The European General Data Protection Regulation has unveiled a transformational shift in the way businesses deal with online privacy, creating more opportunities.
Businesses primarily view the initial impulse to design and implement GDPR programs driven by the fear of massive fines.
It is not always easy for companies to comprehend the business opportunities that can be derived from GDPR. But, GDPR helps firms to attract and retain customers, making them feel secure and to stay updated in a world where algorithms, robotics, machine learning, and artificial intelligence are developed at breakneck speed. Finding the perfect balance between the need for innovation, financially-sound models, and heightened privacy expectations is the main ingredient driving a smooth and successful digital transformation strategy.
But the question is, is data privacy restricting data scientists’ to innovate? Or is it an add-on to new opportunities for creating a sustainable digital landscape for the long term growth?
With GDPR taking over, businesses can focus on turning these new regulations into rewards with consumer-centric processes centered on transparency, trust, and ethical practices. It creates an opportunity to fine-tune various business approaches.
Business opportunities lie in defining one’s justified vision of privacy impacts from a contextual perspective. Firms can create innovative business development strategies to differentiate their offerings, with a focus on data privacy, thus winning user trust as well as compliances. This falls under the privacy-by-design principle of GDPR having the approach that fosters data governance structures to assess data risks from the outset of a data project. This enables new data-handling and management practices to take over and benefit the consumer equally as the data subject.
A recent survey by the European Data Protection Board, the ‘Chief European Regulator,’ confirms a definite increase in individuals’ GDPR rights’ awareness by 20% between 2015 and 2018, reaching out to 58% currently. Leveraging GDPR user preferences and access requests as integrated consumer-grade business services will help add to consumer satisfaction.
GDPR has clearly added power to the user’s decision-making pattern and power. GDPR has also provided firms with opportunities to collaborate better with the individual as a co-partner in the decision-making process.
Undoubtedly, data is the new gold and protecting it is critical. Firms need to stop seeing GDPR as a burden and start looking for optimizing its benefit to adding business value. In fact, realizing the benefits of GDPR investments rather than seeing it as a regulatory burden realize can assure long-term digital success.