The number of data regulations is rising quickly for companies that operate across jurisdictional boundaries, a fact for most companies offering digital services. So far, companies have had only workflow management as a tool available to track consumer consent and tackle compliance.
The core of this problem lies with the fact that consumers’ data spans across multiple systems and business partners for a transaction. Overlaying the data chain with workflow management tools and processes to track consumer consent, preferences, and intent only introduces overhead. The data chain itself remains a passive player manipulated by the workflow management layer – sometimes with significant human involvement prone to error. Data sprawl and quality are already causing massive issues for companies. Overlaying data with consumer consent tracking for compliance purposes will not improve upon these challenges.
We have to address the problem by making the personal data “intelligent” with the introduction of privacy and protection. First of all, consumers require a mechanism to monitor, control, and protect their data as required by law. By attaching consent controls to the data and protecting it end-to-end with cryptographic contracts between all participating parties, we enable a core set of capabilities that allow companies, their 3rd parties, and consumers to establish a trusted relationship in a mutually beneficial arrangement.
Controlling data usage with intelligent personal data across applications, networks, and companies becomes effortless. At the same time, end-to-end encryption ensures protection for all parties involved. Better yet, it allows companies to define concrete policies for consumer personal data usage between internal and shadow IT environments where a consumer can provide consent for those policies. A lack of consumer consent simply does not allow the data to sprawl to 3rd parties, preventing oversharing, and reducing risk & exposure. Intelligent data means more automation and efficiency as it enables applications to honor consent and provide real-time visibility on its usage to companies and consumers. More importantly, this approach provides the personal data with fresh consent and preferences captured real-time to ensure quality, consistency, and protection across the data chain.
With a solution that allows a consumer to provide curated quality data and allows a company to securely share that data with 3rd parties based on consumer consent and preferences, a company not only achieves compliance but enables its business to operate much more efficiently. It provides a common framework between internal IT, security & compliance, legal, and business to come to an agreement on consumer personal data and how the company can utilize it in an efficient way where all stakeholders work in unison as opposed to juggling competing priorities.