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Accenture Study Reveals Wide Chasm Exists Between U.S. Businesses and Consumers Regarding Privacy and Trust Related to Personal Data
Tuesday January 27, 8:02 am ET
Findings Point to Opportunity for Businesses to Build Trusted Relationships with Customers
NEW YORK--(BUSINESS WIRE)--Jan. 27, 2004-- Fear of inadequate protection of personal data has compelled half of consumers to reject or cancel doing business with a company. This is just one of several findings of a survey of U.S. consumers and businesses on privacy, trust and access to personal data released today by Accenture (NYSE: ACN - News).
The survey revealed a wide chasm between business and consumers on these topics. Among the survey's other key findings:
Businesses and consumers have differing ideas about what engenders, and what undermines, trust.
Consumers' actions regarding personal data are not always consistent with their stated beliefs about data privacy issues.
Consumers trust their employers, banks and HMO/health insurance providers most with their private information, while trusting online retailers and supermarkets the least.
Consumers overestimate the amount of personal information that companies are permitted to collect about them, while businesses acknowledge collecting some consumer data to which they believe they are not entitled.
"In an age where technology links people, devices, objects, companies and information systems in a global network, there are profound privacy and trust implications," said Glover T. Ferguson, chief scientist, Accenture. "In many cases businesses respond to this kind of rapid change reactively, contributing to the chasm. Companies need to take a new approach to privacy, not focusing merely on compliance of privacy laws, but on building trusted relationships with customers."
The chasm between businesses and consumers was reflected in a number of areas, including what undermines trust. For example, 74 percent of businesses blame online security fears for compromising consumer trust, while three-fourths (67 percent) of consumers cited aggressive marketing as the factor that undermines their trust in business.
Businesses and consumers also have differing ideas about what engenders trust. Business respondents most frequently (43 percent) cite positive customer service as most instrumental in positively influencing trust, while nearly two-thirds (62 percent) of consumers said that trust most frequently results from either company's reputation or length of the relationship.
In addition, while the majority of businesses underestimate the importance of their privacy policies, deeming them unlikely to influence consumer perception, more than half (51 percent) of the consumers surveyed said they avoid dealing with companies whose privacy policies make them uncomfortable. At the same time, consumers overestimate the amount of personal information that companies can - and do - collect about them without permission.
"This discrepancy points to a need for companies to better educate consumers about the kind of information they collect and why," said Ferguson. "Most consumers said they would be more trusting if companies were more forthcoming about how they use personal data."
Findings of the survey also indicate inconsistencies between consumers' beliefs and their actions regarding personal data and trust. For instance, although nearly two-thirds (63 percent) of consumers said they worry that sharing personal information would result in unsolicited e-mail and phone queries, a practice known as "spam," more than two-thirds (69 percent) of consumers said they are willing to readily surrender personal information in exchange for rewards such as cash, convenience and bonus points.
"Companies need to address these very legitimate concerns, as the issue of privacy and trust will continue to grow in importance, particularly with the emergence of radio frequency identification (RFID) and other technologies, which have raised concerns among some who think the technologies can be used to eavesdrop on consumers," said Ferguson. "On the other hand, there's also danger in a businesses not maximizing the insight gained from customer data and new technologies. Rather than posing a hurdle to overcome, companies should view their customers' privacy needs as an opportunity through which they can differentiate themselves as trust leaders, increase their financial value and even energize entire economies."
Methodology
Sorry Snackman - Who said we're not waiting? Many of us are just not as patient, or tolerant of circumstances beyond Wave's control anymore.
As to your statements, I can pull at least 50 of your posts from history that say virtually the same thing, just in a different context. We've been on the verge of breaking through into some better tomorrow for the past several years now, and yet something always seems to happen.
Is it possible that we're close to finally seeing this dog hunt? Absolutely it's possible. Is it also possible that we're not as close as you may believe we are? I say 'Yes' to that also. Even if you're off by only two quarters, I believe that what you're saying is, 'So what? At least it is going to happen.' I believe what others (including me) are saying is a bit different. It's time for Wave to be more right on the money with their predictions, timelines, revenues, and everything else. They've stated that they need to be, and we all heard it.
