While compliance to the EU General Data Protection Regulation might be regarded as a constraint on businesses, in reality it should help drive best practice in data integrity, quality and governance, and represents a great opportunity to deliver customer-centricity and trust.
The upcoming GDPR regulations can be seen as an opportunity for businesses to take proactive action now to get a better handle on their data, manage it more effectively and ensure the highest possible levels of governance, privacy and protection.
Done well, GDPR compliance can actually boost digital business in Europe. For example, GDPR makes it easier for companies within the European Union to operate across borders by harmonizing various national data-protection regulations. The compliance process will also force companies to review their data-handling practices and understand the amount and types of data they possess. This affords an opportunity to assess whether data can be used to create competitive advantage and if the company’s data-handling practices are optimized from both a business and end-user perspective. In this way, preparing for GDPR can be a catalyst for taking the necessary steps to build strong digital capabilities, such as adopting sophisticated techniques for customer master data management.