There are two ways to look at the European Union’s General Data Protection Regulations (GDPR).
For businesses already digitally underway, it’s another important tick in the box for compliance and best practice. They may even identify a few opportunities to enhance what they’re already doing.
However, if you’re in a business that’s been dragging its digital heels, it could be the difference between growth and being left behind. The businesses in your sector that identify the opportunities of GDPR will not only comply with it and avoid heavy penalties, they’ll reap the benefits of having been forced to look at their processes.
Yes, there will be those who simply just tick the boxes and essentially plaster over the cracks that GDPR has revealed but that is a massive missed opportunity. If businesses that are digitally behind don’t untangle their existing processes, they are adding knots and loops to deal with further down the line as more and more data sources demand more and more processes.
In contrast, the businesses who use the time between now and May next year to properly review their processes and systems can look at their overall digital fitness and get an edge over the competition who haven’t bothered.
Mapping the policies and processes that surround how you use and collect data will give every department ideas for business development.
Better data means better relationships. Not only that, it will ensure a better start to your customer journey as people will be parting with their data with more awareness of exactly how it will be used. People who don’t want to engage won’t provide their data. So, no wasted time chasing, and no resentment before you even begin communicating.
Technology can power most of the internal change needed and can, in the case of Dynamics 365, join up all the disparate systems in a business. That brings a massive benefit; a 360-degree view of every customer. Suddenly it’s easier to engage with customers with the right information at the right time as well as have end-to-end data governance. When all that information is in one place with the intelligence of Dynamics 365 wrapped around it, it becomes more powerful.
Reporting and Decision Making become so much easier when the data can interact across departments on the back of active data.
Staff Adoption of the new GDPR processes could be the difference between compliance and a huge fine. It stacks up that the easier staff find the new processes, the less likely non-compliance is. So again, the businesses that look to consolidate their systems into one familiar space are already ahead of the game.
How much of an opportunity do you see for your business as we march towards the GDPR?
Watch our essential GDPR webinar for more information.