IBM’s “The end of the beginning: Unleashing the transformational power of GDPR” delves into the General Data Protection Regulation’s (GDPR) potential for business transformation. It argues that GDPR, rather than being a compliance burden, can be a catalyst for innovation and a competitive advantage.
GDPR’s stringent data protection requirements necessitate a comprehensive understanding of data, leading to improved data governance and data-driven insights. Enhanced trust and transparency, stemming from GDPR compliance, can also strengthen customer relationships.
The paper suggests a three-step approach to leverage GDPR for business transformation: establish a GDPR programme, build a data governance strategy, and foster a data-driven culture. IBM recommends that organisations should not only focus on compliance but also utilise GDPR as a strategic tool to enhance their business operations and customer relationships.
Moreover, the paper highlights that GDPR compliance is not a one-off task but rather a continuous process requiring ongoing commitment. It also emphasises the need for collaboration across different business functions, including IT, legal, marketing, and human resources, to ensure comprehensive GDPR compliance and to unlock its transformational potential.
It’s noteworthy that, according to an IBM survey, only 36% of organisations view GDPR as a chance to transform their approach to data and privacy, suggesting a significant untapped potential.
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