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With the expanding data regulation, the urgency of building first-party datasets, and ethically managing data-hungry AI models, businesses are pressured to get data privacy right. One way to do this is by maturing their data privacy programs. They can better tie data privacy to business value and design their program roadmap.
Recently, OneTrust announced the launch of its Data Privacy Maturity Model, which provides privacy, security, marketing, and data teams with the resources to transform their privacy programs from tactical compliance initiatives that mitigate risk to strategic customer trust imperatives that unlock the value of data for AI innovation, customer engagement, and business analytics.
As data privacy programs are still relatively new for many organizations, they often face cultural challenges, business silos, and conflicting internal priorities.
According to OneTrust, moving through the four stages of the Data Privacy Maturity Model helps organizations to:
- Realize new sources of business value and ensure the data privacy program can unlock data for business use.
- Develop repeatable processes while aligning internal teams and resources.
- Improve the consumer experience so rights are respected, trust is created, and first-party data sets are collected responsibly
- Ensure that personal data is used responsibly through the entire data lifecycle.
- Collaborate across internal AI governance, privacy, and data governance programs to apply responsible and ethical AI practices to the use of personal data, especially for model training.
According to OneTrust, when individuals trust that a company is using their data responsibly, they are willing to share more data, enabling the company to increase its customer engagement, loyalty, and lifetime value. This virtuous cycle of earning, retaining, and expanding customer trust to unlock the value of data is the strategic goal of a mature data privacy program.
Keen to know how emerging technologies will impact your industry? MIT SMR Middle East will be hosting the second edition of NextTech Summit.