A new report from the EDM Council makes the case how GDPR could have effects beyond simply complying with rules such as data portability.
A new report from the EDM Council shows how GDPR could have effects beyond simply complying with rules such as data portability.
The GDPR can lead to something positive for companies large and small: Better data management will create trust between companies and individuals.
That’s a key point underlined in General Data Protection Regulation (GDPR): The Role of Data Management[registration], a new report by the Enterprise Data Management (EDM) Council.
Like GDPR, the organization has a global reach—200 member organizations around the world—and many of the council’s stakeholders took part in putting together the report, which analyzed 32 data implications over 48 separate data management requirements.
Among the categories of requirements discussed in the report: data subject rights, data handling, access to data portability, training, accountability and governance; security and confidentiality; change management, and assurance and monitoring.
Notably, the report highlights the potential positives that compliance with the regulation could bring to companies:
“While GDPR is a regulatory mandate, if executed effectively there is significant business value derived from the resulting … enhanced customer relationship. “
The GDPR regulation requires a process of interaction with a customer that delivers transparency, customer empowerment, efficient portability, and data quality. These are all opportunities to deepen the relationship and develop trust, providing a positive customer experience in order to drive profit and gain competitive advantage.
But those results will only come if multiple parts of the organization—not just the data management team—are involved.
“GDPR requires all the lines of defense … to work in concert to ensure the organization achieves the outcome of valuing and protecting customer privacy and data,” the report adds.
This better level of trust is directly impacted by a better way of using and caring for data. Read the full article here.
Find out how improved data portability can create trust between your company the individuals you deal with at bysafeonline.com