While the financial upside of avoiding fines and incurring additional expenses is already widely understood (and has been covered many times in the media and by us), there still exist many fundamental and intrinsic benefits from implementing a good Privacy strategy. In this blog we cover the commercial gains that businesses can make from implementing the correct Privacy programme and we look at a recent, tangible use case in which Trunomi has added businesses value, to help get you thinking of ways in which your Privacy implementation can go above and beyond just compliance.
Brand Value, Loyalty and Trust
These are all things that a business stands to lose or gain in choosing to implement a good Privacy strategy. Avoiding potential fines, ongoing penalties and even civil suits is one thing, however by complying with Privacy regulation and continually reducing risk, businesses avoid potential repeated brand damage that can affect existing and new customers, investor interest and also opportunities for competitors. When it comes to Privacy, trust means maintaining the customers you already have, and providing better experiences than your competitors can mean gaining new customers more easily. The simple failure to comply with regulation can also mean the loss of valuable business partnerships during due diligence processes. However, the best Privacy strategies out there will go above and beyond simple compliance, using technology to capitalise on a single view of their customer data – leading to better commercial partnerships, businesses intelligence and cross-team understanding of data.
Let’s now look at some examples of how businesses have realised commercial gain from implementing Trunomi for their Privacy strategy:
Lead Tracking across Commercial Partnerships
Best-in-class Privacy platforms will give you a single source of truth for your customer data. This includes information on the ‘who, what, where, why, when’ around your customer data and the ability to understand all this intelligence from a centralised view. For a company whose business model relies on lead or customer referrals across partnerships, understanding the ‘who’ and ‘where’ (whose data has been shared and where has it been shared to) can have significant commercial value. To answer the question of ‘who’, Trunomi uses a safe representation of a business’ customer that means it can always link data events back to an individual, even if that data has been passed across businesses entities. For e.g. aggregators, comparison websites or metasearch engines that involve partner referrals, Trunomi enables the fast, secure and accurate reconciliation of customers records across businesses entities, no matter how each company chooses to identify that lead.
Trunomi – turning Global Privacy compliance into a competitive advantage
Trunomi is an end-to-end Data Privacy platform for businesses of any size, across any industry, enabling compliance with Global Privacy regulations from a single platform. Trunomi’s patented technology and Privacy-by-Design approach enables businesses to go above and beyond simple compliance, enabling fast and risk-free business intelligence that can be shared easily across different teams and stakeholders. Businesses can connect to Trunomi often with a single connection.
To get a demo of how we can help your business comply and grow, get in touch at firstname.lastname@example.org.