Why is data privacy a growing concern for more customers?

Finding the answer and learning how marketers use big data and AI through the infographic

Data has been an essential asset to the growth of many companies. According to statistics, 2.5 quintillion bytes of data are created every day. Big data can help a company address various business activities, from customer experience to analytics. Big data is also recognized as a staple for organizations, especially when it comes to marketing. When big data is effectively utilized, marketing teams can optimize their campaigns, accelerate workflows and boost customer loyalty.

Moreover, Artificial Intelligence (AI) also plays an essential role in many businesses. The latest statistics show that current AI technology can boost business productivity by up to 40%. As a result, companies applying AI in the industry will have more chances to stay ahead of the competition in many different ways.

What is Artificial Intelligence (AI)?

According to the Oracle website, Artificial Intelligence or AI refers to systems or machines that mimic human intelligence to perform tasks that typically require human intelligence and can iteratively improve themselves based on the information they collect.

When big data becomes too big to organize or utilize well, the emerging technologies of AI and machine learning can help improve this issue. This infographic provides information about how marketers can use big data and AI to drive marketing strategy and business growth.

Even though big data benefits marketers in many ways, customers see it differently. For most people, data collection is an invasion of their privacy and a practice that can easily be abused, leading to mistrust and suspicion of many businesses.

According to a report from KPMG, customers are not only fearful about the practice of collecting data but also worried about how their data may be compromised or sold to other parties.

• 47% of the respondents said they are concerned about the possibility of their data being hacked.
• 51% were worried about it being sold.
• 17% of the business leaders surveyed said their company sells data to others.

Therefore, in my opinion, the company needs to be more transparent about how customer data will be used, review the ethics when it comes to data collection, and give more control over their data, which hopefully mitigate customers’ concerns.