How can companies strike a balance between leveraging data analytics and AI technology to create hyper-personalized customer experiences, while also ensuring that their data collection practices are transparent and align with ethical standards?

Companies can strike a balance by implementing clear data privacy policies and obtaining explicit consent from customers before collecting and using their data. They can also prioritize data security measures to protect customer information and ensure compliance with regulations such as GDPR. Additionally, companies can regularly communicate with customers about how their data is being used and provide options for them to control their preferences. By being transparent and ethical in their data collection practices, companies can build trust with customers and enhance their overall experience.