With data becoming the new currency, the natural tendency has been to accumulate vast amounts of consumer data by one and all. This proliferation has made it possible to multiply the use cases of data and bring speed to converting from hypothesis to predictions and forecasting. Excitement for the prospect of being able to grow and create new demand purely based on data, has fueled even further hunger for data.
And the world slipped smoothly into a circle of more data, more possibilities, more data, more possibilities….
But the other side of this data strategy is fraught with risks of poor accuracy, compromises in integrity and breach of sensitive consumer information. And, privacy regulations like the EU GDPR and others across the globe emphasize that enterprises collect only what they need under the principle of data minimization. Do you know the degree to which consumer data held in your organization is stale, incorrect and unused? Are you holding multiple duplicates of the same files and data? This can lead to increase in threat surface area, poor data process output, longer and inadequate response to privacy requests, not to mention storage costs for data that should not be in the system in the first place!
Addressing privacy regulations can now also serve as a response strategy to these risks.
In this interactive session, we will discuss
The different contexts in which data minimization can be applied
Realignment of business processes to embed minimization as a design principle
Best practices on data minimization techniques
Business case studies on benefits of data minimization realized across industry