The Cambridge Analytica Scam has shaken the carefree business world. People and businesses who were affected by it are still trying to have the old sense of comfort with sharing data online. People and especially entrepreneurs now aware of what the real cost of sharing their personal information in free online interactions can mean. The business world that thrives in the digital age is filled with goodwill companies too who base their business in social media interactions and consumer goodwill. These companies too are increasingly careful about maintaining a healthy relationship with the consumers. Let us look at the things that we need to keep in place so that a business’s or a person’s data is secure.
1. Create Digital Awareness:
When it comes to one’s digital presence ignorance is surely not good. Any person, business `or the people in an organisation who has a digital presence must first understand what a digital presence might mean to their information. Awareness is the first step that needs to be created before anyone goes digital.
The Cambridge Analytica Breach has shown people of the far reaching effects of what a seemingly innocent sharing of information with third parties might mean for a company. Whoever has followed the Cambridge Analytica Breach would know that much attention has been given to the opportunistic nature of the third party data harvesters.
Given this scenario it is increasingly important that businesses understand how social media interactions with mass consumer bases work. They must look at how they can protect consumer data. Create an awareness of how one’s actions can affect a business in your work culture. This can help your business to stay protected at all levels of organisation.
2. Protect Customer Interactions:
While sharing personal information online is what makes scams like Cambridge Analytica possible, it is impossible to imagine a company existing without any digital interaction with its customers. The digital age of doing business do not allow a business to anyway stay away from interacting with its customers.
Moreover the companies of today has become more sophisticated in the way that they gather data. These allows their marketing teams to fine-tune their sales strategies based on the insights that it offers.
These kinds of interactions are also aimed at troubleshooting and for loyalty programs. Customers are no longer afraid to leave digital footprints behind because the information that they leave for a business allows them to have a better relation with a brand.
However, this is what has resulted in the scam like Cambridge Analytica. While it is important that a brand and the consumers maintain their relation, it is also important that businesses show a little more transparency in its data collection programme. Businesses should look at making their interactions more open and transparent while keeping their interaction unchanged.
A SAP study that was conducted in 2017 revealed that consumers believed that brands should have a greater level of transparent data-use policies. A transparent working of data-collection by brands can help a business to stay away from scams like the Cambridge Analytica and also help customers to stay protected.
When it comes to handling lot of personal data, adaptability is key. Some companies are better prepared to handle data and move on when required. It is important that businesses can manage to adapt to the changing regulatory environment and consumer sentiments. Companies that rely on third party platforms to handle the data that they collect has a clear advantage over those who rely on data investors because the legal platforms have years of experience in the same and can adapt more easily to the changing needs.
There has however been a growing debate as to whether businesses should make use of the customer software program over a SaaS system that has a single code base.
The custom-based software can be more tailored to a company’s needs but the problem with these is that it is slower when it comes to moving with the evolution in the market. The Saas community has therefore found more popularity when it comes to a company that is working with Social Media for collecting data.
A SaaS platform that has a single code base like Hootsuite and Spredfast can be the answer to the problem.
Cambridge Analytica can be said to have evolved the awareness of the business world. Entrepreneurs who do not choose to make the necessary changes would later find themselves in a position like the same. There are three basic ways to prepare oneself for a future that has evolved to be better because of the Cambridge Analytica Scam. The first is to consider customer’s data as the heart of any business. Secondly, businesses should move to a transparent way of dealing data. It should also be able to move along with the changing regulations. The future of business seem to be wiser after the experience with Cambridge Analytica and the consumers seem to want a safer experience with an interaction. If you are an entrepreneur who is holding on to the old way of doing things it is advisable that you make that much needed change in your company. This will make your consumers feel good about interacting with your business on a digital level. It is natural that consumers who are comfortable with a business would naturally stay loyal to it. When it comes to data interaction safety and trust is one factor that allows the consumer and business relation to stay healthy. It is important for the future of any business to keep these basics in mind to maintain a great relation with their consumers. Sharing data has been long taken for granted as something that does not mean much to running a business. But the fact is that one should give the process of data sharing and customer interaction a lot more importance than what they had earlier given. This will keep your business in the good books of customers and help your business grow in the future.