ata is a company’s most powerful asset. Yet, many businesses cannibalize this valuable asset by selling it to third parties when they should be using it to make their businesses stronger and more sustainable.
Nearly all digital businesses collect some type of data from their users, so there has been growing concern from privacy rights groups about how that data is used. Yet, data collection is not wrong in and of itself. It’s the why, how and what is done with it that matters most when it comes to building a profitable and sustainable business that simultaneously respects the privacy of its users.
In the majority of cases, there is no nefarious man behind the curtain collecting data for evil. Most companies rake in as much data as they can under the assumption that you never know when and how data might be useful at some point down the line.