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General Data Protection Regulation
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General Data Protection Regulation (GDPR)
Advantages
Promotes Operative Marketing Approach: Promoting an effective market strategy
is a primary goal of GDPR (Voss, W. G., et al., 2019). It acts as a stepping stone that business
corporates require to maximize their profits. With the rules and regulations of GDPR, data
accuracy, confidentiality, and data structure have changed. Therefore, business corporates do
not require data auditing; thus, saving an organization time and unnecessary expenditure
since they will only engage with customers interested in their advertisements.
Enhances Data Organization, Accuracy, and Security: Managing, sorting,
organizing, updating, and securing vast amounts of data in an organization is tedious and
consumes a significant amount of time. However, an individual cannot evade these tasks
since they are the main rules in an office that must be complied with. Therefore, GDPR
comes into play to mitigate these problems by refining an organization's management system;
thus, ensuring a fast and efficient way to manage office tasks.
Enhances Customer Retention and Relationships: Complying with the GDPR rules
and regulations enhances the customers' confidence which is vital in creating long-lasting
business partnerships and relationships (Albrecht, J. P., 2018). Enforcement of GDPR in
businesses promotes transparency as customers will keep an eye on their data usage, thus
eliminating the potential confusion that may arise. Consequently, GDPR enhances customer
loyalty, which is an essential priority, particularly for organizations that engage with clients
daily, such as maintenance trade.
Promotes Business Reputation: For businesses to maintain their competitive market
advantage, there should enhance their reliability which is the top priority quality for business
corporates. Therefore, GDPR serves as a tool for businesses to showcase their potentiality
and professionalism to their long-term and short-term customers. Compliance with the GDPR
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enhances the clients' confidence since they have control of their sensitive data and the
business is reliable.
Promotes Technology Advancements: To match the rules and regulations of GDRP,
businesses must incorporate ways to manage vast amounts of data fast and more efficient.
Therefore, companies integrate technological advancements such as cloud computing and
networking. Combining these technologies enables an organization to make a significant step
ahead of its competitors. Incorporating third-party tools keeps a trail on digital foot splints of
data; thus, minimizing security breaches (Li, H. et al., 2019).
Enables Businesses Pull in the Right Direction: It is difficult for new organizations
venturing into business paths to make the right decision to enhance sound performance;
therefore, GDPR is the stimulus for new organizations. The GDPR incorporates many
principles such as decision-making that enhances success for a compliant organization.
Disadvantages
It is Costly: This is the major drawback of GDPR integration since it requires many
resources and consumes a lot of time (Marotta, A. et al., 2021). For an organization to
comply with the rules and regulations of GDPR, companies must update their policies. With
the significant amount of data from European Union citizens, an organization must employ a
Data Protection Officer; thus, an added expenditure on the company. Additionally, more
security features are necessary for the company's system architecture, adding tasks for
software developers imposing more expenses on companies.
Massive Fines on Non-Compliant Organization: This is also a significant concern
of GDPR. Due to GDPR's many requirements, small and large enterprises cannot promptly
comply. Therefore, these non-compliant organizations attract fines. According to the global
annual report, companies get fined up to 20 million Euros yearly for not complying with the
GDPR rules and regulations (Ryz, L., & Grest, L., 2016).
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In a nutshell, the GDPR is a governing body and helps businesses grow. The growing
amount of data have been a big concern for all enterprises, and managing it becomes stressful
and time consuming without the appropriate strategies. Therefore, organizations should
embrace the GDPR strategy to render the businesses a long-lasting success.
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References
Albrecht, J. P. (2018). How the GDPR will change the world. Eur. Data Prot. L. Rev., 2, 287.
Li, H., Yu, L., & He, W. (2019). The impact of GDPR on global technology development.
Journal of Global Information Technology Management, 22(1), 1-6.
Marotta, A., & Madnick, S. (2021). A Framework for Investigating GDPR Compliance
Through the Lens of Security. In International Conference on Mobile Web and
Intelligent Information Systems (pp. 16-31). Springer, Cham.
Ryz, L., & Grest, L. (2016). A new era in data protection. Computer Fraud & Security,
2016(3), 18-20.
Voss, W. G., & Houser, K. A. (2019). Personal data and the GDPR: providing a competitive
advantage for US companies. American Business Law Journal, 56(2), 287-344.