HATDeX Business Solutions
Organisations store and use a lot of personal data. This is necessary, because providing customers with services will inevitably result in the creation of the data. However, this comes with risks as well, because they would need to secure it and ensure it is private. These risks are not only costly, they also result in reputational risk if they don’t manage it well.
The HAT can help alleviate these risks by letting individuals themselves control their data. The data generated by users could be kept on the HAT and synchronised back with the firm as a data debit as long as the user is the customer of the firm. Not only will this reduce costs and reputational risk for companies, it will also give their customers the ability for them to use it for themselves, mixing the data with other data, to search their history, contextualise it and also buy intelligence for better decisions.
Even if the firm prefer to keep customer data to themselves, giving a copy back to the customer is still a good thing. Personal data is coproduced. It needs both the customer and the firm (who own the tech that collected it) for it to exist. However, while firms have been using it for their legitimate purposes, individuals have not had the ability to do so. With the HAT, they can, so for firms to give access to customers data back to the customer is the right thing to do (and actually, under the freedom of information act, customers actually have a right to their data. See the Scientific American article written by our directors here)
But the benefit to the organisation is much more that that. By integrating with customers HATs, they can request for data they never had access to in the past e.g. Facebook, preferences, interests etc. This would help them engage with their customers in a more personalised way.
For more about how to integrate HATs into their organisation, check out HATDeX business solutions here.