PwC: Transformative effect of new privacy data
New data privacy regulations could have a transformative effect on the consumer market reveals a new report from PwC who have produced a road map for companies to win the trust and data of consumers in the future.
It was revealed that just under half of CEOs in the consumer market expect new legislation could require the private sector to financially compensate people for personal data that companies collect.
“Combined with new data privacy regulations, this change could have a transformative effect,” comment PwC who point out that consumers are recognising the commercial value of data and will start to get support from regulators.
“In the past two years have seen a raft of new regulations around data privacy and security - with scores more in the pipeline in statehouses and governments around the world… It’s unlikely the evolving regulatory action will stop with the current legislation,” said PwC.
Consumer market CEOs surveyed by PwC believed - by two-to-one – that it is likely governments could break up the behemoth companies that now dominate the technology market. “If some of these companies are broken up, the disruptive ripple effect on the consumer markets industry might resemble a tsunami.”
Improving the customer experience (CX) was identified by 66% of the retail and consumer industries polled by PwC as their top investment priority. But the challenge for CEOs is to balance this with a better data enabled CX and protecting privacy relating to data ownership.
“Mindful of a raft of new regulations - and the damage from highly publicised leaks of personally identifiable information - consumer markets companies are becoming more sensitive (49%) about the risks of mishandling their customers’ data,” says the report.
“The risks run the gamut, from failing to delight customers or anticipate their needs to misusing their private information to falling prey to a sophisticated cyberattack. At the centre of all these opportunities and risk is consumer data, and, increasingly, the prerequisite to getting that data is trust,” comment PwC.
Three-step road map to win the trust and data of its consumers
So how should CEOs navigate the future?
“The breadth, depth and quality of consumer data that companies hold are often central to their profitability, but CEOs must squarely face the fact that the zeitgeist around data ownership is very different from what it used to be and the change feels permanent,” comment PwC.
Companies can win a competitive advantage by following these three steps:
1. Win trust
Protect your customers’ data and privacy
2. Win loyalty
Draw on that trust and data to build a better experience that will keep people coming back
3. Win hearts
Offer people something they want but don’t expect - before a competitor does
It was also revealed in the report, Consumer and retail trends 2020: Managing expectations around trust and data, that 47% of companies would be focusing on building their brand through social media platforms - as opposed to traditional advertising - and 30% would be prioritising and investing in Artificial Intelligence (AI).
“Driven by intense competition from tech-enabled companies, consumer markets CEOs continue to seek revenue growth through traditional means,” comment PwC.
A snapshot of PwC’s survey comparing consumer markets with global trends include:
- Only 50% of consumer markets are confident about their organisation’s revenue growth over the next 12 months – compared to 45% globally
- A total of 33% of consumer markets feel the availability of skills and cyber threats (29%) will be a negative factor for growth – compared to 32% and 33% globally
- 71% of consumer market CEOs worry about the increasing complexity of cyber threats
- 49% report growing public concerns over data privacy
- 64% of CEOs believe governments will increasingly introduce competition/antitrust legislation to break up dominant technology companies
- 68% of CEOs believe governments will increasingly introduce legislation to force the private sector to regulate content on the internet (including social media)
“These survey statistics underscore how technology related issues, such as CX, privacy and market concentration are increasingly driving a convergence between citizen stakeholders and regulator stakeholders - with powerful consequences for the industry,” comment PwC.
NetNumber: Time for a cloud-native transformation
NetNumber is accelerating the transition in the telecom industry to 5G as it starts a shift to cloud-native architecture to address the fast-paced demands of global subscribers and businesses.
NetNumber is offering the industry’s first cloud-native platform designed to ensure InterGENerational™ network performance addresses both the legacy and next-generation requirements of telecom networks.
“NetNumber has developed the industry’s most robust cloud-native, InterGENerational platform that addresses both the legacy and 5G requirements of telcos,” said Matt Rosenberg, Chief Revenue Officer of NetNumber.
The platform provides vertical and horizontal scale-out with low latency, coupled with a suite of data replication capabilities, which provide flexible architectural options that can evolve with the changing network over time.
“Cloud-based solutions from other vendors tend to be limited in terms of supporting particular network generations or protocols. We’ve created our latest platform TITAN.IUM to allow customers to take any generation of applications, any generation of legacy services and protocols and move them into the new world of cloud-native architecture,” said Rosenberg.
“This is a really important part for a carrier to harmonise their network, bring data services together, bring legacy with new together in order to make a more effective and efficient network, as well as reduce their cost as they scale forward,” he said.
Established in 1999, NetNumber has fostered a strong team environment that leverages the industry’s best skills to offer software solutions tailored for carriers of all dimensions. Based outside of Boston and with presence in over 20 countries, the company delivers a range of products that address all generations (2G, 3G, 4G, 5G) of network functions in the core network, deep rooted security products and services, STIR/ SHAKEN and set of options around data services in more than 90 countries.
Steeped in experience in building telecom solutions, software, protocol stacks, and integration of third party tools, the company’s development organisation has proven to supply to the industry with the most reliable and flexible solutions on the market.
“At NetNumber, we focus on our core competencies – we are dedicated to providing industry expertise in signaling, routing, security, subscriber management and data services. We provide customers a strong ROI through platform-based solutions that reduce Capex and Opex in the long-term,” commented Rosenberg.
Five reasons why customers choose NetNumber:
- Expertise - NetNumber has experts with deep knowledge in signaling/routing, security, and subscriber database management.
- Integration - An industry-first platform brings together domain services, applications, security, and global data services.
- Scale - NetNumber has the ability to seamlessly increase network efficiency using vertical and horizontal scaling.
- Speed - World-class solutions have the power to help companies create new service offerings and accelerate time to ROI.
- Savings - Customers enjoy significant savings in capex and opex, flexible deployment models, and investment protection.
NetNumber and Virgin Mobile MEA
“We're very proud of our partnership with Virgin Mobile MEA as they've taken the concept of the InterGENerational platform into their regional network strategy,” commented Rosenberg. “That’s accelerated how they develop exceptional services across the Middle East and Africa region.
“We work with them hand-in-hand to deliver multiple applications onto our platform which has enabled them to provide exceptional, advanced and innovative services to their customers across the Middle East, who demand high quality services.
“What they've really taken advantage of is scale. What I mean by that is they are putting multiple generations of applications and services onto the same platform and distributing that data across their network. That has resulted in an advantageous position of time to market and operational savings.
“Rather than having different applications for many different vendors that cause operational chaos, they've been able to consolidate that and reduce their operating costs by having everything on one common architecture. We’ve had a long-term relationship with Virgin Mobile in Saudi Arabia, and recently signed an agreement with Virgin Mobile in Kuwait.”
Rosenberg says that with these solutions, Virgin Mobile MEA can take advantage of getting to the market much quicker and faster—which is what today’s discerning customer demands.