31st October, 2017
People are sharing more of their data than ever before, but the key to capitalising on this trend is making sure you can demonstrate that the data is safe.
Hundreds of pieces of information about people are being uploaded every single day, to the point where the lines between a personal and public life are being blurred.
In some instances, people may be unaware that the data is being collected, but in many instances people are offering up data in exchange for access to a product or service.
They see it as a simple value exchange.
Facebook aggregates users’ data to sell ads, but they provide a point of social connection for the users in return.
New generations of people are growing up in an age where they simply don’t understand the line between public and private – or don’t care.
This willingness to disclose means there’s more data floating around than ever before, and those who are able to turn this data into key insights will be well-placed to win the future.
However, this opportunity and trend is not guaranteed to continue.
For accountants and bookkeepers, who guard valuable financial information, the ability to gain value from data will only be made if they can guarantee absolute data security and safety.
As the internet generation grows up and starts getting into business for themselves, the way they think about their data will change.
Now, the consequences of a breach may not be too disastrous.
But when they grow up and start to entrust their data to third parties (such as bookkeepers or accountants) they will be thinking long and hard about data security.
This generation is data-sharing happy, but will that continue as the stakes get higher?
What’s more likely is that they’ll want to be able to share data in the way they have in the past, but more emphasis will be put on making sure this data nice and safe.
In this context, firms who are able to regularly demonstrate that they have a crack data safety and security policy in place will be better placed to win business from the next generation of business owners.
Those who don’t, won’t.