Firms to shift focus from innovation to transparency in 2019

With big data comes big responsibility, says Spafax Continue reading →

Firms will look ahead to take a strategic step back from technology innovation in 2019 and will need to concentrate on transparency, respecting data privacy and meeting consumer expectations.

Big data will mean big responsibility, according to predictions from media sales, entertainment and content marketing provider Spafax.

Global marketing manager Jessica Sammut said: “With the rise of voice search and the ubiquity of AI in 2018, and the ever-more sophisticated ways that brands and agencies use this data, comes a huge responsibility for firms across the media, entertainment, publishing and content spaces.

“If 2018 was the year of data abundance, then 2019 will be the year of demand for more regulation and transparency around these vast data footprints.

“Today’s consumers understand the value of their personal data and increasingly demand transparency from the brands they engage with.

“In 2019, brands and B2B agencies must take responsibility for the data they collect and to be transparent about their business models – and the ones who take a proactive and creative approach to data privacy will be rewarded with the benefits that come from gaining consumer trust.”

The benefits of gaining consumer trust are high but so can be the costs associated with meeting data protection laws, according to the firm.

Fortune 500 companies alone spent a combined $7.8 billion in the lead up to GDPR compliance earlier this year and the investments are ongoing.

One cost-effective solution set to transform data privacy, ownership and supply chain management is blockchain.

Though commonly associated with the controversial world of cryptocurrency, blockchain was the buzzword cutting across sectors at this year’s Web Summit in Lisbon, including the content making industry.

And though there are some major usability issues to work through with blockchain, 2019 will see some exciting developments for content makers and the mass adoption of this technology, according to Spafax.