Whether you are a newly formed business or a mature company that deals with the data of EU individuals, the General Data Protection Regulation (GDPR) does affect you. This new law came into effect on the 25th May 2018 in all 28 European Union member states. While the GDPR seemed onerous at first, it can actually benefit your business greatly. This regulation aims to improve the ways a business handles personal data for both their customers and employees. Here are a few ways your business can experience both immediate and long term benefits from GDPR compliance.
1. A More Effective Marketing Strategy
Instead of seeing the GDPR as a burden, see it as the stepping stone your business requires to ascend the business ladder. Under the new laws of the GDPR, marketing has changed to ensure all data is accurate, structured and current. This means all businesses should have gone through a data audit. Commercially this puts your organisation in a better position as it saves you time and money by only engaging with customers who are likely to respond to your advertising.
2. More Accurate, Secure and Organised Data
Sorting through piles of data may not sound appealing, however, this is one of the main rules you must comply with. Organising your office files, updating customer profiles and putting safer data measurements in place should not be seen as a laborious task. The GDPR is a great incentive to get these jobs done and refine your business management system, making it more efficient as well as secure.
3. Better Customer Relationships
Showing your customers you are fully compliant with the GDPR promotes the confidence essential for creating a solid business relationship. With the GDPR being enforced, customers will be more aware of how their data is used, removing any potential misunderstanding. Customer loyalty is top priority, especially for businesses who need to deal with clients on a daily basis like a maintenance trade.
4. Enhanced Business Reputation
The most desirable quality wanted in a tradesman is reliability, and to get ahead of your competition you must be able to demonstrate this. The GDPR acts as the perfect tool to showcase your professionalism to existing and potential customers. When your firm complies with the GDPR, clients and employees feel confident in the knowledge that they have more control of their personal data, and that your business is trustworthy.
5. Update your Technology
To comply fully with the GDPR, your company may have needed to make changes to the way you manage data, e.g., migrating to the latest technologies e.g. cloud computing and Internet of Things (IoT). By doing this, your business develops in ways you have never dreamed about. Ultimately, you will manage data more effectively and the third-party management tools will keep you informed about any security anomalies which minimises data breaches.
6. A Push in the Right Direction
If you have just started out along the business path or your business is experiencing difficulties, the GDPR may be the stimulus your organisation needs. The GDPR covers a number of principles that will promote success in a compliant company. Things like decision-making, organisation and security will be scrutinised and improved, therefore developing your business as a whole.
Overall the GDPR is not just a regulatory obligation, but also the chance for your business to grow. Data has always been a growing concern for all trades and managing it can be stressful for those without the correct systems in place. Take this chance to embrace the GDPR and take your business to a new level.
Article written by: Joblogic