Data-driven business and data privacy: Challenges and measures for product-based companies |
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Affiliation: | 1. Institute of Technology Management, University of St. Gallen, Dufourstrasse 40a, 9000 St. Gallen, Switzerland;2. Fraunhofer-Zentrum für Internationales Management & Wissensökonomie IMW, Neumarkt 9, 04109 Leipzig, Germany;3. Department of Management & Engineering, Linköping University, 581 83 Linköping, Sweden;4. IoT & Digitalization Architecture, Robert Bosch GmbH, Borsigstrasse 4, 70442 Stuttgart, Germany |
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Abstract: | To leverage the opportunities provided by the Internet of Things (IoT), product-based companies are exploring new data-driven business opportunities. They may miss these same opportunities, however, owing to data-privacy challenges. These challenges start with the customers of product-based companies, extend to the wider business ecosystem, and continue with the companies themselves. This article identifies 12 data-privacy challenges and introduces 12 measures to address them. These include intuitive recommendations, such as enabling cross-product consent collection, as well as less intuitive measures, such as fostering a can-do attitude in legal units, closing the gap between legal and business initiatives, or implementing a clear process for well-reasoned risk-taking. The following four principles were found to support companies in implementing these measures: (1) letting privacy and data-driven business go hand in hand, (2) putting customers first and turning their privacy preferences into opportunities, (3) aligning risk-management activities with the process of digital service development, and (4) using technology to professionalize legal processes. |
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Keywords: | Data-driven business Data privacy Digital services Risk management Data sharing Privacy principles |
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