25th May 2018 GDPR will come into force in the UK
The build up to the implementation of this EU regulation, GDPR, has been a time of great change for many businesses. It has required a reevaluation of the way that enterprises consume and manage customer data and has been viewed by many as the cause of considerable operational upheaval. However, it also presents an opportunity to build better customer trust – and to reestablish any that has been lost. Here’s how.
Make your business more customer-centric
The customer-centric business model is already tipped to be the most effective and successful development option for the years to come. The implementation of the GDPR provides the perfect opportunity to put this into practice and to give customers insight into how this is the direction your business is taking. This may require a process of re-engineering existing processes and activities so that they are designed with the privacy of your customers’ data in mind. Core competencies may need to be developed alongside technology innovation to deliver an approach that not only complies with the GDPR but also puts customer data first.
Use the GDPR to refine your data processes
Customers are now much more savvy – and wary – when it comes to businesses harvesting large volumes of their data with no real reason to do so. The GDPR presents the opportunity to reassess the way that your business handles data. You will be required to ensure you’re only collecting data for a legitimate reason – and only holding it for the amount of time you really need it. With the right IT systems in place to facilitate this it will actually make it easier for businesses to build trust with consumers. You will genuinely be able to say that you’re not collecting more data than you need or holding on to it for longer than is required – that’s something many customers find very appealing.
Make the switch to cloud computing
With the requirements being imposed by the GDPR it makes a lot of sense to make the jump to cloud computing. The cloud will not only make it easier for your business to be GDPR compliant but also offer access to a range of other benefits, from systems that are more scalable to swifter deployment options, all of which help to build customer trust. Working with the right cloud services provider will also mean that the responsibility for ensuring GDPR compliance is somewhat shared and that you have a back up when it comes to ensuring nothing is missed.
Embedding privacy as a core brand value
Consumers are very wary of the way that businesses use their data – recent scandals such as the Facebook and Cambridge Analytica situation have seen to that. If your organisation transparently and purposefully puts privacy at the heart of its business as a core brand value then you will both stand out from the crowd and give your customers another reason to trust you.
The GDPR is not the headache that many people have labelled it – with support from the right software and systems it could provide new opportunities for your business to build trust with your customers going forward. Get in touch with FinanSys today to see how we could help.
Related Articles:
What does Cloud mean for the finance function
Whats is the effect of Big Data on Financial Management Software
How can your Financial Management system help you to process data more efficiently
