In the latest IBM’s C-Suite Study titled “Build Your Trust Advantage,” the Philippine participation has been more pronounced than before as 94 C-level executives from 17 industries participated. The bi-annual study polled 13,500 respondents around the globe how organizations are leveraging data trust to achieve market leadership.
C-suite or executive-level managers (CxO) from the Philippines who participated in the study come from the banking and financial markets, industrial products, insurance, IT and professional services, and retail.
Data privacy has become a hot topic and sensitive issue no thanks to high-profile breaches that compromised the personal information of millions of people. These breaches also led to the creation of Europe’s General Data Protection Regulation and the Philippines’ Privacy Act of 2012 otherwise known as Republic Act 10173.
The study, which was conducted by IBM Institute for Business Value (IBV) in cooperation with Oxford Economics, found out that for the Philippine context, the country’s CxOs have a clear understanding of the importance of data to achieve market leadership. However, what could probably propel them to the top is gaining customers’ trust because they have shown the value they give to data privacy, which has become a privileged these days.
Cloud has enabled companies in their digital transformation. It means that the cloud, no matter how tight the security platform is, has become a mining field for cybercriminals. Customers appreciate organizations that put data privacy at the front and center of operations.
According to the study, 76% of Philippine CxOs “defy data fears” which allowed them to enhance trust with customers. Using data actually strengthened customer trust paving the way for the organization’s strategic advantage. Following this, the same respondents “rank data privacy as their top priority for delivering a competitive advantage” as opposed to the global results from CxOs which showed that data privacy tails customer relationships as sources of competitive advantage.
It also follows that local CxOs (15%) are reluctant to share their own pool of data beyond their own siloes. Global executives are also less enthusiastic (26%) about data sharing as the study found out. About 29% of Philippine executives are also unwilling to share data with strategic partners. Thirty-seven percent of global CxOs feel the same.
Corporate executives leverage their knowledge of data to “reinvent the customer journey map.” About 54% of Philippine respondents use data, to a large extent, to identify unmet customer needs, as opposed to the global result of 42%. Sixty-one percent utilize data in exploring new business models compared to 44% of global CxOs.
Local respondents have shown more determination in improving their quality of data. About 68% are cleansing their enterprise data with 49% of global executives doing the same. As for enterprise data curation, again, more local executives or 60% are curating data as opposed to global results of 47%.
IBM study’s “Build Your Trust Advantage” has shown that local corporate executives are becoming “trusted custodians of personal data and are willing to demonstrate transparency by revealing data about their offerings and workflows and using the trust advantage they’ve earned to create differentiating business models.”
Aileen Judan-Jiao, president and country general manager of IBM Philippines, attributes this to the Philippine government’s data privacy act which is known for its stringent standards and strategies.
The study revealed how data sharing can create an ecosystem built on trust. Data has to evolve and to keep them for one organization’s consumption may no longer be healthy for industries. Some organizations have been liberating their data but with the utmost care and not without proper regulatory permission.
The study found out that 56 % of leaders are already acquiring and sharing data extensively with network partners, and 85% expect their partner networks will expand in the next few years. Leaders expect the evolution of digital business platforms will necessitate a new approach to data sharing.