Small stick, big carrot: Why GDPR is good for business

21 Sep 2017

by Ian Stendera

How short-term compliance pain can be turned into a real business gain.

GDPR is a complicated and expensive piece of compliance which will get even more expensive if not addressed. This fear is a compelling selling point for the increasing number of lawyers and consultants holding seminars and knocking on companies’ doors.

But even if this fear of the GDPR is based in truth, it’s not the whole truth. In practice, becoming compliant with the GDPR provides digital benefits that are actually good for business. There are direct and indirect benefits that GDPR requirements bring to a company’s data quality, data security, customer interaction, and trust in business. Some companies are already benefitting from the tangential effects of compliance, but many are unaware of them.

Working towards GDPR compliance can help pave the way for a digital transformation and give you a competitive advantage, because...

1. Data security improves

GDPR compliance documentation should include where and how your sensitive data is stored, which helps your business to better understand dependencies and risks. Understanding your dependencies and risks can be a cost-cutting and defensive measure. And indirectly, better data security will make more people and businesses trust you with their sensitive data.

2. Data quality improves

Once you know what personal data is stored—and where—you can better standardize and utilize that data. In turn, this can result in more digitalized and better customer interactions, in part because you will have more confidence in your customer data.

3. IT Operations improve

With a more complete and continuously-updated architecture, IT Operations will run smoother, and you will be able to more easily identify what needs to be fixed when there are issues with your systems. Also, changing IT vendors is easier for your company when you have a full understanding of your Enterprise Architecture.

4. It’s an opportunity for business-wide process improvements

Since you’ll have to map all processes concerning sensitive personal information, there’s an opportunity to also map all the core processes in your company—the analytical groundwork necessary to make a leaner business and identify which parts of your business should be cloud-bound, and which can’t.

5. Compliance is a competitive advantage

If your customers that trust their personal data with you need to be compliant, you need to, too. Complying with GDPR requirements can give you a competitive edge over competitors that aren’t.

Make the most of your hard work

GDPR enforcement is right around the corner, and unfortunately, there’s no quick fix to becoming compliant. But the work you do for GDPR can be leveraged to deliver additional benefits to your organization. If approached correctly, GDPR can result in value-adding projects with impact far beyond compliance.

Ardoq can help

In order to realize the benefits of GDPR compliance, you first need to get a clear understanding of what personal data exists in your organization, where it’s used and stored, who has access, and the reason for having it.

Ardoq allows you to create structured documentation of all of this data, then use that data to generate up-to-date visualizations and run automated gap analysis to spot potential issues early on.

Read more about our GDPR package »