Key actions businesses can take now
Customer awareness and expectations in relation to data protection continue to grow. We recommend you take the following steps to gain and maintain customer trust:
- Basic data protection hygiene: It may sound obvious, but some organisations still fail to meet the public facing hygiene factors in relation to data protection. Ensure your website cookie banner and preference centre are compliant. Ensure you have an up-to-date privacy statement or notice and a clear mechanism to deal with data subject requests.
- Data trust: Poor data management practices can result in incidents that cause reputational damage and erode trust. Review how you manage data across the data life cycle against good practice standards and ensure you only collect what you need, secure it while in your possession and ultimately dispose of it when it has served its purpose.
- Third parties: Don't forget that much of your personal data may reside with third parties. Put in place robust governance across the third-party life cycle from procurement through to exit management to ensure your vendors do not put your reputation at risk.
Environmental, Social and Governance strategy
With growing consumer and investor pressures along with the need to comply with regulatory requirements all creating new business challenges, this is an area which needs to be fully understood and planned for. ESG presents opportunities to create competitive advantage albeit the risks need to be mitigated.
Three key areas of focus are:
- Strategy: Are the risks understood and quantified, does your business have a clear ESG strategy, is their senior leadership ownership and accountability, is the plan understood and communicated across the business?
- Reporting: Are the reporting requirements understood and is the required data available? Is there ownership for the necessary measurement and reporting?
- Operational: Are the necessary operational plans in place to support the ESG strategy? Are the necessary measurements in place to track progress?
Building an integrated digital and operational strategy is essential to providing optimal customer service as well as the most efficient business processes.
Key areas of focus include:
- Customer insights: Is your planning informed by the latest customer insights and also taking account of macro trends that will drive change? Have you assessed current platforms against emerging trends?
- Process automation: Have all opportunities to apply process automation been assessed? This creates efficiency opportunities but also helps mitigate against labour shortages
- Road map: Is there alignment on the short, medium or long-term plan?
We are here to help you
In this constantly changing world where planning for the unexpected is now a matter of course, businesses need to remain one step ahead of the evolving consumer. This is not easy as there are so many variables at play from cybersecurity, data insights through to building the most appropriate operational and digital strategy.
Challenging times lie ahead but this also comes with opportunities. It is only by understanding current markets and future trends that winning strategies can be built.We are ready to help you as you face the future. Contact us today.