I read this TechCrunch article, on how data ethics is now becoming a strategic business weapon, with interest.
It makes a lot of good points – that companies that embrace ethics look out for their customers’ long term interests, find it easier to cultivate trust – and of course avoid the prospect of substantial fines for misusing personal data.
There is growing evidence, too, of individuals wanting to work with companies that promise better use of their data, at the same time as also wanting more convenience and services from their existing relationships.
Digi.me has been conceived and built as an ethical-by-design platform and enterprise, and so we wholeheartedly endorse this thinking, alongside living it day to day in our planning and development work.
And that thinking has never been more important as we reach somewhat of a crossroads in terms of privacy and personal data.
While digi.me firmly believes that having control over your personal data and privacy is a fundamental human right, it is also important that new economic models looking to find innovative uses of personal data are not stifled.
Building a new digital economy around ethical and consented data sharing really can change the world, as our recent work as the data faciliator for the Data Mobility Infrastructure Sandbox has demonstrated.
But, really, shouldn’t we be looking at data ethics as standard? Shouldn’t doing the right thing become the norm?
If that is the case – and we are, thankfully, moving in that direction as other countries take on the spirit and ethos of Europe’s GDPR, then we need to increase our expectations in line.
If all businesses use data ethically, then competitive advantage actually comes from how you enable companies to compete on the value individuals can gain from that data.
Offering greater service, convenience and reward in a world where everyone is looking for just that will come to be how companies stand or fall.
It’s an enormous challenge, for sure, but there will be tremendous benefits to those who get it right. So, here at digi.me, that is our mission, and our excitement, all rolled into one!