Data shows that 84% of SMEs are still unaware of the details of the GDPR regulations. If you’re waiting for an incentive, here are the operational and financial benefits of GDPR compliance that will make your business more efficient, secure, responsive and customer-focused.
- Save Cost
The biggest benefit from the GDPR is the resulting ability to cut costs. The GDPR requires you to perform a data mapping exercise. This exercise requires data controllers and processors to maintain a record of processing activities, including type of data, purpose of the data collection, and parties involved. By performing this exercise, you’re likely to discover unnecessary data, like former customers, outdated data, or data you just don’t need anymore. By removing this unnecessary data, you’ll be able to dispose of 30-50% of your data. Less data means lower IT costs and lower marketing costs. By getting your house in order you improve your financial position! Streamlined data can lead to larger profits.
- Targeted Marketing
The GDPR explicitly bans pre-ticked opt-in boxes. Under the GDPR you need to obtain specific opt-in consent from your customers to use their data for certain marketing activities. If you are only contacting those who want to hear from you, your advertising will be more efficient.
- Trusting Relationship
Businesses that are able to clearly and simply explain the purposes for collecting and processing data are in a much better position to build a trusting (and lasting) relationship with their customers. Use your compliance as a competitive strength.
GDPR compliance can help you to cut costs, improve marketing efficiency and build your relationships with your customers and contractors. Don’t view compliance as a burden—view it as an opportunity!
If you have questions about your GDPR compliance or other questions about your business’s legal needs, book a call with our legal team here.