The General Data Protection Regulation (GDPR) is both a threat and an opportunity.
Non-compliance with the GDPR and not taking proper care of the personal data in your organisation’s possession may place you at reputational risk and risk of being sued for compensation. You could also be served a penalty notice by the Information Commissioner’s Office up to 4% of your global turnover or €20million (circa £18,500,000).
But proper management of the personal data you hold could lead to greater efficiency and simplicity. Clearing out old or wrong data means better use of sales and admin time, as well as reduced IT spend. Your number of marketing targets may be reduced, but the engagement will be at a significantly higher rate.
You can also demonstrate awareness and regard for your customers’ and your staff personal data – that you take such things seriously. Reputation and trust are key drivers in a relationship business. Being able to respond quickly, easily and completely to a request for information will enhance your position. And as importantly, being able to prove you know what you are doing is a key tenet of GDPR
This is your chance to make their data perform for your benefit.