Bad data is bad business. Indeed, organisations believe poor data quality to be responsible for an average of $15m each year in lost earnings, according to research by Gartner. Here we reveal the cost of bad data and why it might be time to clean up your act.
Last year saw a scramble towards compliance as the deadline approached proving that many organisations were unprepared for the new obligations that GDPR placed upon them. In many cases, there was confusion over the appropriate course of action to take.
So where are we now?
The GMA and the Data Protection Network have teamed up with global privacy management software providers, OneTrust, to bring you an exhaustive summary of the industry’s experience since GDPR came into force.
Our free report: ‘GDPR: 1 Year On’ covers a wide range of topics, including analysis of:
- Actions taken under GDPR so far
- Common problems and misinterpretations
- GDPR’s impact on marketing efforts
- The biggest compliance challenges
- The best approach to achieving GDPR compliance
- ICO enforcements and how worried organisations should be
- ePrivacy and Brexit: the next compliance challenges
What’s clear is that the industry is continuing to find its way when it comes to GDPR, data governance and the broader issue of data ethics:
“Companies have business strategies, sales and marketing strategies, facilities, IT strategies and more. But today, data and customers are symbiotic and a strategy to ensure you have the right data – that you manage and use in the right way – one that is underpinned by data ethics, is essential.”
The regulation has gone some way to exposing the immaturity of the data driven industry when it comes to data protection and governance. Organisations have struggled to adapt to the evolving legislative landscape and the needs – indeed demands – of consumers. It’s perhaps no wonder that an August 2018 survey by Dimensional Research highlighted that only 20% of UK companies believed they were GDPR compliant, while 53% were in the implementation phase and 27% had not yet started their implementation.
The lack of understanding and awareness has left many marketers and organisations in a state of uncertainty.
“…There is so much conflicting advice out in the marketplace. A whole new industry has sprung up capitalizing on the fear around compliance especially from those making a lot of money from it, such as consent platforms, consultancies, lawyers etcetera, that it has created a confusing landscape, which has resulted in an abundance of expenditure and caution.”
Karie Burt, Vice President International at multi-channel marketing solutions provider MeritDirect.
In the lead up to – and immediate aftermath of – GDPR widespread panic ensued as organisations deleted legitimately sourced contacts:
“…many companies “burnt” a high percentage of their email lists without any need. Some reported of reconfirmation rates between 10 and 20% only and thus lost the majority of their mailing lists, although they had collected opt-ins fully compliant with GDPR before already.”
While confusion still lingers, companies are starting to get to grips with the legislation. But are they ready for the next big privacy law: ePrivacy? According to research by the DMA, 88% of marketers are aware of the ePrivacy regulations. Awareness is one thing; understanding is another. Certainly there are plenty of lessons to draw from the GDPR experience, as this report demonstrates.
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