How can companies strike a balance between collecting valuable customer data for personalized experiences and respecting individual privacy rights in today's digital age?

Companies can strike a balance between collecting valuable customer data and respecting privacy rights by being transparent about their data collection practices and obtaining consent from customers. They can also prioritize data security measures to protect sensitive information and only collect data that is necessary for improving customer experiences. Additionally, companies can offer customers the option to opt out of data collection or provide them with control over how their data is used. Ultimately, companies must prioritize building trust with customers by demonstrating a commitment to privacy and data protection.