News
Powering data-driven innovation through automated privacy risk assessment
November 2021 by Tony White, Head of Product at Tr?ata
Responsible data use and agile data governance have fast become critical requirements in enabling artificial intelligence (AI), machine learning (ML) and data science to flourish in a digital-first economy.. To gain a competitive edge, forward-thinking businesses are racing to overcome inherent data privacy management challenges, harnessing the power of predictive models and predictive analytics that transform data into future insights.
Since privacy-enhancing technologies (PETs) are purpose-built to unlock data value while protecting privacy, businesses now understand the immediate and long-term benefits of early tech adoption when working with big data.
In this space, quantitative privacy risk assessment is gaining momentum as a scalable technology that can streamline privacy risk management through hyper-automation. Next-gen seamless cloud solutions can now measure and mitigate data privacy risks so that businesses can navigate, rather than inhibit, data-driven innovation in a privacy-first economy.
Leveraging the power of privacy risk assessment automation enables businesses to activate data and turn insights into action in hours rather than being held up by days or weeks. Such technology fosters data-driven innovation by overcoming data risk and waste, accelerating data insight, enhancing consumer service and opening new revenue streams.
Conquering data risk and data waste
Widespread privacy concerns and increasingly stringent data privacy regulations are impacting business momentum. Rather than treating data as an asset, many organisations feel forced into treating their data as a liability for fear of compliance oversights or consumer backlash; which results in mass data waste.
Automation technology encourages responsible innovation that removes subjectivity from the privacy risk assessment process, ensuring businesses can confidently conduct analytics while ensuring they meet the highest regulatory standards.
Enabling richer insight
Turning to automation tools to solve everyday problems is key to cutting costs, removing inefficiencies and driving projects forward at pace. Organisations need fast-flowing, compliant data that empowers businesses to continue driving innovation without compromising consumer trust. Time is money, and the automated measurement and mitigation of privacy risk enables businesses to streamline operational strategies and ensure data gets the compliance ‘clearance’ it needs to be shared with analytics functions within hours.
Enriching the consumer experience
The ability to access real-time insights, conduct longitudinal data analyses and leverage predictive modelling is key in driving growth in a digital economy. By enabling access to data that would otherwise be off-limits, businesses can ensure they are at the bleeding edge of hyper-personalisation strategies and have insights to help them to foresee future behaviours to deliver better products and services to their customers.
Being able to measure and mitigate privacy risk at speed, businesses can scale growth and focus on commercial success. It’s that simple.
Generating new revenue streams
The future belongs to businesses that can prioritise intelligent operations underpinned by data. Owning this future requires agility, flexibility and responsiveness so that customer experiences can be optimised, and high-impact business objectives can be met.
Access to data and insights are the underlying drivers of revenue-generating strategies in the digital world, and only when businesses leverage purpose-built privacy technologies can they dive deeper and swim wider in the lucrative data lakes where the analytical advantage lies.
