Transform how you share data to earn trust
June 2, 2021
Today’s disrupted world continually brings incredible challenges—and enormous opportunities. As we all navigate the uncertainties and complex circumstances of the pandemic, trust hangs in the balance. How do you instill confidence in your customer base? How do you restore business resilience? How do you deepen partner collaboration to operate with greater agility?
Solely applying single-entity models to an ecosystem or merely using blockchain technology to digitize existing processes will limit realized value, growth and ROI. Instead, companies must embrace an entirely new multiparty system approach to secure customer relationships. At the same time, it’s not a rip-and-replace.
Organizations must embrace strategic change and look ahead with urgency and optimism. For tomorrow’s winning digital business will transform the way they share data to earn trust.
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customers are willing to pay at least 41% more in exchange for data security and more personalized exchanges.
of customers are willing to share more personal information if brands are transparent about how it is used.
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Digital Trust is a discipline that combines cybersecurity and digital ethics in a human-centric way that works to strengthen the bond between individuals and organizations. In doing so, it minimizes outsized risk within organizations and societies, in other words everyone wins.
It’s time for businesses to shift to a mutually beneficial data model that gives people more control, allowing them to grant direct access to high-quality data in exchange for improved, hyper-personalized services with enhanced security and privacy. Multiparty systems help multiple individuals, businesses, governments and non-profits form digital trust.
If you’re new to this concept of multiparty systems, you can think of it as a shared data infrastructure between several organizations. It allows granted access to data in near real time—not a copy of the data, but the actual data itself, including its activity history. This single source of truth means data validation can be as simple as, “I see what you see.”
In multiparty systems, competitors can trust each other and coinnovate without compromising IP thanks to privacy and security measures like revocation and collective accountability.
Spending less time on reconciliation means companies can improve their value delivery and productivity by focusing on key business objectives like building resilience.
What’s more, the shared data infrastructure allows new and existing partners to rapidly onboard and integrate, so the ecosystem can more easily identify possible new revenue streams. The possible use cases are endless and span across industries.
In my latest paper, “How to build trust in the new digital era,” I’ll share with you my perspective on how digital businesses can transform the way they share data within their ecosystem to earn trust and create more meaningful relationships with both customers and partners in multiparty systems that benefit all.
You’ll come away with an understanding of the following:
Want to discuss #digitaltrust and how we can help your business ecosystem along your transformation journey? Please don’t hesitate to reach out for a conversation.
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Disclaimer: This document is intended for general informational purposes only does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals. Accenture, its logo, and New Applied Now are trademarks of Accenture.
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