The concept is quite simple, and yet its implications are so disruptive, it could change the understanding of Big Data as we know it!
Imagine the combination of proprietary software and hardware solutions that can create an ecosystem wherein you – the consumer – are asked before your data is accessed or shared among companies to target you with ads about products, services, brand and business solutions. Imagine being able to choose exactly what information you are willing to give, and being rewarded for it accordingly – even monetarily! Consumers could have complete control and data privacy.
If you run a business or an enterprise, this becomes all the more interesting. Gone are the days when bucketloads of data are dumped on you to sieve through. You could now get access to structured, filtered, and consensually-gathered consumer data that is relevant and actionable.
Aiisma is a first-of-its-kind disruptive and innovative data ecosystem that will be launched at scale in the UAE in the fourth quarter of 2019 – and it promises all this and more. AMEinfo caught up with Ankit Chaudhari, CEO of Aissma, who along with Nicholas Böhnlein, the chief marketing officer, and Varun Sridharan, the chief intelligence officer, co-founded the unique platform that transforms consumer data into consumer assets and facilitates ethical data collection for enterprises. Hence, the tagline #MyDataMyAsset.
"The largest difference that comes into play in such as environment is that the intermediary does not have the capability to place a premium onto the consumer data. Right now, in the current structure, what happens is that when the demand for a certain report on consumer analytics is high, or if the bid value for a specific keyword in targeted marketing is high, it pushes the market in a certain direction. This means that in the current scenario, consumer data can be priced differently based on demand, without the consumer making any money on his or her own data.
"Aiisma is a technology platform where the consumers can choose what data they want to share, and they decide the cost of that data. Aiisma charges a percentage of the transaction to manage the platform, but this is not based on any bidding or competitive process between two companies. The platform connects the enterprise directly to the consumers. The consumer could place a higher value on certain data if that data is more valuable to the consumer," Ankit Chaudhari explained.
Globally, data protection laws are considered by many to be too complex, creating challenges for businesses seeking to access consumer data, or too lenient for consumers looking to protect their data against an invasion of privacy. Data protection laws also tend to allow for grey areas in which consumers run the risk of being exploited for their data.
Aiisma returns the ownership of data back to consumers, while giving businesses the opportunity to consensually and legally have access to consumer data at a fair price and under transparent conditions. Since the ecosystem serves as a data exchange platform, organizations will have the opportunity to request permissioned data in a transactional format, which creates value for the consumer by transforming their data into an asset. These assets when shared with enterprises will help the consumers earn "rewards".
"We basically will be giving consumers 'tokens' as a reward. These tokens are collected on a platform that has access to more than 500 different vendors such as telecom operators, consumer marketplace, electricity bills which could be compensated for using the 'token' ecosystem. Gradually, based on the legal framework of different geographies that we operate in, this platform can enable monetary transactions directly for the consumers, with all legal parameters in mind – we would want to explore that possibility as soon as possible," Ankit Chaudhari said.
Headquartered in Las Vegas, with offices in India and most recently Sharjah, Aiisma could soon revolutionize the field of marketing and communications – how enterprises engage with consumers.
"Marketing is changing drastically. The concept of 'targeting' itself has to go away soon. The market itself is moving aggressively toward engagement rather than targeting. When you say that the millennial or Gen Z consumers are getting digitally-savvy, they're also so connected, that in the future, it will be possible for them to demand product generation – and as such, more engaged, more involved product development would come into play. This would cut down on the R&D costs as well as the marketing costs. That is the future of consumer marketing," Ankit Chaudhari concluded.