Harnessing customer data isn’t just about showing companies which products are popular and how much people are wiling to pay for them. So-called big data also can help them streamline delivery processes in ways that minimize costs.
Amazon, for example, was able to improve the speed of parcel deliveries to within two hours by taking detailed information, such as individuals’ purchasing history and location, to determine where it should locate its warehouses and how it should stock them.
Overstepping the mark, however, could leave a company’s reputation in tatters.
In a report entitled “Creepy or Cool”, professional services firm KPMG found that more than half the 7,000 customers it surveyed across 24 countries had decided against buying something online due to privacy concerns. And the line between what practices they would and wouldn’t accept wasn’t always clear.
For example, 82% said they weren’t comfortable with the sale of their data to third parties in exchange for a faster service, better product range and home delivery. And 55% baulked at the idea of information from a fitness tracking device being shared with them and their employer.
On the other hand, 57% were happy to have a smart energy meter installed in their home telling their supplier when they eat, sleep and use appliances.
There were, however, concerns that appeared more uniform than others. For the most part, respondents weren’t impressed with unwanted marketing, having their personal information sold to third parties and weak information security systems.
More than half were OK with sharing their gender, education or ethnicity online, but just 16% were willing to share their location and only 13% would divulge their medical records.
“The most effective thing organizations can do to assure customers that they can be trusted with people’s data is to tell them what they intend to do with the information and to assure them it won’t be shared with third parties,” Gary Gill, a forensic partner at KPMG said. “They also need to demonstrate strong cybersecurity systems.”
It turns out, however, that even personal security comes at a price: almost half the respondents said they would accept free or cheaper products in exchange for less privacy.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
