One of the biggest problems with the massive GDPR regulation that will come into play on May 25, 2018 is that people think it will damage their businesses’ bottom line. But GDPR is mistakenly seen as a legislative pit bull, when it’s really a supportive agency created to protect citizens’ personal information.
With the launch of GDPR just around the corner, a healthy dose of truth about this EU regulation on data protection and privacy is in order.
Come together: Some of the data that must comply with GDPR will go through all of a company’s different departments. This means that teams will have to work together more than they may have before. First, they’ll have to build the best processes, policies and frameworks to attain GDPR compliance. Then, your people will need to communicate constantly to implement controls needed for ongoing execution.
Benefit by being transparent: Before GDPR, businesses were legally allowed to harvest information from their own people, or their customers. They got away with this by including in small print their right to reuse that information for purposes not originally intended. GDPR makes this a thing of the past. And having to be clear, transparent and accessible about how your company processes personal data will give people more confidence in your organisation.
Streamline your processes: A study done by Veritas found that 85% percent of the data stored by companies is redundant, obsolete or trivial. And the cost of managing this data is staggering. GDPR means that your company has to review how it handles and processes data. In other words, it’s an incentive to trim the fat. Not only will your organisation become compliant, you’ll also save money by being more efficient.
Shift into growth mode: GDPR aims to give people control over their personal data. Businesses that share data will be watched closely by clients who want to be sure that their personal information is being lawfully collected. If your organisation shows that it understands the new regulation and is putting it into practice, it’s much more likely to win new clients, and keep existing ones.
Stimulate innovation: GDPR requires companies to track data across the business. In taking steps to become compliant, your company will have a great opportunity to learn how the information you hold connects, and is linked to different users. This treasure trove of new knowledge will push some organisations to create new products, and services.
Conclusion: Want to boost the bottom line? Embrace GDPR
Whether your company gets a boost or gets tripped up will have a lot to do with how you and your colleagues react to GDPR. If you see GDPR as friend not foe, the regulation could help your company shift into overdrive.