Regulations: Making sure your data doesn’t become a liability

Data may be your organisation’s greatest asset, but it can quickly turn into your greatest liability. Regulators around the world are tightening their grip on the way data is collected, stored and used. Fall short, and you’ll face significant reputational and financial damage. Yet, as our data leaders show, it is entirely possible to meet regulatory requirements and still extract tangible value from your data assets. The key is that these organisations don’t see regulations as a threat – they see them as their North Star.

How can you push ahead with your data commercialisation efforts while still ensuring regulatory compliance?

Today, there is a rich tapestry of international regulations to consider. Before you begin to commercialise your data, you must understand the requirements in each jurisdiction.

We set out the three habits that help data leaders stay on top of regulatory requirements and ultimately pull ahead in the Big Data Race.

They don’t see regulations as a tick-box exercise

Data leaders and laggards have taken equal measures to comply with the GDPR. Both assessed their customer journey and marketing consent processes. They told customers about the data they collected and how it was used. And they put in place procedures to spot and respond to breaches. The difference is that laggards did these exercises largely because the regulations forced them to do so. Leaders, meanwhile, were more motivated by how these efforts could also help them build trust with customers and better commercialise their data. That not only helped them develop effective communication strategies, it also informed the design of their customer journeys and products.

They keep privacy front of mind

Data privacy is a rapidly changing area and one that will become one of the biggest battlegrounds over the next decade. Data leaders are making concerted efforts to keep track of developments in this area. Just 37% of data leaders say they need to significantly increase their understanding of data privacy regulation (Fig. 1). Interestingly, they are also investing in digital technology to ensure compliance. In our study, 48% say they’ve recently updated the software they use to adhere to privacy regulations. Just 27% of laggards have done the same.

They know their data landscape

Our research reveals that data leaders have a strong handle on how data flows across their organisation. Just 39% say they need to improve their understanding of this, compared to 52% of laggards. This is critical, not least because the GDPR requires organisations to maintain records of data processing. It also promotes better data security, helping you reach the right decisions about which data assets to protect and how to apply this protection. It also ensures you can efficiently deal with individuals’ data requests, including requests to access copies of data or to erase data.

So, how do your data commercialisation efforts measure up?

Take our benchmarking tool to find out, and to access exclusive recommendations on how you can win The Big Data Race.

Return to The Big Data Race homepage to find more exclusive insights on data commercialisation.