Posted on: Monday 16th of May 2016
The next few years mark a pivot point in the development of the data-driven economy. The decisions people make and the actions they take will make or break individuals’ careers, brands’ and organisations’ fortunes and the future direction of governments, the economy and society as a whole.
Three things define the first phase of the new digital era.
First, it turned into a data landgrab. If data – especially personal data – was the new oil, everybody wanted to get their hands on it.
Second, as always happens in periods of profound economic transformation, the uses to which this ‘new oil’ were focused on enhancing, improving and extending business as usual. Icons of times such as Google (search) and Facebook (social networking) seemed revolutionary at the time (and they still are in their long term implications). But they ended up finding their place boosting the performance of an industry that’s as old as the hills – advertising. And the underlying model of data collection and use remained unchanged. It was organisation centric: organisations collecting and using data about customers, to improve the workings of their businesses.
The combination of the first two (data landgrab to enhance existing business models and practices) led to the third defining characteristic of the digital age: a rapid journey from widepsread initial public exhilaration and excitement to disappointment and trepidation.
The data landgrab generated a privacy and data protection backlash as consumer/citizen fears about how their data is being used (or could be used) mounted. The focus on data’s benefits to organisations left consumers/citizens feeling left out. Not only did the new personal data landscape seem increasingly harmful or dangerous, it was also deeply unfair.
Hence Ctrl-Shift’s focus on Growth Through Trust.
A positive way forward
A strategy of Growth Through Trust addresses each the three defining characteristic.
It replaces a free-for-all data landgrab with a new ‘social contract’ around personal data centred on individuals’ ability to control their own data and organisations’ acceptance of the need to take responsibility and demonstrate trustworthiness.
It supplements organisations’ collection and use of data with a new dimension of value for individuals – helping them collect, manage, use and share information to help them manage their lives better. This is the emerging market for Personal Information Management Services (PIMS).
And it deliberately brings the two together – trustworthy collection and use of data and service / business model innovation – to transcend much-discussed trade-offs and achieve what we all want: sustainable growth through designed-in trust.
In our conference on Achieving Growth Through Trust in London on Sept 29 we will show how to seize this opportunity from multiple angles. We have a great line-up of speakers showing:
- How and why PIMS reach dimensions of consumer value that traditional products and services just cannot touch – and how to identify the biggest opportunities and design services around them
- Where the new revenue streams lie and what the new business models look like
- How to address the challenge (and opportunity) of integrating new European data protection regulations into a broader, future-proofed data strategy that delivers trust and encourages information sharing
- The impacts of new technologies including internet of things, virtual personal assistants and blockchain: how to achieve Growth Through Trust in an algorithm economy
- What some big brands are doing to take a lead and shape a trust-based personal data ecosystem
- How to find your niche in this fast-emerging and rapidly changing data environment
- The existential challenge for large incumbent corporates: can they change far enough, fast enough – and if so, how?
If you want to be at the forefront of the new data-driven economy, this event is a must. We invite you to join us in exploring the opportunity. You can get tickets here.