How GDPR impacts your businesses

GDPR will bring about a new level of transparency into data collection, storage and usage. If your company is traditionally secretive about its data, you’ll need to make a very dramatic turnaround in line with the seven points above — as well as all the other minutiae.

For most companies, GDPR will create the need for greater compliance spending. Both in ensuring your operational processes are up to the latest standards, but also ensuring your existing technology is designed and optimized to the latest protocols. Plus, some companies and organizations will have to hire a compliance officer to help monitor and manage any data collection campaigns.

However, these additional expenses shouldn’t be solely viewed as an expense. Instead, it can be classified as an investment that’ll help to inspire trust and confidence in the eyes of your customers.

Companies that abuse data privileges will start to be viewed less and less trustworthy in the eyes of the public — particularly if they’re hit with those profit margin-busting fines. On the flip side, the companies that value access and use of their customer’s data and treat it as a privilege, instead of a right, will help to solidify themselves as trustworthy businesses into the future.