The General Data Protection Regulation (GDPR) will take effect on May 25, 2018. Yet, most business owners and managers in the U.K. remain clueless on how it would affect their businesses.
The need to comply with the legislation will drive demand for data cleansing companies, such as INEO. Up to 75 per cent of customer data on marketing databases will become unusable post-implementation. This is according to a W8 Data report.
The report showed that just 35 per cent of companies regularly use data cleansing processes. That means an increased activity before the GDPR’s effective date will not be surprising.
However, scrambling to meet compliance will not be easy. It will be important to ensure quality and maintenance for opted-in data, said W8 Data Director Dave Lee. If companies fail to do so, that’s when data becomes useless. One in every three marketing campaigns has focused on gathering consents. However, it comes at the risk of neglecting a brand-building initiative as well as acquiring and retaining customers.
The GDPR seeks to streamline data protection standards in Europe. Although, over 50 per cent of companies are yet to determine the consequence of non-compliance, according to a Sophos survey. The poll based its findings from insights of IT experts, who advised firms to prepare as early as now.
The consequences of postponing this process will not only harm your reputation. It will also require you to pay a hefty fine. This penalty will account for 4 per cent of your company’s annual revenue or up to â‚¬20 million, whichever is higher.
Your business is likely part of the majority of British companies that still find it difficult to understand the GDPR. If that is the case, consult data cleansing companies. It will be useful in avoiding any potential issue with failing to comply with the new regulation.