Privacy sits at the intersection of competition law and consumer law, giving it enormous potency in shaping market and consumer behaviours.
As governments and industry alike realise the substantial value that data can provide, prioritising privacy is now the pathway to sustainable competitive advantage. Yet, many organisations grapple with how to balance privacy and profitability in a quest for customer-centric growth.
This year, Tealium is proud to officially support the Office of the Australian Information Commissioner’s (OAIC) Privacy Awareness Week 2023. In partnership with the Asia-Pacific Privacy Authorities Forum, the OAIC will help businesses go back to the basics of privacy compliance to enhance consumer trust and gain a competitive edge.
Amid an evolving privacy landscape, organisations are now navigating added complexity in building the future-ready privacy-enabled enterprise. As part of Privacy Awareness Week 2023, the OAIC has outlined 10 tips for organisations to secure and maintain the integrity of personal information; including:
Tealium Enables Privacy-Led Value Realisation across the Data Supply Chain
At Tealium, we empower organisations around the world to strengthen consumer trust and accelerate business growth. Tealium enables privacy-led value realisation across the data supply chain. From data collection to data activation, below is an overview of the path to privacy compliance with Tealium:
Stage 1: Valid collection
Evolving privacy laws have increased the threshold for valid consent collection. To adhere to modern privacy laws, consent must be express, informed, voluntary, specific as to purpose, time limited and easily revoked.
In the Asia-Pacific and Japan (APJ) region, recent amendments to Australia’s Privacy Act and Singapore’s Personal Data Protection Act have notably increased the maximum penalty for privacy breaches. Organisations must act now to ensure that data collection and use is validated by informed consent to effectively transform data into insights-driven customer experiences (CX).
Our recent Consent Integrations for Tealium iQ Tag Management release enables enforcement of consent preferences throughout a customer journey through integration with non-Tealium consent management platforms (CMPs). In turn, this feature enables organisations to embed future-readiness within their privacy framework through effective consent orchestration.
Stage 2: Data Quality, Data Integrity and ID Resolution
During this stage, data is transformed and enriched to enhance data quality and data integrity. Additionally, deterministic identity resolution enables stitching consent status to an individual’s data set to ensure that CX is activated in line with a customer’s real-time consent status. The loss of third party cookies means deterministic matching will be key to compliant first-party data usage.
As privacy and consumer welfare are closely intertwined, modern privacy laws also share a common policy objective to improve consumer outcomes. Tealium unifies disparate data sets to improve data quality and data integrity. In turn, access to enriched insights substantially elevates the real-time CX throughout a customer lifecycle.
Data sharing regimes, such as Australia’s Consumer Data Right (CDR) and Hong Kong’s Commercial Data Interchange (CDI), are reliant upon data quality and data integrity to enable continual innovation in product and service delivery. In turn, this fulfils the policy objective of improved consumer welfare.
Stage 3: Real-Time Insight-Led Omnichannel Activation
Making the data-driven digital economy work for consumers is now a government and industry obligation. Modern privacy laws aim to create fair and efficient markets for the benefit of consumers. Building sustainable competitive advantage requires bringing more compelling offers, products and services to market at a faster rate than competitors. With a CDP’s real-time insight-led omnichannel activation capability, organisations can automate what will soon become an operational requirement for commercial viability. Tealium’s data-first, vendor-neutral CDP makes what you already have even better, by optimising your existing tech stack to consolidate and activate data for elevated CX with privacy in mind.
Prioritising the Privacy Imperative
As the privacy landscape evolves, Tealium is aligned with the OAIC’s mandate to uphold privacy as a fundamental human right. Our technology enables privacy-led value realisation across the data supply chain.
Learn more about how to balance privacy with profitability by accessing Tealium and Deloitte Digital’s white paper: Consumer Data Right: The New Value Exchange.