We are approaching the 6 year mark of the General Data Protection Regulation’s (GDPR) implementation. The regulations were initially considered by many organizations to be a bureaucratic nightmare. Fortunately, this attitude has shifted, as data ethics and compliance have gained increasing importance for organizations, employees, stakeholders and consumers.
GDPR has been developed to assist organizations with handling their personal data safely and efficiently while minimizing the risk of data breaches. Further, taking GDPR seriously can actually bring a good deal of business value.
In the article below we provide an overview of three positive benefits of GDPR. Sit back, read on, and be assured that your efforts to comply with data protection laws are paying off on multiple fronts.
3 business benefits of GDPR
1) GDPR strengthens the reputation of companies
People - whether they are collaborators, suppliers, employees or clients - don’t want their data to be used improperly. This is the case regardless of if its a hacker attack or the organization itself isn’t handling the data with ethics in mind.
You can gain the trust of customers by emphasizing your work on GDPR and assuring them that their data is used responsibly and kept in a safe manner. Accordingly, it’s essential that your organization takes all inquiries regarding GDPR seriously, so the customer gets the impression that their personal data is respected.
2) GDPR provides new business opportunities
GDPR encourages organizations to choose partners and suppliers with care, due to the legal consequences of data breaches involving third parties.
Both the data controller and the data processor must fulfill the following principles with regards to the processing of data:
Lawfulness, fairness and transparency.
- Purpose limitation.
- Data minimisation.
- Accuracy.
- Storage limitation.
- Integrity and confidentiality (security)
- Accountability.
You can be held accountable as a data controller if you have outsourced data processing to a third party who doesn’t fulfill the requirements. Equally, a data processor can be held accountable if the business they are processing data on behalf of breaches the requirements.
To summarize, taking the regulations seriously can result in a comprehensive use of the GDPR, which can provide new business opportunities and strengthen cooperation with existing collaborators.
3) GDPR promotes efficiency
GDPR puts requirements on organizations. Set requirements simplify the process of figuring out the parameters of ethical data processes for a business, which in turn promotes efficiency.
The organizing and cataloging of data provides an overview, which makes it easier to find relevant information when necessary.
Purpose limitation forces companies to continuously consider data and pay attention to which quantities of data might be unnecessary. This helps to prevent the accumulation of enormous masses of data - all of which require regular upkeep, server storage and comprehensive archiving systems.
Thus, being obliged to commit to good data protection practices does not only strengthen the reputation of a business and its relations to collaborators. It also paves a path towards greater efficiency.
Improve your GDPR work
It’s easy to get confused when the topic of GDPR comes up. Although the regulations have been implemented for years, many organizations are still challenged by the legalities and the documentation.
It’s worth noting that you have probably already worked on data protection to a significant extent. However, this effort might not have been structured enough to take advantage of the above-mentioned benefits. Clear guidelines, streamlined activities, and structured processes that are easy for employees to follow are all crucial factors if you aim to improve your GPDR work.
In that regard, it could be relevant to scout a software system to help you gain an overview and to take you step-by-step towards systematizing your GDPR work.
The advantages of a GDPR system are many, including:
- Smooth delegation of tasks and roles
- Effective reporting and documentation
- Reduction of manual processes
- Tracking of the organization’s activities
- Assisting the supervision of data processors
And of course, the business value of proper and visible GDPR compliance.
