We spin GDPR on its head and talk about the opportunities and business benefits it presents. Amidst all the noise surrounding what happens if you don’t comply, we pose the question; what happens if you do?
If you haven’t heard about GDPR, (General Data Protection Regulation – if you can’t remember what it stands for), where have you been for the past 18 months? When you search ‘GDPR’ on Google there are 8,690,000 hits with ‘Essential Guides’ and companies claiming that they can cure all your GDPR woes top of the list.
We believe that businesses should be viewing GDPR in a more positive light than it has thus far been portrayed, seizing it as an opportunity to reorganise the way they process data. The benefits of implementing GDPR should be front and centre – it’s the perfect chance to make important changes to your business that will give your data more value and reinforce consumer relationships built on trust.
So, what exactly are the advantage of GDPR for your business?
GDPR Is BI’s Long Lost Friend
If your company already has a BI strategy or is looking to implement one, GDPR has some huge benefits for this. BI is all about data, GDPR is all about data – it’s a match made in heaven.
One of the main challenges that businesses face is gathering data from disparate sources and utilising that data to gain insight – this is where BI comes into play. GDPR forces businesses to reconfigure the way that they gather and store data by enforcing tighter controls, the result is datasets that are better qualified and more easily linked with data attributes. Making practising BI just that little bit easier.
More Targeted Data = More Efficient Communications
GDPR is helping you to clean up your data by giving consumers more control. One of GDPR’s main business benefits is that consumers can more easily specify exactly what data they share and dictate how they want that data to be used. Therefore, as a business you’ll be able to create targeted materials that you KNOW your customers will be genuinely interested in and engage with.
You’ll also be able to deliver those targeted materials in a format that has been specified by your customers as preferable and ensure that your message really resonates. It’s the kind of information that every businesses’ marketing team dreams of acquiring – and without the pain of trying to get responses to a survey.
Build A Relationship Of Trust
The whole point of GDPR is to build a regulatory environment that ensures businesses are mindful of the way that they hold and use their customers’ data. This regulation promotes transparency in everything that businesses do with their data – it’s the perfect way to build trust.
If your customers know the details of your compliant data policy, they are more likely to provide you with even more data so that they can take advantage of the added value it provides them with, i.e. personalised content and communications. It’s a win-win situation.
When you’re holding and using sensitive data about your customers your reputation is on the line should anything happen to that data. Having clear and robust practises around data management – in other words being compliant with GDPR – not only safeguards your data, but also your reputation. This is one of the most important benefits of implementing GDPR.
In the event of a data breach, the regulations also mean that you’ll have better quality data which will allow you to respond quicker.
GDPR Opportunities – There Are More Than You Think!
We’ve demonstrated the main GDPR business benefits in this article and why you should be seizing GDPR as an opportunity for reorganisation and positive change within your business.
Advantages of GDPR for your business will include reaping the rewards of better quality data, more targeted communications, a stronger relationship with your customers, and processes that will safe guard your reputation in the event of a breach.
If you want to know more about taking your first steps to GDPR compliance as an SMB watch our webinar with leading cyber security company Becrypt and IT Governance.
You can also find more information on different types of cyber security that can help you on the way to GDPR compliance on our website.