That starts with credibility. I believe Wave's last CC hinted that some significant news regarding other OEMs, as well as other Press Releases of some significant interest that would soon emerge. This has not happened in a manner that I would call significant. That speaks to ccredibility.
Also, even you'd admit that the quarter has been extremely quiet as far as newsworthy material. Why? Does that sound like a company on the move? No! It sounds like the same ol' same ol' scenario that we've been fed over the past 12 quarters. In order to make progress, progress has to be publicized, and marketed. I've seen no such thing.
So, while you constantly argue that a better tommorrow is on the way, I argue that every day that we get up is tommorrow. And so far, the tommorrows look the same as the yesterdays.
T123
weets - Thanks. All is fine.
Best regards,
T123
Alladinator - Best of luck to you
Sorry to see you go
Regards,
Tampa123
Zen - Since your handing out labels without specific names attached, I'd like to jump in and label myself if you don't mind. Personally, I'd prefer to be labeled an 'impatient investor' rather than a 'neysayer' at this point. I believe that I have perservered through many years, and difficult times to justify being accurately labeled. I have not sold any shares since late 1999, and I have worked very hard (as I'm sure many others have) to put some poor judgements regarding margins, and alike, behind me.
I have been successful in doing so, and have begun (at times) buying even more Wave shares over the past 5-6 months. Neysayers wouldn't do that.
However, whether you considered me a neysayer, or not, is not the real issue here. I never considered myself to be, or desire to be whatever you, and some others on this board are claiming to be. Let me explain myself....
I consider myself a loyal Wave investor. Why? Simply because I refuse to sell at current values, I continue to invest, I believe in the company's potential, and I always am interested in the company's progress. To me, that's what a loyal Wave investor is.
I'm not sure what your definition is, but whatever it is, it shouldn't raise you, or anyone else, to a level higher than what I've described. There is no higher loyalty than what I've described.
To be honest, I consider you and many others on this board equally loyal investors. However, if your confidence level is higher than mine, or someone elses, that doesn't make you any more of a loyal investor. It simply makes you more confident in your investment.
Nothing wrong with that.
But, when you begin to label even the loyal investor as a contrarian, or a neysayer, or you generalize your statements, such that they are meant to cover the past several posts, you put yourself in a different category altogether. It demonstrates less confidence, not more. While perhaps honest, it's also a bit shallow, because it grants you the very rights that you deny others. The right to their opinion.
In closing, I say 'Give it a rest already'. It's not a good versus evil thing at work here. It's regular people, at differentand varying life-positions, expressing their opinions. Nothing more. Stop judging everything that's not 'everything Wave' as less than perfect. Or, if you do, try keeping it to yourself like you ask those who aren't to do.
T123
Larry - I think he meant that I was negative.
T123
Dutchbj - Your loss. Your choice.
rachelelise - While I know that you believe in what you write, I too have beliefs.
I believe that my investment has under-performed to date, and that even my lowest performance expectations have not yet been met.
I believe that CC statements were clearly made that 'status quo' (no revenues quarter-over-quarter) was no longer acceptable, and that better financial performance is immediately manditory to meet Wave's performance standards.
I believe that news, always eluded to during CCs as being significant, yet up to someone else to release, rarely materializes, and that these newsworthy expectations for this quarter continue to under-impress.
These are my beliefs. No words will change them. Only performance will change my beliefs. I've invested in a company, and I want nothing more than any other investor does. However, it appears that continued lack of such performance won't change yours.
I hope there's a better prize for you being a loyal wavoid, rather than simply being an investor. I have never considered myself worthy of a lesser prize for criticizing at times, or voicing my concerns. In the end, I hope we both get what we want.
T123
To Yaya and others
When is the point where 'someday' is deemed to have not arrived as promised?
We are everywhere and nowhere, we are right around the corner, yet miles away, we are in everything, and connected to everyone, yet to-date few will admit to know us, even fewer will promote us publicly and openly, and none will contract with us.
We, the investors, appear to be an acceptable causualty of Wave's unending war. The endlessly optimistic have now exceeded even their own worst case scenarios and time-tables for performance, and are no longer rallying behind original scenarios.
Do I need them to admit it to know that I am right? NO!
Will I feel any better about the fact that I can say the same thing today that I could've said back in 1999 about Wave's 'financial outlook' ~ They're cloer than they were last year, and they've made great progress with a lot of big companies. Even their revenues are virtually identical.
