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The 11 Principles of Trust - How to Create Business Value Through Trust

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When data is the lifeblood of your business, it’s critical that customers, partners and regulators trust you to protect their information. Companies that build trust will enjoy deeper, longer-lasting customer relationships. Those who don’t face risks as customers increasingly question whether they should trust their providers with their data. Georgian Partners has developed a framework to help SaaS AI companies to build trust with their customers, presented here in The 11 Principles of Trust.

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The 11 Principles of Trust - How to Create Business Value Through Trust

  1. 1. The 11 Principles of Trust How to Create Business Value Through Trust
  2. 2. Trust is a universal concept The 11 Principles of Trust 2
  3. 3. The 11 Principles of Trust 3 It applies not only to people, places, and things...
  4. 4. ...but also to companies, products, and services across all industries. The 11 Principles of Trust 4
  5. 5. It’s particularly relevant today for technology and software companies. The 11 Principles of Trust 5
  6. 6. Many of whom are under increased scrutiny for their data practices. The 11 Principles of Trust 6
  7. 7. The 11 Principles of Trust 7 And because data has become the lifeblood of modern business...
  8. 8. …it’s critical that customers, partners and regulators trust you to protect their information. The 11 Principles of Trust 8
  9. 9. Are there any software companies that you would voluntarily trust to protect your most intimate personal details? The 11 Principles of Trust 9
  10. 10. Do you actually trust them to protect your information? The 11 Principles of Trust 10
  11. 11. Or are their services so integral to your life that you feel you have no other choice? The 11 Principles of Trust 11
  12. 12. The 11 Principles of Trust 12 In fact, many of us have resigned ourselves to sharing data even though we feel increasingly uncomfortable about it.
  13. 13. Trust is particularly important for companies using machine learning and artificial intelligence (AI). The 11 Principles of Trust 13
  14. 14. It allows them to access the data required to fuel machine learning models. The 11 Principles of Trust 14
  15. 15. The 11 Principles of Trust 15 However, AI also presents new challenges for trust.
  16. 16. The 11 Principles of Trust 16 privacy, security, reliability, bias, and transparency. In particular around
  17. 17. Heightened awareness of these issues presents an opportunity for software companies to differentiate on trust. The 11 Principles of Trust 17
  18. 18. We believe that customers will increasingly demand that companies operate fairly and transparently. The 11 Principles of Trust 18
  19. 19. The 11 Principles of Trust 19 In terms of how they treat customers, employees, and partners...
  20. 20. The 11 Principles of Trust 20 …and society as a whole…
  21. 21. The 11 Principles of Trust 21 The opportunity is to use trust to differentiate in your market.
  22. 22. Our principles provide a guide to building trust with your customers. The 11 Principles of Trust 22
  23. 23. But first, let’s define trust. The 11 Principles of Trust 23
  24. 24. Trust is the balance between the value that you deliver and the comfort that customers experience when interacting with your company, brand and products. The 11 Principles of Trust 24
  25. 25. Value is your core business proposition – why customers use your product. The 11 Principles of Trust 25
  26. 26. Drivers of value include: Improved forecasting and analytics Improved product quality Cost and time savings The 11 Principles of Trust 26
  27. 27. Comfort is peace of mind for your customers — knowing that using your product won’t cause problems for them. The 11 Principles of Trust 27
  28. 28. Drivers of comfort include: Reliability and stability Responsible and secure data handling Transparent business practices The 11 Principles of Trust 28
  29. 29. The 11 Principles of Trust 29 When you provide value and comfort, you’ll get happy customers who promote your brand.
  30. 30. The 11 Principles of Trust 30 When value and comfort are out of sync, trust gets eroded and customers leave.
  31. 31. You can use the following principles to increase trust in your organization. The 11 Principles of Trust 31
  32. 32. Create new value through trust. 1 The 11 Principles of Trust 32
  33. 33. Avoid taking a ‘compliance is enough’ approach. The 11 Principles of Trust 33
  34. 34. Instead, look for opportunities to create new value for your customers and for the company. The 11 Principles of Trust 34
  35. 35. Find out what your customers value, and what it takes to make them comfortable. The 11 Principles of Trust 35
  36. 36. The 11 Principles of Trust 36 Then plan the steps to reach trust. This will be your trust roadmap.
  37. 37. Customers that trust you will share more data, allowing you to enhance your products and provide more value. The 11 Principles of Trust 37
  38. 38. Build trust into your culture. 2 The 11 Principles of Trust 38
  39. 39. Everyone should understand how they can help build trust, starting at the top. The 11 Principles of Trust 39
  40. 40. In particular, responsibilities around customer data. The 11 Principles of Trust 40
  41. 41. The 11 Principles of Trust 41 Communicate how you handle data clearly and publicly.
  42. 42. Design resilient systems to reduce the impact of an attack. 3 The 11 Principles of Trust 42
  43. 43. The 11 Principles of Trust 43 Breaches will happen, so design your systems to compartmentalize damage from attackers.
  44. 44. Don’t just focus on software systems, think about business processes that might be attacked as well (e.g. financial processes) The 11 Principles of Trust 44
  45. 45. The 11 Principles of Trust 45 3 approaches have been shown to help: The principle of least authority Decentralization Redundancy
  46. 46. Construct a rapid remediation plan and practice using it. 4 The 11 Principles of Trust 46
