Note: The purpose of this blog post is not to make you a GDPR expert. Instead, it provides a positive perspective for VARs and their clients on the business outcomes of GDPR.
If you work in IT or with data on a regular basis, you’ve most likely heard about GDPR, or the General Data Protection Regulation (which goes into effect on May 25, 2018). This regulation was created by the European Union to protect sensitive data about EU data subjects or EU citizens.
While there were existing data privacy laws in place prior to GDPR (Ex: EU Data Protection Directive), the variety, access and usage of personal data has proliferated over the past 10 years, requiring new laws and policies.
While GDPR is in place to protect EU citizens, laws and associated fines, it also impacts any organization in the world that collects, stores or processes sensitive data about EU citizens. This requirement means GDPR will impact most organizations across the world.
Many IT and business resources tend to dwell on the perceived negative aspects of the impending regulation: time and resource investments, process changes and hefty fines associated with non-compliance (four percent of an organization’s global revenue, or €20M Euro, whichever is greater).
While complying with GDPR is extensive, I recommend taking the “glass half full” perspective regarding the many strategic business benefits of GDPR compliance.
Below are a few benefits you should consider and discuss with your clients.
Leverage This Impending Event to Access Budget
IT budget requests often have long approval timelines and require robust business justifications. Organizations should leverage the impending regulation to receive budgets that will not only meet GDPR compliance but also enhance a firm’s enterprise-wide data management and governance strategy.
Protect Client Base and Increase Market Share
As part of the regulation, Data Subjects can ask organizations to pass their data to other organizations (data portability). The right to data portability makes it easier for EU citizens to move their business to competitors. Therefore, it’s in an organization’s best interest to develop a strong compliance and privacy plan to retain customers. This is also a prime opportunity for organizations to take market share from competitors that do not have strong privacy plans in place.
Identify New Business Opportunities
If your GDPR plan is effective, you should be able to manage all customer data across the enterprise. This includes having an accurate, 360-degree view of the client, including data lineage, relationships and more. With this benefit, you should be able to improve customer experience and retention, identify new business opportunities for clients and improve overall marketing ROI.
Improve Business Processes
As organizations implement their GDPR strategy, they will inherently improve business processes by increasing their knowledge about customer data and the associated processes used to collect, store and process this sensitive data. For example, as a firm’s IT and business resources collaborate on their GDPR strategy, they may discover more efficient retention policies that could lead to fewer data storage requirements, etc.
As you can see, GDPR is not only a great impending event to leverage, but it also opens doors for longer-term, strategic investments with your clients. Fortunately, Tech Data partners have access to strategic data management vendors and analytics specialization to seize this opportunity.
Sources to learn more about GDPR and our top Data Management vendors:
- Regulation Overview
- Data-Centric Approach to GDPR Compliance
- Recommendations on How to Tackle the “D” in GDPR