So - what continues to encourage me?
The answer ~ very very little.
T123
Ahhh Greg - you don't know me very well then
I will ask what I want of anyone, anytime I feel it appropriate to do so. Regardless of basher or pumper as you may call it. Of course, they don't have to answer. So, I thank you for your candid response, and yes that puts an end to any suspicions on my part.
However, if I may ask one more question .....
What then brings you to this board to post at all? If you're not an interested party (either way) then why bother posting at all? Of course it's your time to waste, as it is ours, but at least we have a more than passive interst. I've always wondered why those like you even bother. care to share?
T123
greg s --- are you paid to post on this board?
Weby - Great Post #26944 BUT...
While we both believe (as you know), neither of us seem to know why montization of such a huge opportunity can't be guided (yet) to some mimimal expectations of revenue.
While I'll concede there to be multiple layers of the onion, and we have yet to discern how many activations of the Wave onion they'll be, we (as investors) should then be receiving reports from management on how many onions have been purchased to-date, by layer, and some min-max performance guidance on activation on a fiarly regular basis.
To shorten this to simpler terms, we ought to be able, by now, to measure something less than total ubiquity at this point, and management should recognize that if there's an onion with multiple layers, then there should also be an equal amount of layered performance metrics. We are at the point where this should be less opaque to all.
Seriously speaking,
T123
Weby - Who be the pig?
Regards,
Tampa123
OT - thanks for the welcome.
First Post, but would encourage all of you to look into ADVR.OB
Check out their headlines, and the number of shares traded lately. Both will tell you that this stock has some real potential. I recently purchased $1K worth, and may do a bit more just for yaks. But when recent approvals and patents reallly begin to kick in via distribution and use, we should easily see a doubling, or tripling on this investment.
Tampa123
SPIN - It's hard to argue with your facts.
I hear ya.
That's why I'm trying to argue for the facts, and leave the everything is Wave on the back-burner until there's some meaningful performance now. The investors (I) have been patient long enough. The story is getting old, and the patience is wearing a little thin.
Truth is, I don't win anything extra if I complain once in a while, but I don't lose anything either.
T123
YOU SEE! - this is where some of you miss the point.
I don't recall Spin asking any of you for money when he invested in Wave. I don't even recall anyone offering Spin any money to stay in Wave. And, I certainly don't see why anyone elses opinion as to whether Spin should stay in this investment, or not is anyone elses business. Especially, when Spin is spending (or saving) his own money in the process.
Some of you need to finally face the fact that Wave is a very risky investment. While many of you claim to know this already, you treat anyone who tries to exercise their rights as an investor to withdraw as if they're doing something wrong, or stupid, or as if you feel sorry for them.
And Spin - what have you to gain from broadcasting it over this board? You know what to expect here, and you also know that you'll never convince everyone that your actions are right for you, anymore than they'll convince you that you made the wrong decision. So ~ What's up with that? Is it just the conversation? Is it amusing you to argue? What?
Everyone is entitled to make their own judgements, without being judged. Unfortunately, that's not the way it works around here. But you know that. So, while I welcome your continued participation on this board, I do not relish your decision being scrutinized, nor defended. It was your decision to make, and I for one say ~ whatever works for you is great, and let's move on.
I want to know details about this company's health status now. I'm not interested in who's in and who's out. I'm interested in where Wave fits, financially, in the process. Said another way, I want to know when Wave's gonna make money, and get guidance on how much. I don't need to know how many TPMs are being shipped. I need to know how many are using Wave's baseline, and premium services. Although it passes the time, and I've read a lot of Spin's posts, I'm really not interested in Spin's buy and sell decisions. Those are his to make alone.
Spin - Good Luck to you in your future investments.
Mig - I still have my position. I'm sure you and Snackman both knew that though. I don't quit on something I believe in. So that this does not come up again ~ I can assure you with 100% certainty that I am playing this hand out all the way.
But, that doesn't mean that it isn't frustrating at times. I would like to make some other investments, but do need Wave to go up before I can do that to the levels of significance that I used to. No. I don't need wave to go up to $50 again, although that would be sweet! I'll take somewhere between $5 and $10 for now.
