NGDATA’s CEO, Luc Burgelman, talks about GDPR and getting the most out of your customer data. With the EU’s General Data Protection Regulation (GDPR) going into effect this May, companies are scrambling to make any remaining changes needed to meet its guidelines. The regulation, which aims to strengthen and unify data protection regulation within the EU, gives customers control over their personal data and applies to any company that holds or processes personal data of individuals residing within the EU. Failure to comply with GDPR could cost companies up to €20M or 4 percent of annual global turnover.
To avoid steep GDPR fines, many companies are installing new processes and technologies with the hope that such tools will help them revamp the way they handle customer data. In fact, recent research shows that organizations are allocating millions of dollars on technology for GDPR. Still, confusion remains regarding which technologies to implement to ensure compliance, and many companies view the looming regulation deadline purely as a cost avoidance problem.
Rather than viewing GDPR solely as an enormous fine or lost business waiting to happen, companies should consider the regulation a revenue-generating opportunity. When adhered to correctly, GDPR can create a mutually beneficial data exchange between companies and their customers and provide individuals with explicit choice over their preferred customer experiences.
