How can companies strike a balance between collecting necessary customer data for business purposes and respecting individual privacy rights in the digital age?

Companies can strike a balance between collecting necessary customer data and respecting privacy rights by being transparent about their data collection practices, obtaining explicit consent from customers before collecting their data, and ensuring that data is used only for the intended purposes. They can also implement strong data security measures to protect customer information and regularly review and update their privacy policies to comply with regulations and address any emerging privacy concerns. Additionally, companies can offer customers options to control how their data is collected, used, and shared, such as allowing them to opt out of certain data collection practices or providing tools for managing their privacy settings.