Mind the (trust) gap: winning back confidence with data management
In the age of fake news, targeted data breaches and covert facial recognition trials, society is facing a crisis of confidence. Consumers are skeptical of what they read and hear because they have been misled time and time again. What’s more, alternative realities are blurring lines between what is real and what is fiction further compounding confidence woes. To make matters worse, consumers are all too aware of the accusations regarding both illegal and immoral data sharing by some much-familiar companies.
This gap in trust has manifested itself globally in political demonstrations, brand boycotts and other displays of resistance. It has also brought about new regulations, like the General Data Protection Regulation (GDPR), which have been implemented to safeguard consumers. With consumer distrust in companies at an all-time high, businesses – big and small – must tread carefully. A lack of trust can lead to unease, which will eventually lead to a withdrawal of business.
Yet, according to research from Gartner, the acceleration of digital technologies will likely widen the trust gap. By 2021, the creation of counterfeit information derived from artificial intelligence (AI) will surpass AI’s ability to detect them. By 2022, most individuals living in developed economies will consume more distorted information than reliable information. This will reinforce a sense of digital mistrust.
To bridge this trust gap and re-build consumer confidence, companies must bring their most genuine selves to the table. Whether it’s an advertising campaign or a sales pitch, companies must be as honest and straightforward as possible to cut through the noise of the political climate and assure customers of their intentions. Sincerity is a key component in addressing confidence concerns from customers. This sincerity extends into a genuine willingness and transparency in complying with data trust regulations.
Yet, rather than focusing solely on how to communicate transparency, businesses must take a closer look at their overall data management strategies– reevaluating and revamping processes where needed. Without quality data, which is accurate, categorized and protected, companies simply will not be able to achieve the level of transparency needed to win back confidence.
Remedy relationships with enthusiasm for trusted data and compliance
One of the keys to building trust and creating transparency is through data management.
