It’s rather appropriate that the rock band Europe recorded the hit “The Final Countdown”, because today, April 5th, represents 50 days until the much anticipated European Union’s General Data Protection Regulation (GDPR) comes into effect on May 25th 2018.
The objective of this legislation is to strengthen the security and privacy of the individuals’ data across all EU Member States. It gives every EU resident the right to know and decide how their personal data is being used, stored, transferred and deleted.
With the rapid advancement of digital technology, organizations have become more sophisticated in how they market to their customers and prospects. Gathering increasing volumes of data enables identification of an individual, through User IDs, IP addresses, loyalty cards or even location data, to create more personalized messaging. Unfortunately, the digital age has also created many challenges. Data breaches of increasing proportion, especially the recent scandal involving Facebook and Cambridge Analytica, are well-documented. Resulting in regulations like GDPR for data governance and protection of personal data.
Organizations, irrespective of geographical location, who view GDPR as just another regulatory requirement will be at a competitive disadvantage to those who embrace the legislation to improve their business and long-term future. In a recent article by my colleague, John Timmerman, suggested that it may be the best thing to happen to marketing.
GDPR compliance is not a one-time task, but should be viewed as a foundation for success in today’s digital environment. Taking a proactive stance towards GDPR compliance will enable organizations to improve their marketing and data management systems. Helping them achieve competitive advantage by:
Identifying new revenue opportunities with better quality data
Protecting brand reputation by mitigating data security risks
Reducing data storage and IT costs
To learn more about how Teradata can help you adhere to the GDPR requirements download “Accelerating GDPR Compliance with Teradata."
The lyrics of Europe’s “The Final Countdown” include the lines “Will things ever be the same again? It’s the final countdown.” The full marketing implications and impact of GDPR are unlikely to be known for years. However, May 25th 2018 should not represent the finish line; it’s just the beginning of a new marketing playbook and things may never be the same again.