GDPR is not just about compliance
Posted on 19th September 2019 at 16:11
There are many benefits to your business of implementing good GDPR practices from greater consumer confidence to better decision making, it's not all just about compliance.
1. Greater consumer confidence
GDPR compliance will prove to customers that your organisation is a good custodian of data. Your organisation will have to comply with a set of data protection principles under the GDPR, ensuring that the necessary framework is in place to keep data secure. During the past year, attacks against companies like Capital One and British Airways suggest that the consequences of a data breach can be devastating to your brand.
2. Improved data security
Cyber security breaches loom as a big threat to enterprises in the UK, with 68 percent of large firms in the UK having encountered a cyber-attack, according to the Cyber Security Breaches Survey 2017. With the scale and sophistication of these attacks growing each day, having a GDPR-compliant framework in place will extend your cyber security practices.
3. Reduced data maintenance costs
Complying with the GDPR can help your organisation cut costs by prompting you to delete data that is no longer relevant to your business. Your organisation will benefit from reduced storage costs. Another cost benefit of the GDPR is that your organisation will be able to more effectively engage with customers. The communication will be more personalised because of the granularity of the information collected, thus saving you pursuing uninterested consumers.
4. Increased alignment with evolving technology
As an extension of GDPR compliance, your organisation will have to move towards improving its IT security. Migrating towards the latest technologies—virtualisation, cloud computing, Bring Your Own Device, and IoT—can serve two purposes: one, giving you a way to more effectively manage the growing demand for data and two, allowing you to offer end users augmented products, services, and processes.
5. Better decision-making
Thanks to the GDPR, your organisation’s data will become more consolidated, ensuring that your data is
easier to use and you have a greater understanding of its underlying value. This insight will let your organisation learn more deeply about its customers and identify areas where customer needs are unmet. By using customer information effectively, your organisation will be able to make better decisions and consequently get a better return on its investments.
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