However, for all the work it raises, GDPR also presents a wealth of business benefits. Here, Howard Williams, marketing director of Parker Software, highlights the positive elements of GDPR, and explain why the austere regulations are actually rich with reward.
A clean house
It is estimated that 60-80% of the data that organisations are storing is redundant, obsolete and trivial (ROT). GDPR is a prime opportunity to audit, review and organise your company data – creating a clean house for the information you store.
GDPR forces businesses to better understand their data. It requires a comprehensive revision of data handling procedures, and companies must map their data flows and restructure accordingly. Of course, that task is an onus. It’s also an opportunity to categorise, clarify and correct. GDPR forces you to address your data problems, and in doing so allows you to become more informed, and more efficient.
A secure environment
Security is a key aspect of the GDPR. Under its regulations, businesses are charged with storing the consumer data they handle safely, in accordance with legally set security standards. And, since GDPR creates consistency across fluctuating data protection rules, it’s easier for businesses to comply.
The new security legislation is strict, granted. It’s an onus for business, but one that is hugely beneficial in the long-term. With tightened security measures in place, consumer trust can only increase while the threat of breaches can only decrease. In turn, this limits the likelihood of a damaged brand reputation.
An invitation to innovate
GDPR introduces (relatively) new concepts such as privacy by design, profiling and data portability. These changes breed the opportunity to innovate. Rather than drowning in the depth of imminent legislation, businesses can take the time to look outwards and invest in transformation.
Now is the time for companies to take new approaches to data problems and drive new paradigms for best practices. GDPR throws down the gauntlet for businesses. Who will lead the way in “designing-in” flexibility? Who will find winning ways to modernise data platforms? Businesses that tackle GDPR openly and creatively will quickly excel in a data-led economy.
A commitment to the customer
Data breaches have been big news in recent years. Many large companies have had major slip-ups, and customers have become increasingly concerned over who has their data and how it is being used. GDPR creates an opportunity for businesses to regain that lost trust.
Under new GDPR rules, consumers are firmly in control when it comes to their personal data. They’re no longer unsure of how, why, or where it is being used, and are protected by tighter consent laws and a ‘right to be forgotten’. By committing to clarity, businesses can win back consumer confidence and move forward with a stronger foundation of trust.
An invested audience
GDPR makes it compulsory for businesses to obtain valid consent (or another lawful basis) to use and store the data of EU citizens. Consent must be freely given, specific, informed and unambiguous. As restrictive as this may sound initially, it means that businesses will end up with a high-value database of invested customers.
Actively giving consent indicates, at the very least, interest in your company. Consumers are choosing to allow you to use their data, which implies a favourable outlook and a certain degree of goodwill towards your brand. From this angle, GDPR is a golden ticket for engagement.
Still threatened by GDPR? Doubtless, preparing for GDPR compliance is a daunting challenge for most of us. It won’t be easy, and it probably won’t be without its headaches. But all that considered, GDPR can become a key competitive differentiator for businesses.
Just like the millennium bug that went before it, businesses are scared and uncertain of what lies ahead. They’re counting down the days to a date in the not so distant future – a date perceived as portentous and potentially damaging. And just like the millennium bug, businesses will doubtless use GDPR as an opportunity to modernise their systems and embrace the future. We, for one, look forward to the benefits ahead.
