Every year we hear a lot of buzzwords that take the whole world of internet on troll. One such word which is in the limelight from quite some time is “Big Data”! Now assuming you are from business world, you might be aware of this buzzword. But have you heard another buzzword which also holds the similar value to all business owners? Yes, I am talking about the less popular yet highly important, Identity Data! Even though big data has overshadowed the popularity of Identity data, there is no doubt in the fact that these two are highly inter-connected. And contrary to what many of us believe, for many businesses, identity data holds far more value than the big data. The article is going to explain you how.
The most popular place where Identity data is crucial is the customer identity management solution. You might be wondering why! Well, the reason being the ability of a CIAM platform to help businesses understand their customers and nurture long term relationships with them. For those who are still not aware of what a customer identity management solution is, let me help you out.
A customer identity management solution helps businesses to manage their customers’ digital identities. With the world going online, and digital technologies affecting both small as well as large businesses, it has become must for businesses to connect and engage with their customers at every possible place in order to stay on the top. And connecting with customers digitally, requires businesses to manage digital identities as well.
But the importance of a customer identity management platform is not limited to just management. Yes, the key function is to manage customer identities, the CIM platform provides businesses reliable first party data too using which can be a great base for precious customer insights. Many of the businesses have successfully witnessed and are witnessing profit by utilizing this data and insights.
Now many of you might be thinking what about the security issues that come along and I won’t deny reason being multiple thieves taking the world over, security has become main concern for businesses as well as for customers. For that purpose, always make sure that you collect users data from their consent and keep transparency. Make sure to keep yourself updated with why you are capturing this data, how you are going to use it and how it is going to benefit customers.