In 2017, The Economist asserted that ‘The world’s most valuable resource is no longer oil, but data.’ The burgeoning data economy will change the course of globalisation and present an unparalleled opportunity to reimagine the future.
For organisations, creating authentic trust-based experiences at scale has given rise to one of the most pressing ethical dilemmas of the digital era. Digital inclusion remains another prominent ethical challenge faced by organisations globally. Both dilemmas are underscored by a critical inquiry into the means by which to unlock the value of data for commercial gain. When valuable data is exploited or mishandled, substantial costs are borne by both organisations and consumers.
Generally, regulatory frameworks will lag developments in the economic sphere, and regulating the rise of data has been no exception to this rule. The cross-border flow of data is a key index of globalisation, and can generate greater economic value than the transnational flow of goods and services. Accordingly, this requires data privacy regulations to include a policy aim of promoting stronger cross-border consistency, connectivity and community to unlock the economic potential of data in a global economy. Additionally, truly fit-for-purpose data privacy regulations will endeavour to strike a balance between powering innovation and empowering consumers.
The Inextricable Link between Data Rights and Competitive Opportunities
In 2016, the EU’s adoption of the General Data Protection Regulation (GDPR) heralded a new era in the data economy. The GDPR brought clarity and consistency by placing ownership of data squarely in the hands of individual consumers, whilst defining organisations as holding that data on trust for consumers. Whilst this world-leading data law revolutionised the business landscape, more countries around the world are now seeking to enact data privacy regulations with stronger consumer protections built for the Web 3.0.
Australia’s Consumer Data Right (CDR) is one such example of a fit-for-purpose regulatory regime that endeavours to disrupt the marketplace by enlivening the economy, whilst enhancing consumer welfare through improved consumer protections.
The CDR presents both a challenge and an opportunity for businesses. Whilst the CDR will strengthen rights protection and empower consumers with greater control, choice and convenience, it will also create new competitive opportunities for brands that can engender sustainable competitive advantage. Importantly, the data rights and obligations enshrined within the CDR are consistent with the data rights concepts of key data privacy regulations globally. Accordingly, Tealium has identified the competitive opportunity associated with each data right or obligation in our table entitled, ‘Unlocking the Rights-Based Competitive Opportunity’.
Unlocking the Rights-Based Competitive Opportunity
|Data Rights & Obligations||Competitive Opportunities|
|Right to erasure||Trust as the competitive differentiator|
|Right to restriction of processing||Transparency in a consistent value exchange|
|Right to data portability||Real-time personalisation and high-quality products & services|
|Right to data minimisation||Optimal data governance|
|Right to data integrity||The data quality obligation|
|Right to data security||An agile consent management architecture|
|Right to access||Segmented 360-degree single customer view|
|Right to fairness, equity and transparency||Upholding commercial morality|
Unlocking the Rights-Based Competitive Opportunity © 2022 Tealium
By developing a data centre of excellence, optimal data governance and an agile consent management architecture, organisations can take advantage of the competitive opportunities created by new and innovative regulatory regimes. Alongside a robust technological foundation, organisations will be empowered to leap ahead of the competition in the age of disruptive data-driven CX innovation. Future-ready businesses will take steps now to realise the disruptive commercial opportunities presented by new or amended data privacy regulations.
’In a data economy, trust is the defining quality of customer experience excellence. Trust powers CX innovation to continually elevate personalisation performance. As the regulatory environment evolves, an agile consent management architecture will be key to delivering trust-based experiences at scale.
As the world’s most trusted CDP, Tealium empowers brands to deliver rewarding customer experiences, without compromising privacy standards. Consent management is the gateway to the future of CX by infusing trust at every touchpoint in a buying experience.’
Vice President, Marketing, Asia-Pacific and Japan – Tealium
Deloitte and Tealium Collaborate to Accelerate the New Value Exchange
In view of the evolving data economy, Deloitte and Tealium have joined forces to combine the brightest minds and best technologies to help businesses build competitive advantage in a privacy-first era. As market leaders in privacy and consent, Deloitte and Tealium have released a white paper and centralised consent management solution to educate and enable businesses in acquiring privacy-readiness by revolutionising real-time consent management. The centralised consent management solution delivers a customisable, experience-led privacy-management capability that fosters agility in line with evolving data privacy regulations.
As outlined in Deloitte and Tealium’s white paper, the CDR introduces a right to data portability into the Australian economic landscape. Practically, this means that consumers will be empowered to conveniently share their historical data in a specific sector, such as retail banking, with a new service provider in that sector.
For businesses, the effect of data portability is heightened market competition, requiring greater investment in building innovation capability to continually enhance product and service delivery. This scenario raises the importance of building a consent-first CX model to offset losses in revenue and market share due to an inability to effectively mobilise data. Within the CDR framework, businesses with a robust consent management architecture will be positioned to leap ahead of the competition.
As the CDR operates on an opt-in basis, organisations seeking to avail the innovation opportunities it affords will need to undergo a comprehensive accreditation process. Innovative solutions, such as a customer data platform (CDP), can promote CDR-readiness through enabling vital accreditation requirements; including, CX standards and data quality obligations.
‘Evolving privacy regulations and the rise of first-party data pose a high risk to commercial performance in the global digital economy. Building brand trust and decreasing regulatory risk will be essential to commercial viability as customer demands and compliance requirements heighten.
Deloitte is a market leader in privacy and consent, with demonstrable expertise in building agile consent management solutions that elevate CX excellence. Deloitte empowers organisations to build a robust foundation of trust that creates sustainable competitive advantage in a privacy-first era.’
Partner – Deloitte Digital
Converting Data into Consent-First CX Performance
Unlocking the consent-based data opportunity first requires an organisational recalibration that consolidates, converts and activates data into trust-based real-time CX performance.
As market leaders in privacy and consent, Tealium and Deloitte’s newly released white paper provides an overview of the data privacy landscape in the Asia-Pacific and Japan region, whilst focussing on the commercial opportunities created by new or amended data privacy regulations.
Access the white paper now to learn the steps to create a new value exchange in a regulated data economy, including:
Boldly leaping into the new data economy is best done in collaboration. At the forefront of the new value exchange, Tealium and Deloitte stand ready to solve privacy and consent for businesses. Please get in touch today to accelerate your consent-first commercial strategy and build sustainable competitive advantage.
To delve deeper into the commercial imperative of consent-first CX, read Tealium and Deloitte Digital’s white paper, ‘Consumer Data Right: The New Value Exchange’.