DPDP Act is crucial to protect consumers’ digital privacy and data rights: Irvinder Ray

In conversation with Adgully, Irvinder Ray, Executive Director, Deloitte India, delves into how brand experiences are re-imagined through technological transformation and Generative AI, importance of collaboration for elevation of human experiences, how marketing budgets are optimized for maximizing performance, significance of customer-centricity and key performance indicators. Further she discusses about personalized customer experiences and their impact, integration of ESG factors into decision making processes, importance of DPDPA (2023) for organizations and Deloitte's Coalesce – Art of the Possible Event which serves as a platform for the creation of an eco-system of thought leaders for unfolding the challenges of the future, exploring solutions, fostering collaboration for achieving the coveted results.  

Re-envisioning Brand Experiences with Technological Transformation and Generative AI

Marketing teams are leveraging technology to reimagine brand experiences. Generative AI, for instance, is playing a pivotal role in this transformation. It analyzes vast amounts of data to understand consumer behavior and preferences, enabling businesses to create dynamic and customized content. For example, Netflix’s recommendation system, powered by Generative AI, provides personalized content suggestions, enhancing user experience and engagement. Customized offers to consumer cohorts based on their purchase or consumption behaviors is possible using AI.

Significance of Partnership and Collaboration for Elevating Human Experiences

Partnerships and collaborations are essential for enhancing human experiences in a technology-driven world. By combining expertise and resources, businesses can create innovative solutions that prioritize human interaction. For instance, Adidas partnered with Carbon, a 3D printing company, to create 3D-printed midsoles for their shoes, offering customized comfort and performance. Coke studio is combining with local artists to create songs and is promoting them on social and digital platforms.

Optimizing Marketing Budgets for Maximum Performance

Brands are optimizing marketing budgets by leveraging AI-powered marketing optimization platforms. These platforms analyze customer data to recommend right content and media mix to engage with consumers to maximize performance. For example, Coca-Cola utilized AI to analyze consumer data and optimize its marketing campaigns, resulting in significant uplift in sales.

Marketing performance measurement programs are becoming “Always On” programs providing near real time performance tracking and recommendations on campaign optimization. It is possible with marketing automation and AI-ML driven analytics.

Importance of Customer-Centricity and Key Performance Indicators

With increasing competition in categories, customer-centricity is a critical success metrics for brands to win market share and consumer loyalties. KPIs such as CSAT scores, NPS, and customer retention rates are used to measure the success of customer-centric initiatives. For instance, Amazon's focus on customer satisfaction has contributed to its exponential growth and market dominance.

Personalized Customer Experiences and Their Impact

Technologies such as AI, machine learning, and data analytics are used to offer personalized customer experiences. By analyzing customer data, businesses can deliver targeted and relevant content, recommendations, and offers. For example, Spotify uses machine learning algorithms to curate personalized playlists for its users, enhancing user experience and engagement.

Integrating ESG Factors into Decision-Making Processes

Businesses are integrating environmental, social, and governance (ESG) factors into their decision-making processes. This reflects a growing awareness of the impact that businesses have on society and the environment. For example, Unilever's Sustainable Living Brands grew 69% faster than the rest of the business in 2018, demonstrating the business case for sustainability. Younger TG is worried about the global warming and climate changes and is expecting the companies to contribute meaningfully to sustainability.

Deloitte's Coalesce – Art of the Possible Event

Coalesce – Art of the Possible is Deloitte's flagship event focused on exploring the latest trends, technologies, and innovations shaping the future of businesses. It is unique event that brings together thought leaders, industry experts, and CXOsfrom multiple industry verticals to discuss key challenges, opportunities and exchange their learnings. For example, the 2023 event featured discussions on digital transformation, innovation, and sustainability, providing insights for businesses to drive growth and success.

Importance of DPDPA (2023) for Organizations

The Data Protection and Digital Privacy Act (DPDPA) of 2023 is crucial for organizations to protect consumers’ digital privacy and data rights. Compliance with the DPDPA is essential to avoid legal and financial penalties and maintain consumer trust and confidence. With increasing focus on building 1PD ecosystems, consent management, data privacy and responsible use of 1PD is very important. Deloitte has a specialized team who is handholding it’s clients to evaluate their data related policies and processes and is advising them on DPDP compliances.