September 25, 2023, Colleyville, TX—Madison Advisors—Madison Advisors has published a new report entitled “Consent and Preference Management” that details the crucial balance companies are challenged with when it comes to providing both personalization and privacy in customer communications management (CCM). The research brief explores the current landscape of cloud-based consent and preference management (CPM) solutions, with a particular focus on the ways they assist enterprises in balancing the growing demand for hyper-personalized experiences with concerns and industry regulations related to the security of sensitive personal data.
“For most customers, the question of whether to share data comes down to trust. Customers need to trust that the enterprise will keep their data safe. And while many customers are more likely to buy from enterprises that use the data to provide relevant content and experiences, some are concerned that the collection systems have gotten too good at tracking their behavior,” said Richard Huff, senior analyst at Madison Advisors and author of the report.
To manage the vast amount of customer data an enterprise collects, CPM solutions perform data discovery, identification and governance of customer data across multiple systems. The solutions allow enterprises to coordinate customer data, which may be spread across a large number of back-office systems and track the customer’s consent to use their data as well as any preferences on how the data is used, shared or sold. The core components to look for when choosing a CPM solution are identified in this report, based on their ability to enable enterprises to collect customer consent in keeping with the ever-expanding array of regulations and manage customer preferences for data sharing.