GDPR Compliance – A Regulatory Burden or a Competitive Advantage?
The General Data Protection Regulation (GDPR) enforcement deadline is fast approaching. Is your company prepared?
After familiarising themselves with the new legislation, many firms are beginning to realise that most of the tighter measures surrounding data protection are, in fact, largely already in place within the organisation.
In reality, compliance with the new regulations may only involve making incremental refinements to your overall data strategy – exposing much of the scaremongering in the media to be an exaggeration. For organisations who prepare and adapt effectively, GDPR will create a valuable opportunity for firms to position themselves as transparent players and help to build consumer trust.
The new regulations will challenge organisations to come up with new, coherent and transparent methods for gathering client data. This will form a strong competitive advantage for those who successfully differentiate themselves in their approach to handling client data.
Organisations need to look beyond the apprehensive feelings towards GDPR and understand the true value that improved data management can bring. ‘’The more data the better’’ – is often the mindset we adopt. But how useful is this data in reality? By having to question the ‘why’ and ‘how’, organisations may be left with a smaller pool of client data but perhaps a far more valuable and relevant one. This will enable them to create more personalised offerings and enhance client engagement.
At Delio, we pride ourselves on our compliance and transparency. Our platform is designed to support our clients in fulfilling their regulatory obligations, a key consideration in the design of the solution.
An example of this is our transaction management functionality, which provides an audit history; highlighting documentation release dates, when key documents were signed and by whom – thus increasing transparency. We also offer outsourced regulatory consulting that provides you with suggestions on how to manage client data correctly, in order to reduce your risk profile.
Effective data usage and management will act as a key source of competitive advantage as those who fail to comply with these regulatory standards will not go unpunished. Businesses who want to use this opportunity to progress should act sooner, rather than later!
To find out more about the Delio platform and how we can help you with GDPR, get in touch and our team will be happy to help.