GDPR: Opportunity for businesses across the globe?
Why we should be embracing the GDPR
GDPR is around the corner and what an opportune time for businesses across Europe!
That’s right, you heard us correctly. The GDPR may be causing meltdown among many businesses, but we should be embracing the change to the Data Protection Act for its push to make companies more transparent!
On May 25th 2018 the General Data Protection Regulation (GDPR), will be enforced, superseding the Data Protection Act and permanently changing the way you collect, store and use customer data. Stricter guidelines on how companies process consumer data are affecting prospecting and marketing activities. As a result, companies are frantically searching for immediate solutions to comply with the latest regulations. But are we over-reacting and shouldn’t we be seeing this change as an opportunity for the better?
Companies who show they value an individual’s privacy, promote transparency by sharing how data is collected, stored and used, and implement improved ways of managing consumer data, build deeper trust and meaningful relationships with customers, suppliers and stakeholders.
Not only this, they become a company whose reputation is based on people rather than data! As the CEO of WFA exclaims:
“GDPR represents a great opportunity to adopt a mindset of ‘people first’ rather than ‘data first’ across the entire organization. Adopting a more respectful approach to personal information can only build trust.”
But how can businesses embrace this change?
Like with all change management scenarios, the key to compliance change is to plan ahead. It’s about outlining the positive and negatives and identifying actions to accommodate both.
New research by the World Federation of Advertisers found that 95% of respondents thought that implementing the GDPR is important for their organisation and over 70% found that it was critically important.
But how does the GDPR offer opportunity to EU businesses?
Not only does the GDPR push companies into qualifying their current data, re-evaluate marketing activities and push for more meaningful relationships with audiences; it will also make it easier for companies, big and small, to do business across the EU. The GDPR has the potential to:
- Remove undue administrative requirements including non-sensitive data processing tracking
- Relax the need for SME’s to employ a Data Protection Officer unless legally necessary
- Improve data control and quality, brand and reputation and thus, creating more transparent, honest and reliable companies
- Increase visibility and offer competition opportunities for SME’s through the GDPR’s right to data portability. A clause which, firstly, makes it easier for potential customers to transfer personal data between service providers. Secondly, it opens the doors for new providers and reduces the painful transfer or resubmission of data from customer to supplier.
- Reduced maintenance expenses, helping companies cut costs by retiring any data inventory software and legacy applications that are no longer relevant.
- Better align businesses with evolving technology, allowing companies to easily locate, anonymise and report more securely and effectively.
Opportunity for re-connecting?
By pushing companies to contact, respond and respect their audience, offers opportunity for re-connecting. As Philippe De Backer, Belgium’s Secretary Of State for Privacy advises:
“It’ll help businesses better identify opportunities. The GDPR is about enabling companies to know what data they have and securing that data. It is also about managing that data effectively to enable them to identify new business opportunities. The GDPR has the potential to go a long way in rebuilding trust. Trust which many consumers have lost in digital companies.”
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