From European Union wide to the economic giant that is the state of California, data privacy regulations are tightening. Things won’t end here and businesses need to get ready for 2021.
The ground is shifting as consumers become more savvy about their data and what it is used for. Some analysts predict that we will all soon have our own digital wallet and be in control of our own data; others predict that businesses will discover more novel ways to draw inference from consumer spending and lifestyle activities, as data continues to be the most valuable commodity of the commerce world.
Looking ahead for Digital Journal is Rick Hedeman, Sr. Director of Business Development, 1touch.io.
Hedeman says that the mountain of digital data is going to keep on growing and growing, and with it comes more challenges: “As we enter a new year, data sprawl continues to accelerate, data lakes are popping up all over the place, and information governance is getting much more difficult. You generally think of healthcare and financial services as the industries storing a lot of personal data, but everybody is doing it now because that is where most of the value is for today’s companies. Companies in every industry see value in knowing as much about customer behavior and sentiment as possible, but it is largely a “collect first, ask questions later” approach.”
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