Some business owners remain in the dark as to how the GDPR is going to benefit them. Meanwhile, others are seeing it as a burden primarily because the compliance process is costing them a great deal of time, money and effort.
These sentiments are understandable, especially since most of the narratives about GDPR focus on the repercussions of non-compliance. Few have made an effort to communicate that this legislation is actually good for companies, too.
So, what are the benefits of the GDPR to your company?
Why is it good for business?
It helps you avoid costly security breaches. Incidence of security breaches are on the rise, increasing by around 40% annually. The cost of these breaches isn’t cheap with companies spending up to €5,000,000. Moreover, falling victim to these threats can drastically hurt your company’s reputation and customer’s trust. Eventually, these can lead to more revenue losses or worst, your company’s closure.
Under the GDPR, you are required to have stringent operational procedures and advanced technology in place to ensure data protection. Complying with this requirement minimises your risk of experiencing data breaches.
It enables you to have more efficient business processes. Becoming fully GDPR compliant entails a thorough evaluation of your current data protection and privacy procedures. Thru these, you’d be able to identify gaps and vulnerabilities. Consequently, addressing these issues can be an opportunity for you to come up with measures which would satisfy GDPR requirements as well as improve workforce productivity and overall operational processes.
It can improve your revenue. Being GDPR compliant can be a competitive advantage. Knowing that you respect their privacy rights, customers are going to trust your company more. With this, you can count on existing clients to continue to patronise your brand. At the same, you can look forward to an increase in new customers.
It allows you to gain valuable insight about your company. Mapping, localising and centralising your data enable you to identify where the most important information is kept within your company. These also make it easier for you to look at your historical data, study patterns and trends, and have a clearer vision of your company’s future.
The GDPR compliance process may be costly and time-consuming but doing this is going to benefit your company in the long run.
For more information, please continue reading now or ask us a question about GDPR.