How Implementing the Right Identity Strategy Can Grow Your Business?

Introduction

In the modern digital business landscape, every C-level executive is finding ways to leverage cutting-edge technology that propels growth and ensures their business remains ahead of the curve.

When we talk about technology for the digital transformation of a business, we’re always considering better tools to manage growth, insights, revenues, trends, and more. But we often miss one crucial aspect-identity strategy.

The right identity strategy can help businesses stay up and running even in challenging situations since enterprises can rely on valuable consumer insights, including their preferences, behavior, and purchase trends.

And for leveraging the best identity strategy, businesses need to incorporate a cutting-edge CIAM (consumer identity and access management) platform.

Let’s dig deeper into this and understand the role of identity management and how a good strategy for managing consumer identities can help businesses excel in growth.

What is Identity Management? Why is the Right Identity Strategy Crucial for Your Business?

Identity Management refers to the security framework and disciplines for managing digital identities. It regulates the responsibilities and access privileges associated with individual consumers and the conditions in which such privileges are allowed or denied.

Since businesses face many challenges, including data and privacy breaches, they must incorporate a stringent security mechanism that helps prevent data breaches and safeguards consumer identities.

Moreover, time and resources are the most crucial investments for any business, and using them wisely can help improve overall performance and revenues.

An enterprise will utilize time and resources if it’s trying to manage specific security risks across multiple devices and platforms without relying on a centralized strategy.

The problem is that organizations don’t realize that managing access and complex passwords eventually consumes their IT team's time and resources.

Whether we’re considering Employee IAM or Consumer IAM, managing, restoring, and storing passwords is a complex task, which shouldn’t be the cause of staying behind the competition when market players are already leveraging passwordless capabilities.

Choosing a single solution that helps you enforce stringent security and access management and provides passwordless capabilities is undeniably the need of the hour.

Here’s where the role of a cutting-edge CIAM comes into play.

Modern Consumers not only Demand a Great User Experience but Stringent Security as Well

Gone are the days when delivering a flawless user experience to users was the top priority for online brands; securing consumer data with user experience is what big brands focus on today.

Since the global data privacy and security regulations are becoming more stringent, and consumers are well aware of the monitored use of their details, brands have to ensure they meet all the security and data privacy compliance requirements.

However, delivering a rich consumer and maintaining adequate security by adding multiple layers of authentication may sometimes become an uphill battle for businesses. They need an external mechanism to balance usability and security perfectly.

So, in a nutshell, if an online platform cannot deliver the perfect symphony of user experience backed with robust security, it’s lagging behind its competitors.

How a CIAM Creates a Perfect Harmony of Security and User Experience?

To keep pace with the ever-growing digital world, enterprises need to create a perfect harmony of a great user experience and robust security.

This can be achieved by leveraging a cloud-based consumer identity and access management (CIAM) solution like LoginRadius.

The cutting-edge technology coupled with excellent identity strategy right from the beginning when your consumers first interact with your brand helps build consumer trust that guarantees conversion.

Moreover, the best-in-class security that comes with the LoginRadius identity platform lets you assure your consumers of how vigilant you are about data privacy and security.

Here’s how LoginRadius manages security and usability:

• Zero trust security: LoginRadius’ Zero Trust Security relies on the principle of “don’t trust anyone.” This architecture cuts all the access points until proper verification is done and trust is established.
• Consumer journey: From the first step of onboarding to the thousandth login, create a welcoming and intelligent process to foster great consumer relationships.
• Deliver a high-performance experience: Never turn a consumer away because your login service is down. LoginRadius has unmatched uptime, and we can handle 150K logins per second—that’s 20x more than our competitors.
• Protect consumer accounts: Make passwords harder to crack with rigorous password policies and LoginRadius Multi-Factor Authentication. Use hashing and encryption to protect account credentials and data in transit and at rest.
• Safeguard sensitive data: Our modern cloud infrastructure is protected to the highest industry standards. LoginRadius maintains all major security compliances for our application and data storage.
• Manage consumer consent: Stay current on regulations for acquiring consumer consent, data collection and use, age verification, and site access. Give consumers transparency into the consent process to demonstrate good faith.

Hence, businesses must understand the importance of a modern CIAM solution like LoginRadius and consider incorporating it into their identity strategy.

Are You Ready to Experience a Future-Ready CIAM?

LoginRadius CIAM improves the consumer experience, boosts productivity, and enhances security considerably with its experts-approved identity strategy.

By implementing the benefits of the LoginRadius CIAM as a unified solution, you increase business agility and security and ensure a convenient and streamlined experience for your business and consumers alike.

Need more information about how LoginRadius CIAM benefits your business? Reach us for a free personalized demo.