It’s no secret that digital transformation is driving the modern business world. The concept of perpetual technological change and advancement has become a current that is pulling every business into its eddying and oft-turbulent flow.
This constant state of change has particularly highlighted a series of digital transformation trends in the areas of privacy and trust. The need to protect consumer data throughout the business process is growing in importance.
In addition, maintaining consumer, employee, and supplier trust in the evolving digital world is key. This is especially true with so much of the workforce laboring remotely and likely to continue working in a flexible hybrid work model into the future.
With that said, here are a few of the biggest ways that digital transformation is already impacting the future of work, with a particular focus on the areas of digital privacy and trust.
1. Trends and Challenges in Cybersecurity
Cybersecurity has been a concern for decades. However, it has become more intense as AI, machine learning, remote work, and other digital-forward activities have developed.
At this point, cybersecurity has come to influence every aspect of a business’s design, development, and execution. In other words, it doesn’t revolve around passwords and logins. It includes the entire data management process.
This has led some, such as Hank Prybylski, the Global Vice Chair of Transformation at Ernst & Young, to highlight the increasing need for cyber resiliency. This focuses on a risk management approach that, in the words of Prybylski, “verify’s that all measures are embedded in an organization’s application development processes.” The thought leader adds that it must protect crucial data “from the start,” implying that the work doesn’t stop there.
Prybylski goes further to point out that companies who fail to implement stringent, thorough cybersecurity measures of this nature both increase their risk and sacrifice customer trust. This underlines the growing desire to implement comprehensive cybersecurity measures that can keep up with ongoing digital transformation.
2. Trends in Digital Privacy
Of course, trending consumer sentiment goes further than the protection of information from fraud and cybercrime. It also has shown an increasing focus on digital privacy in general. Regardless of the intentions of others, consumers want their information – which is being requested in digital interactions at rising rates – kept private under the digital equivalent of lock and key.
Businesses are responding to this growing desire for digital privacy by beefing up their privacy efforts. At times, this involves slowing down the business process at first to properly manage data from the start.
However, the digital privacy efforts can’t stop there. Businesses must take additional steps to create policies that manage privacy risk across the data life cycle. As organizations continue to manage more and more personal data, they must tend to that data in a persistent and thorough manner if they want to retain customer trust.
3. Trends in Data Management
Along with security and privacy, the way that enterprises are managing data itself continues to change. Internal control systems must flex with each aspect of a company as it adapts to and evolves with ongoing digital transformation. On top of that, these adjustments cannot be tardy or reactionary. They must remain in lockstep with the changes themselves to minimize risk throughout the data management process.
This has also led to the need for greater governance of data. An internal system must be created within each organization to proactively manage the various changes and challenges that come with digital transformation. The breakneck development and adaptation of cutting-edge things like AI and machine learning are particularly critical to oversee and regulate in the name of customer privacy and trust.
4. Trends in the Customer Experience
Finally, there’s the human element. With so much digital change, it’s easy to lose sight of the creatures utilizing, benefitting, and adapting to the ongoing transformation.
Humans continue to be a significant factor as companies adapt to digital trends. The need to align a brand with customer values and expectations remains paramount.
This means companies must do more than responsibly handle digital privacy and data management. They must also address these concerns in a way that meets customers’ shifting expectations. If this isn’t done, consumers will migrate to other solutions.
From cybersecurity and privacy to data management and customer expectations, there are many factors impacting digital transformation coming out of the coronavirus pandemic. As businesses continue to find their way forward, the new normal promises to provide an endless supply of hurdles.
Nevertheless, the focus on consumer-oriented things like security and trust is promising. If companies can adapt to new digital-forward tech with their attention fixed on the consumer, it can ensure that they benefit rather than suffer from the changes that lie ahead.
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