Consumers rightly expect businesses to handle their data responsibly, while the introduction of regulations has made clear the significant financial penalties companies will face if they fall short in this area.
In an increasingly connected environment – in which consumers interact with businesses over multiple channels – there is a wealth of customer data that companies collect.
Whether it’s personally identifiable information (PII) that could be used to identify or locate an individual, personal health information (PHI), or personally identifiable financial information (PIFI), businesses have a legal obligation to protect the data they have amassed.
The good news for businesses is that sophisticated AI solutions are enabling them to respond to this challenge.
AI Solutions as an alternative to Data Use
New AI tools are proving particularly valuable for businesses selling to consumers via their online stores.
These include solutions that offer businesses alternatives to storing consumer data in the first place. With these in place, companies don’t necessarily need to rely on knowing the age, gender or background of visitors to their sites. Instead, AI can make use of someone’s internet history and browsing behavior to determine which products to display and which offers and marketing messages to deliver.
AI to monitor Data Compliance
In areas where businesses are more reliant on data, AI can also play a role. The large-scale data analysis enabled by AI can, for instance, monitor patterns to ensure consent is being collected correctly. Equally, it could be used to identify any anomalies in data security or ensure aggregated data is properly anonymized.
At Stefanini, we have first-hand experience of the role AI can play in solving most of the modern challenges businesses face, whether through machine learning, data science, computer vision, or natural language processing.