From our tracking survey talking to hundreds of different companies we are finding 3 worrying discoveries:
1) 83% are worried about making the most of their data and customer knowledge to either protect or create extra revenue and profit – they’re overwhelmed by growing data volumes coming from ever increasing touch points
2) They’re concerned about increasing legislation & financial penalties around data governance and data protection (remember Talk Talk, Tesco, NHS, Mumsnet, Ashley Madison?) – they’re starting to question whether they’ll be ready for enforcement of the new GDPR (general data protection regulation) and e-Privacy laws by May 2018
3) They would like an external expert to help them ‘see the wood for the trees’ and ‘overcome entrenched internal positions’ that can frustrate objective progress & speed of delivery… and even lose you money.
Irrespective of Brexit, GDPR is now confirmed UK law and the biggest shake up for over 20 years on organisations’ responsibility for data they hold on end user customers or prospects in the UK & Europe.
This is no longer just a departmental issue and Boards can no longer defer accountability.
From now on, absolutely the responsibility for data collection, processing, security & usage lies with the Board; as it should in reality, because a dynamic data strategy will create net extra P&L GP and ‘intangible asset’ Balance Sheet value.
There are a number of important changes that require immediate attention because they will take a while to get right (the What, Why, Who, When & Where of data husbandry).
GDPR infringements will likely attract huge fines (up to a whopping 4% of turnover, that’s £40K per million turnover!) PLUS potentially massive, instant reputational compromise, all of which would be extremely damaging.
Our ‘double-whammy’ offer benefit is this – hands on consultancy towards NOT ONLY a health sense check on data compliance BUT ALSO new revenue & profit nugget discovery (TBDA’s 5 Stages of Data process to discover profit gaps).
This initial ‘health check’ is a critical action to take for Q1 2017 in order to scope the task and necessary resource activation for delivery, ahead of time, without tears and ‘last minute’ / ‘left too late’ premium costs that would become inevitable and substantial.
With the looming enforcement of GDPR & ePrivacy legislation for all organisations collecting & using end user data, there has never been a better time for a reality-sense-check by external experts on overhauling your data and customer knowledge assets across your whole organisation.