IMO visibility in March should take this stock to $5 easy. If visibility not provided, or a new excuse offered, then you're looking at $1 again. If visibility (guidance) in March is given, then performance will, in June/July push the stock to $10 - $12 with a high of $15 thrown in for the gutsy players. If guidance and no performance, hammered again back into the low $2s to high $1+ range.
If performance and additional good news guidance provided at any time before September (i.e. that million + units/month imminent) for 4th qtr. 04 into 05, well then, hold onto your hats the new lunar program has officially been launched.
Okay ~ that was the head in the clouds portion of our broadcast. Please mark it down, and we'll compare my prognosticating capacities along the way.
As for the realist in me ~ I see another full month+ of nothing from Wave. Nothing at all. If the stock price maintains its $2 range, I'll be shocked. And then, just when the CC is coming around, some piece of news that was expected, (i.e. another OEM, SEC clears WAVX) but should have already been put out by then will come out and lift everyone's spirits into a state where everyone can't wait for the conference call to hear guidance and performance. Unfortunately, another excuse, or a 'It's too early to tell, because ....' statement will come out that, although sounds believable, is just another in a long line.
So. Since I already know which one we're all rooting for, let's see which of these two scenarios actually plays out, or if there's a thrid scenario.
We'll see. But the good news is, we'll see together.
T123
We simply have no knowledge....
We are being asked for much patience, yet given little reward for such. We have no knowledege of the circumstances that exist currently. We have no knowledge of the true progress of either Wave or WaveXpress. We have no knowledge as to why impending announcements that Steven always leaves to others to make, from his CCs, never seem to be made. If they are, I don't recognize them.
What knowledge we do have is:
1. No other OEMs have announced
2. SEC has some issues with Wave
3. Built-in excuse for Wave management to run silent and deep, like they always have anyway.
It is extremely frustrating to be an investor in this company. I give you all credit for being investors, and having the patience to endure.
Site for DD'ers to poke around on. TPM abounds, and most of it is Wave-related
http://www.tuvit.de/XS/c.020112&zerttyp=1&valid=0/r.020112/sprache.EN/SX/
T123
Tripod - I wish that's all I lost.
T123
Blefang - I truely don't know what the answer to your post is, but it's either one of two things. One, is that you're right. And the other .... is that you're wrong. I too have my concerns, although they're not as exhaustive as yours appear. However, while I have not given up on Wave, I do know what it'll take for me to come to that conclusion. IT would have to be a clear cut lack of performance, when performance was promised.
The problem here is performance is always eluded to, but never promised in any tangible way. However, this time break even in 2004 by November run-rate standards is a tangible number (monthly or quarterly) that Steven expects to hit sometime in 2004. Whatever that number is, and I'll find out easy enough ~ if he doesn't hit it then my doubts will get significantly more serious.
The unfortunate aspect of this investment is that Wave is too heavily dependent on others for their success. If others perform according to Wave's expectations, all will be good (per Wave). If not, it's supposedly not Wave's fault (also as per Wave). That's where they and I disagree. It is their fault in my book, either way.
T123
Let's explore the break even statement for a second. Assuming that Steven did mean break even cerebis parabus (all things being equal), then what is/was Wave's current burn rate at the time he made the statement? Three million per quarter? Five million? I forgot. Whatever it is, the statement still stands that Wave should equal that burn rate at some point in 2004.
So what is that monthly or quarterly number? Yes I could look it up in the financial statements, but I know someone already knows the answer.
T123
Withwash and others - you make a great point regarding vision. However, let us not forget that while all visionaries are able toe see the end game, that does not guarantee that they can see a timeline associated with it.
Someone on this board said it best ~ Let's speak again in 6-months and see where Wave is then. IT'll either be time for a small celebration, or time for for management and BOD changes. No matter how smart someone is, there's no such thing as an indefinite delivery timeline.
And, in case someone's thinking of disputing that, it has been Steven himself on the past 2 - 3 conference calls that has agreed publicly that 5 figure revenue quarters can no longer be tolerated by anyone, including Wave. This is probably the most telling statement about the future that Steven has made from a business revenue perspective. We all heard it. We all wrote it down. And, we all will not let him forget.
Whether extroadinary events occur, or not (i.e. more terrorist attacks up-ending Wall Street movements) it won't matter to me, because Wave has had enough experience now to have anticipated almost anything.
