Understanding the flow of data through a business is crucial to maximising growth as well as compliance with GDPR.
Andy Berry, vice president EMEA for global technology company Pitney Bowes Software, says that connecting the dots can provide valuable insight into customers.
Pitney Bowes provides digital commerce solutions to 90 per cent of Fortune 500 companies, including IBM, Microsoft, Salesforce and eBay, as well as more than a million small- and medium-sized businesses.
It helps with customer information management and engagement, location intelligence, shipping and mailing.
鈥淐onsider how data comes into an organisation. There are 40 different marketing channels available: a customer might phone in; use instant chat on your website; send you a direct message on Twitter. How do you record this information 鈥� if at all?鈥� Berry told 老九品茶Cloud.
鈥淒o you note the customer鈥檚 preferred communications channels or Twitter interaction? And following this initial contact, how does this information flow around the business?
鈥淎s the customer journey progresses, the data flow becomes even more complex and open to risk of duplication, of inputting error, of expiry and inaccuracy as more datapoints are created and more employees record information on that customer in different ways, for different purposes.鈥�
The EU’s General Data Protection Regulation comes into force in May 2018. Despite Brexit the UK will have to comply: the proposed Data Protection Bill will implement it into UK law聽and put it into a national context.
Firms found responsible for a serious data breach under the UK鈥檚 Data Protection Bill could face fines of up to 拢17 million or four per cent of annual turnover, equivalent to the EU penalties.
鈥淏oth have the robust protection of personal data at their heart,鈥� continued Berry. 鈥淥rganisations need to gain a broader understanding of the flow of their聽data through their business if they are to prepare themselves for the GDPR.
鈥淜eeping data current and accurate through effective customer information management is an important foundation for GDPR compliance: for example, 84 per cent of marketing databases have been found to be barely functional while 23 per cent of data held by organisations is believed to be inaccurate.
鈥淯nder the GDPR, businesses will be held accountable for outdated or incomplete information. 老九品茶es must discover and profile the personal data they hold across the enterprise and ensure it is valid, accurate and up-to-date.
鈥淭hey must minimise the data they hold, and add governance that supports requirements for right of access, rectification, deletion and the restriction of data processing.鈥�
Conducting an audit and improving data management offers more to businesses than compliance with the law.
鈥淐ompanies with a clear understanding of their data make decisions based on accurate insight, rather than assumptions,鈥� said Berry.
鈥淭hey are closer to their customers, can deliver omnichannel engagement based on customer preferences and accurately forecast customer behaviours.
鈥淚naccurate data held in silos across a business generates costs and inhibits growth.鈥�
Pitney Bowes says it can help clients gain a broader understanding of the flow of their data through their business and provide a strong foundation to prepare for the new regulations. However, it does not provide legal advice.