Mastering GDPR – Master Data Management is your 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.
The GDPR can also be viewed positively, however: It is an opportunity to finally get rid of inefficient processes in data management and thus save costs over the long term. It’s not only the hardware for the storage of unneeded data that costs money. Most significantly, spending on the maintenance of duplicated data sets, for example in different departments, or indeed the cost of marketing measures based on incorrect, unreliable or duplicated customer data can end up very high for companies (Read also: „Measuring the ROI of Product Data Quality“). What’s more, with high data quality you simultaneously improve your customer experience. The GDPR forces companies to have a reliable and correct overview of the individual customer– that means no more mailings with incorrect forms of address or inappropriate product recommendations.
It’s precisely here that Master Data Management (MDM) comes into play: MDM offers you exactly this overview and thus forms the procedural and the technical basis for the GDPR regulations.
„A comprehensive Master Data Management strategy gives you fundamental support in the implementation of the European General Data Protection Regulation.“, Rodolpho Testi, MDM-Expert at parsionate
Master Data Management (MDM) as a foundation for implementation of the GDPR
Master Data Management refers to the processes and the technology for the generation of a company’s master data, as well as for keeping this up to date, linked up and context-relevant for the company processes involved. From a technological point of view, an MDM system enables central data management within a company, regardless of whether this involves data relating to customers, employees, products, services, suppliers or locations.
Data Landscape
An MDM system creates a central source for your data, which is reliable and complete at the same time. This is sometimes referred to as the “golden record” or even the “single source of truth”. It therefore offers you precisely the trustworthy overview of all personal data as required by the GDPR. The person’s authorization for the use of his or her data can also be recorded there, for example. At the same time, access to the data is simplified by its central management. Those all-too-familiar searches through various systems and data sources become a thing of the past. What’s more, in accordance with the GDPR guidelines, it is possible to govern precisely who has access to what data.
And there’s another key advantage to the use of an MDM system: According to the GDPR, every individual has a right to the accuracy of his or her data. Since the MDM system holds all the data centrally, these need to be maintained at one point only. This means you can be sure that subsystems won’t be forgotten when data is corrected or changed. Data management is thus simplified considerably and the quality and currentness of data is increased. Positive effects can quickly be identified in the customer experience, the time-to-market and the returns rate.
How to approach the implementation of the GDPR
Nevertheless, the overwhelming feeling of “Where do I start?” remains. And it’s true that the implementation of the GDPR is no easy matter. In spite of this – or rather because of it – you should begin to tackle it as quickly as possible. Our white paper “Mastering GDPR” summarizes briefly the most important facts of the regulation and shows you the first steps towards the start of the project.
GDPR Health Check: The first step towards implementing the GDPR
Make sure your company is equipped for the GDPR! parsionate has been supporting retailers and manufacturers in omnichannel commerce for many years. Extensive process expertise combined with profound knowledge of Master Data Management (MDM) is what defines us. Take advantage of this for yourself: With the GDPR Health Check, parsionate supports companies with a comprehensive analysis of their current data management status according to a structured approach. Using our proven methodology, we work with you to identify and prioritize the necessary steps and set up a specific project plan.
We will also support you through the whole process. Our experts at parsionate can help you meet your data protection responsibilities under the GDPR and implement a future-proof data strategy as well as a successful data governance process.