As the deadline for GDPR continues to count down, Capgemini’s Global GDPR lead, Willem de Paepe, gives insight into how firms can capitalise on a greater access to data.
With one month to go, many organizations will be scrambling to meet the GDPR deadline, but firms should start thinking about the opportunity that an increased focus on data presents.
Fortune 500 firms will have spent a combined $7.8bn to comply by the 25th May deadline, and now’s the time to focus on driving returns. Knowing exactly what data is held allows firms to use analytics more effectively and gain the greatest benefit from the information available to them.
In turn, they will also know which files they must delete, freeing up valuable storage space and reducing some of the $3.3 trillion it will cost to manage data globally by 2020.”
Firms that deal well with the GDPR will also benefit from gaining more trust with customers, which could lead to increased spending.
Upcoming research from Capgemini’s Digital Transformation Institute on the GDPR indicates that consumers are willing to spend more for a better experience with respect to privacy and data security.
Alternatively, it highlights that consumers will revoke consent for the processing of personal data if they are unsure of how an organization is doing this and will stop buying from an organization if the company is not ensuring protection of their personal data.