The Power of Consumers: Transforming the Next Digital Decade with Control Over Their Data Use

The success of businesses in harnessing data lies in allowing individuals to own and control their data. The Asia Pacific region is leading the way in smartphone usage and commitment to digital infrastructure, making it the ideal region to discuss the future. However, up until now, many businesses have taken advantage of data by assuming it is theirs to use as they please. Companies need to give individuals control over their data if they are to succeed in the next digital decade. Through data, businesses can create a portrait of an individual’s behavior and preferences, allowing for a more personalized experience. Data of identity, places, and experiences are the three different types of data in the digital economy. Data is the fuel that powers AI systems, and it is important to critically examine potential biases within the data. As machines improve their ability to process data, consumers will enter a phase of consent where they can decide how their data is used and what they get in return. Finally, during the phase of commercialization, data will become a form of payment for goods and services, and companies will need to hold, protect, and facilitate services around it. The key to creating trust is to give consumers control over their data.