Dallas Business Consultant Elijah ClarkDallas Business Consultant Elijah Clark

Data Mining and Processing

You can develop business and marketing strategies by analyzing customer patterns and behaviors. In a U.S. study, it was found that 93% of customers use the internet for e-commerce-related activities.[1] In addition to general data mining using the internet, social media was also useful for gathering location-based data about customers and identifying patterns of consumer feedback. Other data mining sources include weblogs, forums, wikis, and social media.

Comprehending the needs of your customers can help to establish future direction and define your product status. Additionally, online data mining from social media networks is advantageous for gathering data quicker and easier than surveys and questionnaires. Benefits of data mining include the capacity to better comprehend your customers by knowing and assessing the networks in which they gather. Moreover, data mining is useful for analyzing customer behavior, which can assist in establishing a future course for identifying and implementing your business’s marketing strategies.

 

[1] Flanagin, A. J., Metzger, M. J., Pure, R., Markov, A., & Hartsell, E. (2014). Mitigating risk in ecommerce transactions: Perceptions of information credibility and the role of user-generated ratings in product quality and purchase intention. Electronic Commerce Research, 14, 1-23. doi:10.1007/s10660-014-9139-2

Privacy and Data Management

There is a growing concern from customers that their privacy and personal information is being digitized and sold without their permission. The concern is that credit cards, billing details, and other private data are bought and sold across the marketing industry between businesses and organizations to use as soliciting tools. Customers agree that the lack of organizational ethics when collecting information is morally wrong. The debate amongst customers and businesses is that both parties feel they own the information. Businesses believe that they have the right to use the information any way they choose to help better their organizational goals and to produce better marketing services. Additionally, the organizations that purchase the user information feel they own the data because they purchased it. If the results show that your company is being unethical by confusing or misinforming customers on how their private information is used, you should work diligently to resolve the confusion by making privacy details clear.

Security Breach and Ethics. You should focus on making ethical decisions when handling customer information in regards to implementing effective security and privacy measures. Many organizations, including healthcare corporations, spend thousands to millions of dollars on securing patient privacy and protecting data against breaches and hackers. It is your responsibility as a leader to understand and influence ethical practices which relate to privacy and security threats. Security breaches can disable the functions of your business and pilfer confidential customer information such as personal contact information, social security numbers, and passwords. In addition to a potential loss of revenue, breaches also create customer distrust, and can negatively impact your brand reputation. The risks associated with breaches such as loss of confidentiality, integrity, and availability should cause you to be aware and proactive with threats that generate concerns.

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