1 General Data Protection Regulation Student's Name: Unit Name: Unit Code: Instructor: Due Date: 2 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 3 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). 4 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. 5 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.