Get your (GDPR) data act together
In today’s AI-focused world, data is not just the oil that lubricates the engine, it’s really the fuel that fires it. Every brand, big or small, relies on data to run its business effectively and efficiently. Given the plethora of systems and touch points, however, this data is stored in various places within and outside organizations. With the data remaining isolated, organizations continue to have difficulties consolidating and managing it for a single customer view.
Currently, brands collect an individual’s information from their own channels, third-party sources and social properties to augment and enrich customer profiles. These profiles eventually comprise a mixture of structured datasets (such as demographics collected through forms, registrations, purchase transactions, and service calls); unstructured data from social media (following user consent during brand interactions); and semi-structured data (such as location, device ids, and app/web usage analytics.)
Modern companies generally assume they are in compliance with the various guidelines imposed by governing bodies. But truth is, every year new customer privacy and data management regulations are being enacted by various governing bodies, The most recent, the GDPR (General Data Protection Regulation) adopted by the European Union (EU) affects not only businesses in EU countries, but all countries that deal with profile data of EU citizens. According to GDPR, consumers can demand access to their profile data collected by brands, edit or delete information, and even opt out of specific brand communications.
What does this mean for your brand?
To comply with this Act and to be able to share the required information with consumers on demand, every brand must first consolidate its data sources, process them to identify individual user profile data, and see the single source of truth about the customer.
In essence, all law-abiding entities are being forced to review and adapt practices relating to data capture and storage. For most, that means an entire overhaul of their processes and practices.
Salient points of the GDPR for brands
The crux of GDPR revolves around customer data protection and privacy. Towards this objective, it first mandates that every business must gather “explicit consent” from customers against each specific activity for which they want to use the data. Second, it empowers customers with the “right to be forgotten” and have their data removed from IT systems and even test environments. Third, it enforces all IT systems and technology to be “privacy ready” by design to ensure security, reliability, and scalability.
Resulticks is one of the few global martech solutions that complies with GDPR through its strategy, architecture, and implementation. Contact [email protected] for more on GDPR, Resulticks, and the regulation’s impact on marketing within your industry.