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Data-An important value in a GDPR world

The EU General Data Protection Regulation (GDPR) should be greeted as an extremely hardheaded regulation. GDPR both protects the rights of the individual to administer their personal data and authorize organizations to utilize that data in a secure and lawful way.

Data protection principles

GDPR is basically the most universally agreed and pragmatic regulations devised in recent years. It identifies today’s data-driven economy and embraces an extremely practical perspective to stabilizing individual concerns regarding personal data with legally unbolting the value firms can obtain from that information.

Here are three takeaways which we should understand. This is very important to understand because it will help you think about your data strategy and how to drive value in our data-driven economy; particularly as you prepare the data you carry to support your GDPR compliance.

Get benefit from GDPR!

Our brand is the most important asset and it needs to be preserved like a treasure. GDPR is the key to it and will also provide you many benefits only if use it in the right way. In this way, you will surely stay away from potential ramifications likes fines, etc. 

If you use GDPR in the right way, your data will be cleaned and updated; the benefits are as follows:

• a comprehensive and singular view of your customer
• more accurate targeting
• a better customer experience
• improved efficiency
• better trust to encourage data sharing
• decreased risk
• improved innovation

Consumers are more sharp-witted than ever of the way we use their data

Nowadays, consumers are getting smarter with the help of technology. They need transparency! They need lucidity! They need clarity! Because consumers understand there’s a value exchange though they know it’s fundamentally their data. There’s clearly some work for organizations to do here as they plan their data activities in the run-up to the GDPR. The benefits of good data usage and management across the organization will, however, is just not to meet regulation but more than pay off. If you use comprehensive data effectively, you will automatically gain an opportunity to build more transparency and trust with your customers.

Data quality can construct or reconstruct your GPPR preparations

Data is the new oil to embosom the organization’s reputation. We’ll go brief with an example:

Data Breach: Within the GDPR, if a data breach occurs it needs to be reported within 72 hours and, if personal data has been stolen, all affected individuals need to be informed. In order to inform them, the individual’s information should be accurate, complete and valid so that you do not face any difficulty while contacting them!

Conclusion

Without a methodical way to start and keep data clean, bad data will happen. But its value is intrinsically linked to excellent governance and an accurate understanding of its purpose and value to the organization.

GDPR is being implemented in reaction to a changing data world and while the fines are attention-grabbing, it is the immense practicality of this regulation that organizations should be vigorously embracing as an opportunity to better understand their data.

Being both a data custodian and GDPR regulated, BDS Services knows first-hand what it takes to meet regulatory obligations. Taking this experience, packaged with our software and expert data handling, we are well equipped to support organizations with data management to support their compliance efforts.

With data mining services, BDS Services allow businesses to make proactive, knowledge-driven decisions by obtaining knowledge about your customer behavior towards your business offerings.