Complying with privacy laws can be very advantageous for business organizations even though it can seem like a cumbersome and time-consuming process. Along with the mitigation of financial risks and lawsuits that accompany such compliance, research conducted by Cisco shows that the right investments in General Data Protection Regulation (GDPR) Software can increase sales and output as well. You can read all about this in the Cisco 2019 Data Privacy Benchmark Study, which surveyed more than 3000 security professionals across 18 countries. Businesses that have invested in GDPR compliance software can enjoy the unique business benefits that come along with GDPR compliance and also avoid the hefty fines associated with non-compliance. Here is a list of these business benefits.
1. Strengthen Data Security
GDPR compliances strengthen the foundations of your data security framework. Data breaches and system downtime are very expensive and can cost your organization a lot of money and time. That is why businesses cannot be lax with their security systems anymore. With a GDPR in place, you have to establish an IT security strategy and establish proper control over your entire IT network. According to the aforementioned study, companies that were most compliant with GDPR experienced a significantly lower number of data breaches than companies which were least compliant. This kind of stark contrast in the numbers illustrated the importance of GDPR compliance. In financial terms, only 37% of GDPR-compliant companies had a loss of over $500,000 in the last year while 64% of non-compliant companies suffered the same losses.
2. Improve Business’ Sales Cycle
By complying with GDPR, companies project an image of transparency and trustworthiness. According to Forbes, this lends credibility to your organization and prospective customers are very attracted to this. Also, GDPR compliance allows your organization to get rid of unnecessary information and respond to client requests more efficiently. Also, this will allow you to know your prospective client demographic well and will enable you to use targeted marketing strategies. All of this will result in a higher Return-On-Investment (ROI) and will improve your business’ sales cycle. GDPR-compliant companies can enjoy the benefits of a shorter sales cycle, as established by the aforementioned Cisco study.
3. Cost-effective Maintenance
Complying with GDPR will enable your organization to get rid of any data inventory software and legacy applications that are now not required. If you follow the GDPR mandate and keep your inventory updated regularly, then you can save a lot of money by cutting back on maintenance costs. By consolidating your databases, eliminating redundancies and removing inconsistencies, you will be able to enjoy the benefits of cost-effective maintenance that come along with GDPR compliance. You will also be free of data and infrastructure maintenance costs that you may have incurred otherwise.
It is not a good idea to look at the GDPR like a regulatory compulsion anymore. You can align your business and technology needs within the mandated regulatory framework by investing in the right GDPR software solution. All you need to do next is enjoy all the business benefits that come along with GDPR compliance.