On May 25th 2018, the General Data Protection Regulation (GDPR) will become enforceable. The regulation aims to give control over personal data back to individuals by strengthening and unifying data protection regulation within the European Union. The impact of the regulation will be far-reaching, as it applies to any company that holds or processes personal data of individuals residing within the European Union.
The penalty for GDPR non-compliance is up to €20M or 4% of annual global turnover. The cost of ignoring GDPR is too high, forcing corporations to reevaluate the way they handle consumer data, and to install new processes and technologies enabling the consumers right to “own” their data.
Great customer experiences require a solid understanding of each customer first, so you have to put a “face” to your data. Corporations looking to meet the requirements of GDPR could simply anonymize all of their customers’ personal data. Yet, in a world where delivering superior customer experiences is at the top of everyone’s list, this approach will never enable true customer centricity. Today’s consumers expect products and services to be uniquely tailored to their needs, which in turn, requires an actual understanding of those needs before being able to act. This understanding lies in each individual’s personal data.
NGDATA is supporting our customers through preparation for the impending GDPR deadline of May 2018. Our next generation CDP, Lily™, solves the marketer’s dilemma in the face of GDPR by helping companies manage customer information in one place – for ease in turning information on and off, and using data properly based on consent of the customers. Through Lily, you can shift GDPR from a cost-avoidance issue to a revenue-generating opportunity that has the customer at the center of both privacy and utility.
This article is Part 1 in our blog series about GDPR, and what you can do to prepare and use the regulation as a foundation for digital transformation. Stayed tuned for Part 2 in this series.