Forbes reports that Fortune 500 and FTSE 350 companies will spend almost $9 billion to comply with the General Data Protection Regulation, or GDPR.1 Look at any conversation about GDPR, and this increased cost of doing business is guaranteed to be a talking point. It reminds me of other regulatory changes, like Basel and SOX. Analysts and consultants work overtime whenever there is a major change on the anvil, with naysayers predicting doom every time.
I believe that data protection is actually a huge opportunity for the IT outsourcing industry. An organisation’s ability to handle GDPR effectively and efficiently can be a solid competitive advantage. In any case, we live in a globalised world; not doing business with the EU is not an option. Costs related to GDPR compliance are not in a company’s control, so why sweat it?
Cost or fear?
Companies that are not prepared for GDPR and other privacy regulations claim to be worried about the cost of compliance. I think they actually fear the cost of non-compliance. In just the past few months, companies all over the world have been fined billions of dollars over data breaches.
The US Federal Trade Commission (FTC) imposed a penalty of $5 billion on Facebook to settle its investigation into the Cambridge Analytica (CA) scandal.2 CA purchased personal information of 87 million Facebook users collected by a third-party app. The firm then used this data to profile and influence voters in the 2016 US presidential campaign. The settlement also affects Facebook’s management structure and handling of user data.
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Denne historien er fra February 2020-utgaven av Indian Management.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Trust is a must
Trust a belief in the abilities, integrity, values, and character of any organisation is one of the most important management principles.
Listen To Your Customers
A good customer experience management strategy will not just help retain existing customers but also attract new ones.
The hand that feeds
Providing free meals to employees is an effective way to increase engagement and boost productivity.
Survival secrets
Thrive at the workplace with these simple adaptations.
Plan backwards
Pioneer in the venture capital and private equity fields and co-founder of four transformational private equity firms, Bryan C Cressey opines that we have been taught backwards in many important ways, people can work an entire career without seeing these roadblocks to their achievements, and if you recognise and bust these five myths, you will become far more successful.
For a sweet deal
Negotiation is a discovery process for both sides; better interactions will lead all parties to what they want.
Humanise. Optimise. Digitise
Engaging employees in critical to the survival of an organisation, since the future of business is (still) people.
Beyond the call of duty
A servant leadership model can serve the purpose best when dealing with a distributed workforce.
Workplace courage
Leaders need to build courage in order to enhance their self-reliance and contribution to the team.
Focused on reality
Are you a sales manager or a true sales leader? The difference, David Mattson, CEO, Sandler® and author, Scaling Sales Success: 16 Key Principles For Sales Leaders, maintains, comes down to whether you can see beyond five classic myths that we often tell ourselves about selling.
