Changing The Game

GDPR should be seen as an opportunity to build greater levels of trust with both existing and potential customers and augment business value.

 

- Rohan Ayyar

 Forced by government regulations across the world, private companies are increasingly focusing on protecting the data and privacy of their customers. The European Union’s General Data Protection Regulation (GDPR) legislation, which came into effect on May 25, is a game changer for any company or organisation that deals with customer data, especially online.

There are some daunting requirements for companies to follow because the cost of non-compliance could be very, very high—both in terms of regulatory action as well as customer trust. Additionally, once you make the necessary effort to conform to the GDPR directives, there are a lot of opportunities to create lasting business value, by understanding and using data in a manner that builds trust between your brand and your customers.

Let us examine a few ways in which GDPR presents an opportunity to fundamentally change your organisational processes for the better.

A new perspective on personal data

Companies have so far focused only on how they can use the data they collect—either to understand their customers better or to boost sales. They have rarely thought about data on the basis of behavioural, causal, seasonal, external, people-specific, or industry-specific aspects. GDPR forces organisations to be far more accountable and responsible for gathering and storing personally identifiable information (PII).

There are multiple attributes using which an individual can be identified directly or indirectly via data. These include IP addresses, browser cookies, location data, and so on. GDPR has started out with a broad definition on PII and it will only expand from here on.