Top 6 Factors why data privacy tools are business and customer favorites

In today's economic scenario, customer data is an asset. Companies from the IT industry to healthcare, EdTech, eCommerce, and fintech rely on customer information to propagate their services in a competitive market.  

 

The significance of customer data also underlines the indispensable need for data privacy. Robust data privacy tools can prevent mal actors from taking advantage of a company's data collection processes for personal gain.  

 

What is the need for proactive data protection?  

Most small, medium, and large-scale companies depend on customer data for business development. 

 

Technological advancements and widespread acceptance of online transaction options bridge the gap between businesses and customers. According to a Nielsen report, respondents from 85% of small, 86% of medium, and 86% of large companies agreed that first-party data is crucial for their digital media strategy. For 50% of small and 59% of medium-scale businesses, third-party data was the second most important asset.  

 

Maintaining records of the accumulated customer data and preventing unauthorized access to personal information is the responsibility of data collectors or companies that hold the personal data of individuals. Companies should take effective measures for keeping customer and employee data anonymous and maintain the data dignity of their data subjects or people who provide personal information.  

 

What is data privacy management, and why is it necessary? 

 

Data privacy management refers to practices and methods businesses implement to uphold consumers' privacy rights and secure the interests of data subjects. Privacy management is necessary for limiting how and when companies can interact with data subjects to collect personal data or advertise goods and services. 

 

Privacy management is only possible when data collectors and subjects work together. Companies that look forward to implementing effective privacy management processes should invest time and effort and hire the services of robust data privacy tools for businesses, as well as educate data subjects about privacy rights and how to access them.  

 

Why should businesses rely on the services of data privacy tools and software? 

 

The advent of new data protection laws and amendments to the existing ones suggests that privacy management only gets more complex and nerve-wracking for businesses. There's a lot that companies need to understand about the evolving laws and stay in line with them to stay afloat in a competitive era.  

Apart from assured compliance with the most stringent rules, robust data privacy management tools help conquer the following checkpoints: 

 

End-User Experience 

Customer experience directly affects the success of a business. The more value a company provides to its customers, the more reputed and profitable it becomes. Loss of customers' confidence affects the brand value of a business and poses challenges in gaining the trust and loyalty of the end users. Therefore, implementing means that enhance consumer satisfaction and help gain user trust is crucial for businesses. 

 

Tools such as Adzapier's cookie notification banners allow businesses to become transparent with their customers. By providing options to limit or abandon the use of cookies on user devices, companies can give their customers the freedom of data privacy. Comprehensive tools assist businesses in becoming a part of a satisfactory user experience bound by a strong sense of personal data security. 

 

Requirements  

The General Data Protection Regulation, or GDPR, is a baseline for many existing and emerging data privacy laws. Today businesses and services of all kinds are available online through websites and mobile apps. Companies and consumers must understand the scope of these laws and play their part in upholding personal information's dignity and security.  

 

Customers who determine the nuances of data laws can protect their data and prevent misuse even when sharing information with a company. Businesses that actively safeguard consumer data privacy rights enjoy a competitive advantage over peers who fail to do the same.  

 

Adzapier's tools assist businesses and their end users by providing means to exercise data privacy rights, such as the right to data deletion or limit personal data use. 

 

Imbibing privacy by design  

According to Verizon's data breach investigation report, 82% of data breaches involve human intervention. Under various data protection laws, companies must respond to customer requests regarding personal information. Failing to fulfil consumer requests on time or sending a fulfilment email to Ryan Reynolds instead of Ryan Gosling can severely affect a business's finances and reputation. 

 

Deploying the services of a robust privacy management platform minimizes the chances of human errors. Privacy management training is a way to ensure better customer service. Privacy management tools, like Adzapier's DSAR manager, reduce the chances of manual errors while responding to privacy rights requests.  

 

Simplicity and Security 

Tools should simplify data privacy management for businesses and end users. When choosing a data privacy tool, businesses and marketers should consider their end user's satisfaction and usability for customers and employees.  

 

Adzapier's comprehensive privacy management solutions offer simple but effective means to handle customer data privacy needs. The tools are easy to integrate with websites built on different platforms, and employees can only access a company's Privacy Portal after a 2-factor authentication. 

 

Scalability

  

Tech solutions favor a company's specific needs while keeping up with the growing and flexible requirements. As businesses grow and popularize, they need intensive privacy management to keep customer data safe from unauthorized access by malicious actors. 

Adzapier offers tools that allow businesses to fulfill data privacy management needs while ensuring relevance as the business grows.  

 

Cost 

Customer satisfaction is priceless. Yet, if we talk about the average cost of implementing a data privacy tool, businesses can find subscription services starting at $39 per month. That's nothing compared to what one might spend on a weekend trip or a binge-eating session.  

 

Upholding customers' data privacy rights has an incredible impact on a business. Making a meager budget for robust tools is the best decision that can change how customers look at personal data safety elements when doing business with a company. 

 

Takeaway: By prioritizing customer data privacy, businesses can safeguard their data assets, and customers maintain trust in a data-driven market. Data privacy tools allow companies to become more responsible in data collection and processing scenarios while ensuring customers' data is dignified and protected. Visit Adzapier and learn more about data privacy rights, regulations, and privacy management solutions.