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GDPR Beyond May 25, 2018: Summary

Executive Summary

The General Data Protection Regulation (GDPR) will go into effect on May 25, 2018, fundamentally strengthening the rights of individuals in the European Union (EU) to control their personal data. While GDPR presents a significant challenge for organizations that collect data from EU residents, it also offers strategic opportunities for innovation, improved customer relationships, and enhanced brand reputation. This report is not a compliance guide but rather an exploration of the broader implications of GDPR on global business practices.

Core Content

GDPR is a comprehensive regulation that governs the use of personal data by all organizations operating in the EU or processing data of EU residents. It aims to harmonize existing EU privacy laws and return control of personal data to individuals, referred to as "data subjects."

Key Changes in GDPR

• Territorial Scope: GDPR applies to any organization that processes the personal data of EU residents, regardless of where the organization is based.
• Penalties: Organizations that violate GDPR can be fined up to 4% of their annual global turnover or €20 million, whichever is higher.
• Consent: Consent must be clear, explicit, and informed, with the right to easily withdraw it.
• Rights of the Data Subject: Includes the right to access, explanation, erasure ("right to be forgotten"), objection to data profiling, data portability, and privacy by design and by default.

These changes have far-reaching implications for security, compliance, legal, marketing, operations, product development, and customer service.

Opportunities for Global Business

GDPR presents a transformative opportunity for global businesses, not just as a compliance requirement, but as a catalyst for innovation and trust-building.

Key Opportunities

• Improved Data Quality: By requiring verified and accurate data collection, GDPR can lead to more reliable insights, better ad targeting, and more relevant marketing campaigns.
• Innovation: GDPR encourages the development of data-enabled products and services, allowing for more personalized and tailored experiences.
• Brand Reputation and Trust: Trust is a major factor in consumer decision-making. GDPR can help rebuild trust, leading to stronger customer loyalty and positive brand perception.
• Customer Co-Creation: With greater transparency, consumers can actively participate in the development of products and services they use.

Recommendations

Organizations should not only focus on compliance but also on the strategic benefits of GDPR.

1. Reset Trust with Customers and Constituencies

• GDPR provides an opportunity to enhance brand voice and communication through more transparent and human-like consent processes.
• Example: Pinterest uses clear and simple language in its Terms of Service to explain data usage.

2. Actively Seek Opportunities to Improve Data Quality

• High-quality, verified data can lead to better customer insights, more effective marketing, and higher conversion rates.
• It allows for real-time data collection and more accurate analytics.

3. Begin Planning for Data-Enabled Product, Service, and Business-Model Innovation

• GDPR encourages the development of new business models that are centered around data.
• Example: John Deere redefined tractor ownership as an implied license for data use, though this model is controversial.

Conclusion

GDPR is not just a regulatory change, but a shift in the relationship between organizations and individuals. It represents a chance for companies to innovate, improve trust, and redefine their approach to data. While the initial focus is on compliance, the long-term impact could reshape how global companies handle data and engage with customers.

Endnotes

• GDPR is rooted in the OECD Guidelines on Privacy and has been a long-standing priority in the EU.
• The regulation has significant implications for global businesses, with many U.S. companies prioritizing GDPR readiness.
• Open Research principles apply to this report, which is fully funded by Altimeter, a Prophet company.

Methodology

This report is based on expert interviews, market insights, and secondary research including books, articles, and news. It draws on contributions from a variety of industry experts, academics, and technology providers.

About Us

• Susan Etlinger is an industry analyst at Altimeter, focusing on data strategy, AI, ethics, and trust.
• She has been recognized as a LinkedIn top Voice for Technology and has delivered a TED talk on Big Data with over 1 million views.

How to Work With Us

Altimeter offers:

• Strategy Consulting for AI and data strategy.
• Education and Workshops to help executives and practitioners understand and leverage digital trends.
• Advisory Services for ongoing research and strategic support.

Contact: sales@altimetergroup.com.