As per the market research, the entire big data security market will rise to $64.4 billion by the year 2027. This figure is not surprising. A few reports anticipate that 90% of the worldwide data created has been created in only the past few years. This is good news for advertisers who are seeking insights into their customer’s minds. However, in terms of security, it does not sound so good. It has increased the security risk, storage problems, and privacy breach, especially nowadays, when most of the people are working remotely. People need to know if their data is safe. During the times of pandemic, your customer experience matters the most. Below are some of the reasons advertisers should be cautious about big data security in the digital world.
More Gadgets & More information, Need More Management
With the advancement of the Internet of Things (IoT), advertising teams have an enormous amount of information to gather about their customers. They can discover their whereabouts, when do they exercise, when do they sleep, and when do they message. However, the downside of connected gadgets is that they generate too much data, which is not required by the companies. Most companies have the information saved in various places, from various sources. This is where a customer data platform (CDP) comes into the picture. What is a CDP? A CDP is a thriving category and solution set getting build by organizations such as SAP, Salesforce, Oracle, Segment, and Microsoft with plenty of others. With this platform, you can collect data from various channels, platforms, and gadgets to develop a complete and fresh view of your customer. With that combination, you can instantly ascertain what information you truly require and what to discard. In the end, each piece of information you gather is a security risk; you need to make the risk reasonable.
Safety & Transparency Must Coordinate With Your Brand
Customers are no fools. They know the importance of their information, and at present times, they demand full transparency on how their information is used. They are not willing to offer it for unnecessary reasons. Moreover, they won’t prefer sharing it to those companies who won’t be careful about their information. With the growth of the big data market and big data security, it’s on marketers to know how the security and privacy aspects matter for their customer experience and company. And it is not sufficient to warn the users on your homepage about gathering their data. It would be best if you took a proactive approach to be clear with the users at every step of their customer experience, and thus, building a sense of truth with them so that they feel safe to share their information. This also includes details about who you are providing their data to. It is important for users to know if they are receiving a free service out of their information exchange. Hence, it is important to mention who is getting access to the data and why.
A customer data platform works like a map route for data. You can view where your user’s information came from, which is essential in the context of compliance and privacy regulations, such as the CCPA and the GDPR. From the marketing point of you, you can even say with certainty that you don’t gather information from third parties, or that you only gather specific types of information. Therefore, trust is what the customers want.
Most of you must remember the security issues with Zoom. After its quick rise during the pandemic, Zoom got investigated for the lack of transparency about their data gathering practices. This can prove to be a good instance for companies in dealing with information. Be transparent, rectify the mistakes, close the loopholes, and boost your security, and customers will undoubtedly notice your efforts.
Deep Insights are Crucial for Personalization
In 2020, your audience don’t just desire personalization; they expect it. All the information you can gather from your audience will enable you to understand them at an intense level. This will, in turn, result in more personalized interactions, product suggestions, and deals. The big data security market gets anticipated to reach 64 billion in the future; however, how much data is actually worth to your company is not clear yet. Your data will score value on how well you use it. This is why you need to make sure you have definite plans to ascertain how to use the information you gather, at which point of user experience, and to what extent.
Automation Is Crucial
Gathering the data is one thing. However, to be able to use the collected information in a way that adds meaning is another thing. Automation is the only way to do that. With machine learning and AI, you can get the predictive insights from the information that can make a difference between users feeling known, appreciated, or simply getting annoyed by the “spam” you continue to hit them with. This can even be useful for content creation, for instance, helping to alter the content in real-time if an ad isn’t doing so well, or twisting content to fit a particular user preferences. Apart from that, it will spare a lot of time and energy on your end so that you and your team can concentrate on creative things. Trying to oversee the information without automation at the present times seems totally pointless when there is too much to manage.
As a data science company, you must remember to be ready to face such challenges, just like when the world got hit with the pandemic, the agile companies could withstand the turmoil. Moreover, the technological and digital world often keeps changing, so it doesn’t come as a surprise. Consumer demands are changing, and they might demand something more advanced in the upcoming years, it is on you to decide where you want to stand. Big data security is burgeoning because of more data getting produced and our continuous demand for it.