GDPR is here! The fear and anxiety have subsided. You’re ready to move beyond compliance. So, now what?
The core intent of the recently enacted EU regulation is to protect personal data and give EU individuals ultimate control over how it’s used.
However, many C-level leaders are finding out they now have more control over customer data, too — and it’s translating into real benefits for their business.
Here are three ways you can extract more business value from all the work your people put into GDPR compliance. Take a look:
- Build Trust — Trust is a key attribute of any customer relationship. It’s the one thing that builds loyalty more than anything else. So, how can GDPR help? It’s simple. A recent Forbes article by Accenture contributor Steve Culp notes that building customer trust comes down to “transparency” and “giving customers control” — both of which are byproducts of GDPR. For example, when customers can choose which channel, when, and what they are willing to communicate with a business about, they are more likely to engage with you, buy your products, and tell their friends and family about it.
- Sell More — GDPR should not be thought of as an isolated or siloed effort focused on data protection only. The information companies have on their customers combined with new technologies like predictive analytics that use statistical and machine learning capabilities to better anticipate outcomes are leading to faster sales conversions and increased revenue. For example, salespeople can make just the right offer at just the right time by analyzing past customer behavior and actions to predict future buying patterns. See how predictive analytics is helping companies improve other customer-facing processes, including fraud detection and campaign optimization, in this Insider’s Guide to Predictive Analytics.
- Innovate at the Edge — According to a recent TechCrunch article, companies can turn GDPR-derived insight into innovation using artificial intelligence. The reason: The effort that companies have put forth to comply with GDPR has resulted in better infrastructure, more centralized access to data, and improved processes that can actually lower the adoption to AI, according to the article. The newly existing data sets can help inform AI roadmaps and identify data gaps that need to be filled in the future. Read the complete TechCrunch article to learn more.
Don’t let GDPR hamper your business. Instead, use it to improve customer relationships, drive more revenue, and open up innovation at your company today.