  47. 47. When a security or privacy compromise is discovered, follow your well practiced incident response plan. The 11 Principles of Trust 47
  48. 48. The 11 Principles of Trust 48 And ensure you notify affected customers immediately.
  49. 49. Providing timely remediation is essential to protect your brand and retain customer trust. The 11 Principles of Trust 49
  50. 50. The 11 Principles of Trust 50 Effective plans cover both the common scenarios and outliers.
  51. 51. Understand customer and regulatory privacy requirements. 5 The 11 Principles of Trust 51
  52. 52. First, consider whether you need personal or other sensitive data to deliver value. The 11 Principles of Trust 52
  53. 53. The 11 Principles of Trust 53 Then assess your data sources, including partners and suppliers.
  54. 54. And be mindful of how your data management practices can impact customers. The 11 Principles of Trust 54
  55. 55. Adapt your approach to meet the requirements of different jurisdictions as required. The 11 Principles of Trust 55
  56. 56. Give customers control and oversight over their data. 6 The 11 Principles of Trust 56
  57. 57. Software companies have traditionally assumed broad rights through their privacy policies. The 11 Principles of Trust 57
  58. 58. This approach is no longer compatible with privacy legislation or building trust. The 11 Principles of Trust 58
  59. 59. Drive the conversation on consent and acknowledge that ownership remains with the customer. The 11 Principles of Trust 59
  60. 60. Be transparent. The 11 Principles of Trust 60 Give users visibility into the personal data you’re capturing and storing, and give them control over that data.
  61. 61. The 11 Principles of Trust 61 Encourage engagement through relevant, timely prompts and adjustable settings.
  62. 62. Root out bias. 7 The 11 Principles of Trust 62
  63. 63. Discrimination in all forms is under increasing scrutiny. The 11 Principles of Trust 63
  64. 64. Human bias and algorithmic bias are both challenges for AI companies. The 11 Principles of Trust 64
  65. 65. The 11 Principles of Trust 65 Reduce human bias by addressing individual, team, and organizational tendencies to act on judgment alone, without using data.
  66. 66. The 11 Principles of Trust 66 Ask questions throughout the development process to reduce technological bias.
  67. 67. Problem definition: are there groups who could be unfairly impacted? The 11 Principles of Trust 67
  68. 68. The 11 Principles of Trust 68 Collecting training data: do sampling methods lead to overrepresentation of certain segments?
  69. 69. Model training: can performance be optimized for each segment? The 11 Principles of Trust 69
  70. 70. Ongoing: does our governance process account for changes to input data or model weights? The 11 Principles of Trust 70
  71. 71. Develop a fair model for value exchange. 8 The 11 Principles of Trust 71
  72. 72. The 11 Principles of Trust 72 Customers will increasingly gravitate towards business models that are quantitatively and qualitatively fair.
  73. 73. The 11 Principles of Trust 73 Think carefully about what you need from your customers (e.g. data) and what you will offer to your customers in exchange (e.g. insights).
  74. 74. As relationships deepen and you collect more data, ensure that you provide more value in return. The 11 Principles of Trust 74
  75. 75. The 11 Principles of Trust 75 If customers are getting insufficient value from the product, issues of comfort will be more acute.
  76. 76. And trust will be eroded. The 11 Principles of Trust 76
  77. 77. Make trust measurable. 9 The 11 Principles of Trust 77
  78. 78. The 11 Principles of Trust 78 Set objectives for the value and comfort you deliver for each aspect of trust.
  79. 79. Track what you do, what you achieve, and your level of customer trust. The 11 Principles of Trust 79
  80. 80. What you achieve includes how accurately models perform and how quickly customer requests are fulfilled. The 11 Principles of Trust 80
  81. 81. Measure customer trust through ROI case studies and surveys on your trustworthiness. The 11 Principles of Trust 81
  82. 82. Anticipate the unexpected. 10 The 11 Principles of Trust 82
  83. 83. Things will go wrong. When they do, make sure you’re well- positioned to minimize the impact. The 11 Principles of Trust 83
  84. 84. Threshold / upper limit Track system performance metrics and set thresholds to quickly find the root cause. The 11 Principles of Trust 84
  85. 85. Design systems so they automatically enter recovery mode and send alerts when thresholds are exceeded. The 11 Principles of Trust 85
  86. 86. Look at product usage data and customer feedback to track and respond to common issues. The 11 Principles of Trust 86
  87. 87. Explain yourself. 11 The 11 Principles of Trust 87
  88. 88. The 11 Principles of Trust 88 Make your systems, policies, procedures, and products more explainable.
  89. 89. The 11 Principles of Trust 89 Start by understanding your buyers’ and users’ expectations.
  90. 90. Use what you’ve learnt to provide relevant information in your product to help your users make decisions.
  91. 91. The 11 Principles of Trust 91 And finally, communicate your efforts to customers and partners.
  92. 92. Remember: The questions surrounding AI are complex, so revisit your thinking and be prepared to discuss and adapt your stance. The 11 Principles of Trust 92
  93. 93. The 11 Principles of Trust: Create new value through trust. Build trust into your culture. Design resilient systems to reduce the impact of an attack. Construct a rapid remediation plan and practice using it. Understand customer and regulatory requirements. Give customers control and oversight over their data. Root out bias. Develop a fair model for value exchange. Make trust measurable. Anticipate the unexpected. Explain yourself. 1 2 3 4 5 6 7 8 9 The 11 Principles of Trust 93 10 11
  94. 94. Want to dive in deeper? Download our 11 Principles of Trust white paper. The 11 Principles of Trust 94

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