Implications for Strategists
GDPR is here. Now what? The arrival of GDPR has been hailed by some as a victory for human rights, and by others as a nightmare scenario for business.
During the past few years, organizations both inside and outside the EU have raced to ensure they would be compliant with GDPR by May 25, 2018. At least on the surface, some have done so. But minimal compliance with GDPR misses a strategic opportunity, and actually aggravates rather than improves the customer experience.
Companies have spent anywhere from hundred of thousands to millions on GDPR compliance, but the underlying opportunity for customer experience, growth acceleration and brand reputation is far greater.
Rather than simply a compliance exercise, GDPR should be viewed as a springboard for a number of strategic imperatives: improved data quality, new opportunities for product, service and business model innovation and, perhaps most importantly, rebuilding trust and brand relevance with customers, consumers and other critical constituencies. Put more bluntly, GDPR represents an opportunity to rethink critical process, product and strategic decisions to put people at the center.
This research report lays out immediate opportunities to consider. It is not a “how to” for GDPR compliance; instead it lays out the strategic opportunities that come from more transparent interactions between individuals and organizations including improved data quality, and new opportunities for innovation and trust-building.