T123
oknpv - I wish. I think it's unfolded the other way around so far.
T123
Merry Christmas to All and a Prosperous New Year!
Tampa123
cmf - remember this is not a game. You're betting your life savings on that opinion. What if they did do something wrong? You need to consider that too! if they did, your investment likely goes down the toilet, and takes several great events to turn around. But again - that's not likely to happen if there's something wrong here. What''s more likely is that many will pull out of the stock, taking it down to pennies.
And, since there's no contracts in place --- Great move on Wave's part eh? ---- there's a good chance that some of these fair weather partners will likely look for alternatives also. You've all said it yourselves - No one knows about this little company, and it's obviously easy to keep it that way if the big boys want to.
Wake up everyone. Bad news is bad news - period. Don't try to rationalize it. How many bad experiences will we all allow before we ask for something good to happen. Wave better get its act together and figure out how to thrive in this market, and soon, or they'll be falling on harder times than this. This is when great leadership is needed.
t123
My guess is foolish....
Anytme you have the opportunity to raise big money, you raise it. You can always structure terms to take it in intervals for elevating equity position, but to not seek or take big money if/when it's available is already foolish IMO. I don't know if they had the opportunity, but on the surface, it appears as though they've either made some fairly juvenile mistakes, or perhaps their situation isn't as great a finance story as many believe it is.
Boy ~ what an investment this is....
I have ex-wifes that have caused me more grief than this investment, but how good should Wave feel knowing that I consider them a close second to that?
T123
go-kitesurf - You may be mistaken.
That statement was made to suggest that without a proclomation like that, expecting Wave to significantly jump in shareholder value is ludicrous at this point. Some on this board still believe that there's one announcement somewhere out there that can still catapult Wave into the share value stratisphere. That statement was to suggest that the only way that's possible (not likely - and I do get it) in the shorter-term would be for this kind of an announcement to preceed performance --- which is the anticipated share-value mover over time.
T
I believe the only true statement that can be made at this jucture, is that Wave has yet to demontrate its ability to make money.
As we see leading indicators improve and the economy begin to recover, some of us are wondering, when Wave's turn will come, while others argue that a turnaround in these economic indicators is the only way that Wave has a chance to succeed at all. Unless the OEMs, business partners, business prospects, and business prospects find their way to investing real dollars into improving and securing the IT environment, Wave has very little chance to succeed.
This sometimes hard to swallow fact would suggest to many that perhaps their money would be more appropriately invested (in the short- to mid-term) in companies with an existing revenue stream, and a positive revenue growth outlook. Hey - if, and whenever you can find those investments you should be allocating some of your investment portolio towards those stocks anyway. If you are not, then you are still waiting for the big-bang homerun, and you have learned very little over the past 4-years.
While the frustration that many (including me at times) appear to experience, is in the reality that guaranteed revenues for Wave is not a predictable roadmap. Timeline extensions, projects that fall apart at the last minute (for one reason or another), elongated go-to-market cycle times and their resulting revenue streams are all symptoms of many emerging company. That is why many never realize the true value of their investment, because they grow disenchanted with the length of time their investment sits in a flat state, while they watch others who invested in more established companies see their investments increase in value during times like these.
There's not much anyone here can say that would suggest that a Wave investment is anything other than an exercise in patience, and a commitment to the acknowledgment that this portion of your investment portfolio is not the one that you should be betting your kids college fund, wedding fund, or retirement fund on ~ unless your children are under 12-years of age, or you are 44-years old, or less, and promised yourself that you'd retire by the age of 50. Could it happen sooner? Possibly ~ but that's how the stress creeps in. If you need it to happen sooner, or won't survive unless it happens sooner, then I believe that you should easily be able to discern the differece between some on this board, and others.
For this reason, I have never agreed (although I have gotten caught up in it at times myself) with anyone posting claims like:
- Next year is our year
- Shorting now could be a big mistake
- etc.
... because it sends an inappropriate message from those more patient and financially comfortable making a longer-term investment, to those less patient, 'boy this sure would pay off a lot of debt' type investors.
