The Negative Narrative
Anybody working in the Compliance and Data Management fields will know a lot about the GDPR legislation by now. It is coming in May, will involve a lot of preparation and there is a really big punitive financial stick of €20 million or 4% of turnover. Compliance legislation can easily be seen as a negative – there is more work, more things to worry about doing the right way and of course, the threat of being found non-compliant can add great stress to already busy managers.
But what about the positives?
Top 10 Reasons GDPR is Good for Your Business
- Data Volume Reduction – As the run-in to GDPR commences, the drive to reduce Data volumes will increase, which will in turn vastly reduce the cost and operational inefficiencies associated with keeping masses of redundant and obsolete emails and files on your servers.
- Data Analysis – One of the sayings that is prevalent in Waterford Technologies is that “you can’t manage what you can’t see..” Undertaking the GDPR readiness project will shine a big light on stuff that simply should not be on your servers.
- Data Retention Policies – Once the analysis phase of checking what Data is valuable, what can be deleted and what must be retained for compliance purposes (but is not being actively used) is completed, you will set sensible Data Retention policies to manage information in the best possible ways.
- Data Quality – Data ages very quickly – even records that are mere months old can be completely out of date and storing and sifting through this unstructured Data mess wastes resource time and storage space. GDPR ensures information is only kept as long as it is valid and for the purpose it was gathered.
- Security – With Data breaches screaming from the headlines daily, the GDPR will ensure you must adopt better policies with Data under management – benefiting both your reputation and your end users’ Data.
- Trust – As companies adopt better Data policies to comply with GDPR, the overall trust level between companies dealing with each others’ information will rise.
- Future Proofing – The era of Compliance has begun and more legislation will follow to regulate the sprawl of exponentially growing volumes of Data. Getting a true oversight of your information assets will allow you to set rules to manage your Data properly making you readier for the next legislation.
- Operational Insight – The exercise of preparing for GDPR will give good insight into what information departments are holding, why they are holding it and what it is being used for.
- Business wide buy-in – As mentioned above, involving key function managers and stakeholders across the business will place a tangible value on Data across your business.
- Big Data Business Intelligence – Getting everything ready for GDPR will give you a rare opportunity to look across all Data sets and the capability to set up data-centric practices to get insight into running your business better and attracting and keeping more clients.
About Waterford Technologies Compliance
Waterford Technologies are experts in data management. Our team consists of expert consultants in Data Protection Legislation, Compliance Technology and Data eDiscovery, Analysis and Investigations.
We enable organisations to make Data Decisions Based on Fact giving clients a clear overview of their data, enabling informed business decisions to prepare for GDPR. We simplify data oversight by providing cutting edge technology and unlimited unrivalled support.