Data privacy has become a huge concern for consumers. For example, 79% of internet users worldwide feel they’ve lost complete control over their data. Also, a survey reveals that 79% of customers worry about how companies use their data.
For these reasons, privacy regulatory bodies are constantly developing new policies to protect customers’ privacy and give them control over their sensitive details.
For example, third-data policies will be eliminated in 2024, and the consumer privacy act of 2020, CCPA (California Consumer Privacy Act), and GDPR (General Data Privacy Regulation) require businesses to seek consent from consumers before collecting their data.
So, how do you manage consent efficiently and handle other evolving privacy laws to safeguard your customer’s data privacy and comply with privacy regulatory bodies? Enter a consent management platform.
A consent management platform streamlines your consent management activities. It automates the communication process, allowing you to seek consent from customers appropriately and keep them updated about the data collection process. In this article, you’ll learn more about a consent management platform, how it works, and why you need one.
Let’s begin.
Table of Contents
A Consent Management Platform (CMP) is a management tool that collects and manages consumers’ sensitive information. It also ensures that the data is garnered following data protection regulations like the GDPR and CCPA.
It gives insight into customers’ data lifecycle, enabling you to successfully track and manage users’ data and respond to their requests and preferences. However, one of the key functions of the consent management platform is automation. It simplifies the entire process, so you don’t get buried in paperwork or going back and forth with consent management activities.
Essentially, a consent management platform performs the following purposes:
Consent management isn’t a nice-to-have for business owners; it’s a must-have. Here are the most prominent reasons to adopt a consent management platform for your company:
Third-party cookies are invaluable to marketers and business owners. They provide insights into consumers’ preferences and supply their private details to improve users’ experiences. Although unfortunately, since third-party cookies are going away in 2024, many marketers are concerned about how they will legally obtain this vital information from customers.
Thankfully, a consent management platform allows you to acquire information from customers while complying with data privacy laws. It seeks consent from users to gather their sensitive details, enabling you to build trust. Consequently, customers can hand over their details on request without a third-party cookie policy.
A consent management platform offers consent administration, records of consent, and opt-out funnel options, allowing you to maintain compliance with privacy regulatory bodies. It also helps build credibility among users, enabling them to trust you and hold you accountable for their precious data.
Essentially, if you wonder how to obtain quality consumer data after eliminating third-party cookies, a consent management platform is your way out. Osano has some helpful information about changes in third-party cookies. Check out the helpful resource to learn how to maintain compliance while harnessing helpful data from consumers without third-party cookies.
A core function of the consent management platform is streamlining your activities for a better and efficient experience. In addition, it lets you approach consent management from a centralized platform, so you don’t have to go back and forth using multiple channels for consent management.
Additionally, you can focus on other important activities by automating your consent management process while the consent management platform sends users consent and gathers their feedback and requests.
Also, you won’t have to worry about overworking your IT team or hiring a separate team to manage users’ consent. Instead, the consent management tool does the job, eliminating additional expenses on human resources.
Automation means a faster and more accurate way to track and monitor users’ consent. For example, you can simultaneously send consent to thousands of users, track real-time feedback, and give prompt responses with a consent management platform.
Finally, it simplifies consent management for businesses. Consider a consent management platform if you want to automate repetitive tasks and generate efficient results with your consent management process.
Compliance and trust are vital reasons to use a consent management platform. Privacy regulatory bodies like the GDPR and CCPA require businesses to protect consumers’ privacy, and a consent management platform is an effective way to do that. It maintains a business’s positive brand reputation and avoids the sanctions and fines associated with non-compliance.
Seeking permission and being transparent about your data collection and usage prove you care about your consumers’ privacy. Therefore, adopting a consent management platform will get customers to trust you with their confidential details to improve their experiences with your business.
Many teams in your organization rely on consumer data to thrive, from the IT support team to the sales team, CRM and others. Additionally, the legal and compliance team must seek consent from users before gathering and using their data. Therefore, the consent management process must be merged across multiple channels for a centralized experience with consent management software.
Without centralization, consent records will be saved across multiple records, causing conflicting data. Connecting customer consent and preferences to external platforms will also remain time-consuming and rigorous.
However, a consent management system can keep consent management activities in one place, allowing you to connect seamlessly with other external platforms.
Additionally, it enables easier accessibility. Every team member can access consent and view consumer requests and feedback from a comprehensive place. This makes consent management less cumbersome for employees and facilitates efficiency.
The best consent management tools are tailored to your brand’s needs and goals. You can customize compliance procedures to your website’s needs and seek consent from users with appropriate procedures with a consent management system.
It lets you customize options to achieve your goals. For example, you can personalize these features to implement and obtain user data. Also, you can adopt them to request permissions specific to what you plan to use them for.
Customization is a vital aspect of consent management. Adopting a consent management platform helps you achieve this by delivering personalized permissions and requests to users.
Consequently, this enhances consumers’ experiences when seeking and managing consent. So, consider adopting a consent management tool to personalize your consent management practices to fit your goals.
Adopting consent management software is not enough; choosing a platform that effectively achieves your consent management goals is essential. Here are the top factors to look out for when selecting the best consent management platform.
A primary function of a consent management platform is to seek permission from consumers to gather consent. So, your consent management platform must embody this function and perform it successfully.
It must request access to gather consumers’ data and inform them that their data is being processed. It must also let customers choose to agree or decline permission requests. Users’ choices and preferences must be remembered and safeguarded, and collected data must be used for the purposes agreed by the user only.
So, examine if your consent management software performs these functions, including request permissions, data processing communication, and enabling users’ access and decline before purchase.
Every functional consent management tool must store customer data effectively. It simplifies data record safekeeping and ensures data is stored according to privacy regulations.
It must store the following data successfully:
Effective data storage organizes consumer information and the consent management system. It also proves to the authorities that you adhere to consumers’ privacy rules and regulations. Therefore, before adopting a consent management system, ensure it is equipped with a record-keeping feature.
A consent management platform should let consumers customize their preferences from anywhere. Also, it should facilitate the creation of customized consent to enable businesses to comply with privacy requirements unique to their state laws. This way, companies can structure consent practices to comply with privacy policies.
Additionally, a consent management platform with a customization feature provides users with questions that are relevant to users’ preferences, facilitating the consent management process.
The goal of a consent management platform is to simplify consent management tasks. However, it may be impossible to streamline your activities if it comes with a complicated interface, features, and learning curve.
Therefore, opt for a consent management tool that is easy to use. You can confirm its usability based on consumer reviews or demo requests. Doing this will help you select a consent management platform that guarantees a simplified experience.
A consent management platform is essential to protecting consumer privacy policy and maintaining compliance. It simplifies your consent management activities, builds trust, creates a centralized management process, and automates your consent management activities. This article elaborated on the top reasons to adopt a consent management system and what to look for when choosing a consent management platform.
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