Turning GDPR into an opportunity
In the following, we will outline some of the advantages, which we have split into two groups (customers and competition).
A 360-degree view of your customers
To comply with the GDPR, businesses must identify, evaluate and securely store all personal data about their customers. At the very least, companies will thus gain more visibility and achieve greater transparency about where the data is stored and how it is used. This will almost automatically result in a 360-degree view of your customers. In a further step, all information can be migrated to a central enterprise data hub for customer data. Data silos are merged and correlated with data from social media. Thus, companies will gain a more comprehensive overview of their customers and their behaviour in the digital world. This customer-centric approach provides significantly better opportunities in one-to-one marketing and more personalised experiences to customers.
Competitive advantages
The competitive advantages are twofold: external and internal.
On the one hand, businesses can use compliance with GDPR to boost their public image and be perceived by the outside world as a serious and trustworthy partner. Customers prefer to shop where they feel comfortable and safe; suppliers or investors generally reward safety and security with better terms. Conversely, this means that reports of data security incidents such as data loss or data theft damage the company's reputation and usually result in massive revenue losses. Not for nothing they say: Once your reputation is ruined...
On the other hand, with the implementation of the new regulations, you accelerate digital transformation. The companies that embrace this new legislation and implement the necessary changes in data handling are taking a big step towards a data-driven business. With a high level of data quality, they will increase confidence in their own data. They will be able to make better and faster decisions. By concentrating and consolidating data in one central location, they will be able to identify shadow systems, eliminate data silos and cut operational costs at the end of the chain.
International companies will particularly benefit from implementing GDPR. The advantage is that they will no longer have to deal with different regulations when processing sensitive data at home and abroad. The GDPR will replace all local data protection legislation in EU member states.