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OVERVIEW

Businesses are accustomed to individual consumer data access. It powers their operations.

Personally Identifiable Information (PII) is growing to include biometric, visual, genomic and device information. It now more precisely identifies an individual consumer, from birthdate to buying preferences.

Regulations such as the European Union's General Data Protection Regulation (GDPR), effective in May 2018, give consumers back their PII—allowing for fines of up to 4 percent of group revenue or EUR20m, whichever is bigger, in the event a company's consumer data is breached.

Companies can view this as a burden or an opportunity—but opportunity is the better choice.

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KEY FINDINGS

THE OPPORTUNITY IS SIGNIFICANT. The World Economic Forum predicts that the global data market will generate more than half a trillion dollars by 2024. Companies can reduce costs, improve customer experience and monetize data, with the right approach.

DIGITAL TRUST IS ESSENTIAL. Regulations giving consumers “back” their data are ramping up. Individuals decide who can access it, which has severe competitive consequences. Eighty-two percent of companies say a lack of data security and ethical controls could exclude them from essential digital platforms.

VALUE IS INHERENT IN DIGITAL TRUST. Customers expect a tangible return from the use of their data in the form of an enhanced customer experience. If they receive this, value drives digital trust—and in return, digital trust drives value.


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A SLICE OF PII


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RECOMMENDATIONS

UK organizations will have to prove they are trustworthy with this new currency and are able to turn it into increased value for each customer. A few things to keep in mind as they go:

ENGAGE TEAMS THROUGH A VISION OF A SEAMLESS CUSTOMER JOURNEY, instead of technical compliance. This will help your organization engage in the future state more rapidly.

EMPOWER CROSS-FUNCTIONAL TEAMS TO MAKE DECISIONS QUICKLY.

CREATE A SIMPLE PROGRAM STRUCTURE. 100+ GDPR program nodes will slow you through unnecessary complexity.

RELY ON YOUR TEAMS FIRST. Tools are still evolving. Compliance should get easier in the future.


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GDPR AT A GLANCE

  • Largest shakeup in data privacy in decades

  • Takes effect May 25, 2018

  • Applies to all companies doing business in the EU

  • Puts control over personal data into the hands of the individual consumer

  • Companies have 72 hours to report a breach

  • Fines can range up to 4 percent of group revenue or EUR20m, whichever is bigger

"GDPR will fundamentally change the way we see data, cementing it as a new currency."

AUTHORS

CONTRIBUTOR

Katherine Cornwell            Connect with Katherine Cornwell on LinkedIn. This opens a new window.






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