In the end, we are all investors. Whether you're the bet-it-all- gambler type, the I've-still-got-debt-from-my-Y2K-stupidity-to-pay-so-that-I-can-get-back-to-a-normal-life-again type, the I've-done-my-research-and-I-can-wait-for-my-genius-to-make-me-rich type, or even the why-did-I-ever-start-investing-in-the-first-place-because-everything-that-I-invest-in-goes-down-and-not-up type ~ (and I won't tell you which one I am) we're all just investors.
If you believe that riches are coming tomorrow, or any time now --- I feel sorry for you, because there's been enough evidence to suggest that this likely won't occur without a Microsoft and OEM announcement proclaiming Wave to be the center of the universe. When this probably doesn't happen, the next best thing would be to see Wave begin to report revenue growth in surprising, industry- and business model-confirming ways. After that, consistent, predictable performance is the only meal ticket to our fortunes.
What is a bit exciting about next year, is that by the second or third quarter, we should begin to see which of these scenarios is to be the most likely. That doesn't mean to say that continued patience may not be called for. It only suggests that the adoption of Wave's value-proposition should become clearer ~ good or bad. So, regardless of which type of investor you are, I would like to take this opportunity to wish you a safe and happy holiday season, and much success in the new year.
Tampa123
To all
Austin is cool, but I'm very busy. No time for the board right now. Although quiet accumulation continues.
Regards
Tampa123
Happy Thanksgiving to everyone.
Tampa123
Snackman
You see ~ That's the problem right there. My wife is the only reason that I'm ever invited out to anything.
But I get your point. Now if I can only find a way to pay my poor aging mother back for a similar mistake that I made 3-years ago, ..... Learn your lesson already.
T123
mkymoneybgone - can't reply to private email, but will accept you statements as they are written and state that I am glad that we both shared our views.
T123
Mig -
I also get on my children at times when they deserve it too. Doesn't mean I don't still love them. I'm just keeping them, and myself honest to the objective.
T123
Snacks
Two things.
1) Given Blue's remarks we don't even need to have this conversation now, because that just snapped me back to some reality.
2) I don't complain about everything, I pick and choose what I complain about. However, you must admit, that compared to you, even a little compaining appears to be a lot.
As far as hurting my investment goes... I never believed in that theory, because no matter how much money you, I and others continue to pump into this stock, it doesn't go up on account of us, so how can it go down on account of us? While my remarks may anger one or two enough to decide to sell, my remarks are not what's holding this share price down. Lack of revenue-producing performance is what's holding this share price down.
If I thought for one single minute that whatever I said had an influence on our share price, I'd act like the biggest evangelist of Wave ever. I know I have a lot invested in Wave, and I assume you do too. We just handle ourselves differently at times, that's all. Even you, reading my posts over the past several years can't deny that I am a loyal Wave long who wants only the best for Wave and the long shareholders. So what else really matters than that?
Blue's remarks were slanderous, and completely inappropriate. If I ever reach that point, I'll voluntarily stop posting, because that's the kind of stuff that should never be posted anywhere. My 'SHOW ME THE MONEY' posts pale in comparison.
However, I will stop the negativity immediately.
T123
T123
And - Before anyone tries to suggest that I'm not a loyal Wave long, let me just point out that I submitted another buy order today. So anything flung my way is/will fall on deaf ears. I'm fully invested, and I continue to invest.
If I want to vent some frustration, I will. And as long as I don't say anything mean to anyone, you should just leave me be for a bit. I'll stop soon. Remember, I listen to the Garden of Eden stories all of the time.
I'm not picking a fight with anyone, so just give me some slack for a bit.
Tampa123
Also to the 350 CEOs
Wave does this for a living. They don't actually get any signed contracts from this tour, nor have they ever told their shareholders that there was a firm contract with anyone after several years of these presentations, but I'm sure that you 350 CEOs can come up with at least 200 new one-offs for the company to pursue without a sale.
Wave has been doing demonstrations, and speeches for the past 5-years and has never closed a guaranteed contract deal from anyone. If you don't sell anything, why continue to go to these events one after the other.
Here a ver big question ~ What if, at one of these thousand demonstrations that Wave has done someone said, "I'll take it!" What would have happened? Obviously, that must not have happened yet, or we'd know. I'm surprised that this fact has gone unnoticed by their shareholders too.
Performance is all that matters now.
It appears that IHUB has a bug. IT looks like when two people submit a post at the same time, one is being over-written by the other.