Change is on the horizon. On May 25, 2018, the EU General Data Protection Regulation (GDPR) will replace the Data Protection Directive to create a more consistent set of rules across member countries. On that date, organisations worldwide will have to comply with new, standardised data protection requirements – or face potential fines.
GDPR is being implemented in reaction to an increasingly data-driven world that is considerably different from the time in which the Data Protection Directive was introduced. And while the fines are hefty, organisations should treat it as a positive opportunity to better understand their data and the compliance requirements associated with this era of digital transformation. With this in mind, the new legislation is the right time to get your digital house in order. Many businesses only want to make the most necessary changes needed to remain GDPR compliant, but maybe that’s the wrong way of thinking.
A great place to start may be to assess where your personal data is held and what it’s used for. The higher a customer’s trust in an organisation’s data security, the more likely they are to share their data. Data in turn can help drive business value by leveraging new insights based on solid information and improve decision-making processes to serve customers better and deliver new value. With data being instrumental to the success of any modern business, those organisations that genuinely embrace this new data privacy culture will ultimately have a competitive advantage over those that don’t. How’s that for an upside of GDPR?
Ready or not, GDPR is coming. And it will significantly affect many business processes in most companies around the world. Organisations can simply accept their fate and make half-hearted attempts to comply with this regulation or they can embrace GDPR as a chance to reassess their approach to personal data usage, improve their business and drive customer value.
However far your business is on its way to GDPR readiness, your personal data might provide you with opportunities you haven’t considered.