Managing personal data in the wake of GDPR
Personal data is the lifeblood of the digital economy. Yet responses to privacy regulation and to new legislation such as the European Union’s General Data Protection Regulation (GDPR) must go beyond compliance. An automated approach to data privacy not only creates a more efficient internal process that requires fewer resources, but also creates competitive advantage on multiple fronts.
Companies with European operations or that otherwise handle the personal data of EU or EU-based customers or employees are subject to the terms of GDPR, regardless of location. Companies the world over rushed to create the minimum viable product (MVP) required to achieve compliance with these new regulations—and many breathed a sigh of relief when the May 25th deadline for compliance had passed. But the real impacts of GDPR are only beginning to be seen.
Organizations now need to set their sights on longer-term goals. Once regulatory compliance has been achieved, the focus needs to turn to operationalizing and automating data privacy processes to create a more effective, efficient response. Through automation, businesses can reduce costs, forge stronger and more responsive customer relationships, and use privacy as a source of competitive differentiation.