Data is the new currency

 

Data is the new currency, just like money data has become scarce thus making it on demand. Companies are using data to generate sales and operate efficiently. Perhaps, one of the most forms of data that has gained traction is the use of Persona Profiles. A persona profile is a document containing details of a person’s biographical, interests/hobbies and professional data. Companies use this data to customize their products/services to match their customer’s interests and in turn increase sales.

When a person logs into a platform that person is given the content that he/she is interested in rather than the general content which he/she might not like. However, as much as this data is very useful there is need to make sure that this data does not fall into dangerous arms. Because when it falls into dangerous arms it might be used for criminal activities like Identity theft, card fraud, money laundering etc. One of the recent data breaches which made news is the Facebook and Cambridge Data Analytica scandal. The company Cambridge Data Analytica accessed many Facebook profiles without permission and sold this data to other companies.

There are measures which have been put in place to curb these vices. For instance, in Europe they have the GDPR, which helps protect the data of citizens of the European Union. For a company to use a person’s data they must first notify or ask for permission from that person before using it. Similarly, in Zambia we have ZICTA, which releases and enforces laws to help protect citizens of Zambia from internet fraud together with other agencies like the ACC and the Police.

All in all, persona profiles are a good mode of establishing a company’s identity. Through research from its customers a company can generate ways in which it can increase sales by leveraging the customer’s needs and wants. This way the company can easily market its products and services easily. A persona profile is easy to make. You can generate like the one in the picture easily through KYC, Know Your Customer techniques.