GDPR: Don’t Fear the EU’s Regulations, Embrace Them
Even for companies who don’t directly operate inside the European Union, it is important to be aware of GDPR—a new set of data protection laws set to be enacted in just one week. However, it’s also important to keep fear out of the equation when preparing for GDPR—this isn’t the end of the world.
Instead, GDPR is an opportunity to do right by customers, and to globalize responsibly.
The truth is, the EU’s new regulations will have minimal impact if you have been diligent in operating your business. Sure, there will still be mandatory things that need to be done—things that technologies like SAP SuccessFactors can help accomplish—but if you are doing the right things already, there won’t be much change.
GDPR is Much More Than a Compliance Headache
It’s human nature to react negatively to changes at first. There is always a misconception about new things—that they are something to be feared, and the understanding of value comes later. Instead of looking at how GDPR impacts our business processes in the immediate future, we can also look at how it may positively impact our customers, and ourselves.
There’s no doubt in my mind that businesses will adapt—GDPR is in its infancy. Soon, European citizens and eventually all of us will receive the benefits of data protections.
Additionally, while you might be focused on any headaches that may come along with increased data privacy regulations, also look at how it might prepare your company for future growth. If you are going to globalize, you’ll need to be able to handle different data laws across different countries.
If you are already prepared for the strictest data protection laws out there, then you’ll be a step ahead when looking to expand beyond new borders.
Don’t Fall into Y2K Hysteria
In talking to customers and observing the market, I’ve been reminded lately of the hysteria surround Y2K. Back then, companies feared the worst as to what would happen to their systems when the dial rolled back to ’00.’
Many played on those fears to great profit. I see it happening again with GDPR—some have sensed the confusion around the regulations and instead of offering up simple solutions, they are trying to sell bundles of complicated (and pricey) services.
For me, that’s not good business. A good strategic partner like /N SPRO will guide you through the GDPR process in a way that best works for you. Education is important, and so is tapping into your own internal capabilities and expanding from there.
It’s Not Too Late to Comply with GDPR
The implementation date for GDPR is close, and at this point if your company hasn’t completely prepared to comply with the regulations it may feel like it is too late. However, I’ve seen the EU accepting roadmaps for GDPR compliance by the end of the year. There’s still time.
Put together a GDPR timeline, commit to it, and be ready to show your work. Remember—GDPR isn’t out to get you. In fact, if embraced and addressed properly, it can be of great benefit to yourself and your organization.