when it comes to the European General Data Protection Regulation (GDPR), many companies appear to be paralyzed. Although the regulation comes into force in May 2018, many have not yet even begun to implement the new guidelines. It appears that the requirements are too great and too far-reaching, and it’s therefore very difficult to take the first step. The GDPR sets out fundamental changes in the management of personal data: Its primary focus is the storage and use of data, as well as consent from the individual. In future, every company that manages or stores personal data of EU citizens must know what data is stored where and how exactly it is used. In addition, the consent of the data owner (the person affected) for precisely this storage and use must be verifiable and the data correct.
Anyone not fulfilling the requirements can expect staggeringly high fines of up to 4% of the company’s turnover or 20 million euros.
Poor data quality causes costs in various business divisions.
At present, Data Governance and Compliance are the subject of particular attention due to the upcoming General Data Protection Regulation (GDPR). On the EMEA Data Governance & Compliance Summit Informatica presented their software solutions to support customers with the GDPR regulations, data quality and data security. Furthermore, the attendees gained great insights by presentations of Best Practices from Informatica customers.
Digitisation is all around us and it happens in every industry. The choice companies have to make is a rather simple one: You can either drive the business as a leader or desperately try to catch up. On the EMEA MDM 360 SummitInformatica encouraged the attendees to be a disrupter, be ambitious and to rethink their businesses. For those who are afraid Ron Matusof, VP Advanced Customer Engineering, recommends: The thing about innovation is, that your idea never existed before so you cannot make the perfect plan. Just make the best decision you can with the information you have and stay flexible.
After “Big Data”, the new success factor in e-commerce that is being hyped up is “Customer Centricity”. In fact, this is not a new concept, but rather the next, logical step in e-commerce. Customer centricity is an approach to doing business that focuses on the customer’s wishes and expectations. Rather than just reacting to customers’ wishes, customer-centric businesses – retailers as well as manufacturers – rely on anticipating these needs and wants in order to be successful. Luckily, there are already enough technical solutions to enhance the buying process and to meet the expectations of digital natives; nevertheless, the implementation still represents a huge challenge for most companies. Customer centricity presupposes a suitable IT structure, high-quality master data and efficient processes in place. Therefore, customer centricity (as a general approach or a goal) is closely linked to the “digital transformation” of companies and usually entails considerable investments and extensive restructuring.
Engelhorn, a premium fashion retailer, believes in the importance of customer centricity and digital transformation. We have asked Thorsten Huth, Head of the Technical e-Commerce Department at engelhorn and data expert, what really matters.
Properly used data determine the success of your digital transformation project, are the basis for new business models and generate decisive competitive advantages.
TheInformatica Focus Daytherefor deals with the special role of data within the digital transformation.
Look forward to Roger Kehl from Festo, CIO of the year 2016, and his visionary speech about the new role of IT. Learn how INTERSPORTsuccessfully managed their MDM-/PIM-Project.
We invite you to be part of it. Participation is free of charge. Best register right away - the number of participants is limited.
Our team can look back on two exciting and successful days on the Internet World 2017. Our conclusion: The new concept of the trade fair is beneficial. Most of all the various lectures and numerous exhibitors convinced and caused a new record number of visitors.
The interactive future of digital commerce and its master data requirements
Interactive shopping – on the internet. Two things that, at first glance, are difficult to combine. E-commerce platforms and users/customers usually interact “statelessly”.
Many websites are already offering their customers ways to interact with a customer service team and ask questions through hotlines and live chats. These services are usually labour and cost-intensive. Thus, they are often limited to very expensive and complex products and services. Bots are going to change that.
The last two days showed once again, how fast E-Commerce is evolving. And that it is still far away from being grown up, as the title of the event ”Coming Of Age” already indicated. The insight reports of the speakers rather gave the impression of a young teenager trying to find himself. And this is a good thing, as only the companies who dare to try out new trends, to evolve and are also ready to fail, will be sustainably successful in E-Commerce.