results in unhealthy data-brand relationships. There have been more reports of data thefts and breaches in the past few years than ever in history, and as a leading data consulting company, we can’t help but wonder how conscious we are as consumers when it comes to data ownership.

And there is a good enough reason for us, consumers, to be paranoid of our data- the nature of data brands collect is almost always personal. Brands collect data like your name, age, location, preferences, behaviour, and whatnot! Of course, we trust brands and sometimes(most of the time!) tend to exchange data for better services, but this practice of perceiving data as an asset presents a chance for third parties to invade your personal space in the digital world.

As brands and organizations are the primary consumers of our data, the responsibility of gatekeeping our data falls in their hands, but as digital becomes more mainstream, it makes brands vulnerable to attacks and breaches in cyberspace. Despite the measures many organizations take, their fences are often overrun by cyber attacks, and it exposes the consumers’ data to potentially dangerous sources.

So, it is important for us to understand what happens inside a data engine, why brands need access to your data, and to what extent we can exchange our data for better services.

The data journey- from an asset to our rights

As a leading data analytics company in the market, W2S Solutions is an integral part of creating a data future for our global clients, and we, as both a technology service provider and a consumer, feel the dire need for this paradigm shift to happen. As we put the power of analytics into the hands of brands, we don’t just open the business gates, but empower them to be more aware of their weight. This way, they can prepare themselves to guard this data

Consumers should start thinking of data as their human rights, and brands should help consumers in this mental transition. And taking this step is a huge step for both consumers and brands. But in an age where people don’t think about their data privacy as often as they should, this transition may feel like shunning the entire digital aspect for a consumer. Cracking this dilemma, our data experts at W2S Solutions say that it’s all about the context and striking the right balance. For instance, as a consumer, we can ask the following questions before we blindly exchange our data-

  • Where and when should I care about my data?
  • How much data am I providing and how much value am I getting out of it?
  • How much control do I have over my data, and am I making any irreversible choices in the process?

As customer centricity is redefining the marketplace, brands and business leaders facilitating this transformation will be the ones leading this “new” market. The effects of the surveillance economy are already making it difficult for brands to deliver true value for their consumers, and as a result, it affects the trust between them and the brands. By giving consumers more control of their data (or giving them the space to take control of their data), brands can keep this equation fresh, too!

What does this mean for businesses?

The project of establishing data consciousness needs contributions from businesses, consumers, IT firms/technology service providers, and most importantly, the government. Breaking the disillusions and disorganization is impossible without the efforts of the government, and strong legislation like the California Consumer Privacy Act has already started changing the power equation. So, a legislative framework enveloping our data, brands, and consumers could make a dent in the system.

We are currently producing 1.7 MB of data per second on average, and this figure is expected to shoot up in the next few years. As our digital capabilities are expanding at an exponential rate, the insights chain will get thicker and thicker, meaning we will store and process gigantic volumes of data.

Our industry experts at W2S Solutions strongly believe that for brands to tap into the real potential of the 4th Industrial revolution, they need to devise a robust approach to data. Every aspect of the current industrial revolution like Quantum computing, Artificial Intelligence, advanced IoT, genetic engineering, etc., has data as its central piece. Getting ready to meet the future needs of data now is the only way forward, and probably the smartest investment a brand can make in the 21st century.

Conclusion

Being one of the top data consulting companies in the industry, we urge brands to undergo this organic transformation and help make the internet a safe place for consumers. With consumers being in the dark about data, they are susceptible to what tech revolutionists call behaviour hacking and manipulation. If we continue following this trend, we would soon drift into the age of misinformation, severely damaging the trust between brands and consumers. In such a market, delivering value would be impossible. We are already in the process of helping brands leverage data and the power of analytics ethically without compromising the outputs of the process.

If you are thinking about making an impactful business transformation with analytics, feel free to connect with our data experts.

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