How can companies benefit from GDPR?

If you thought that GDPR is all about providing more rights to data subjects and that it's about making it difficult for companies to run businesses then you have not understood GDPR fully.

Whether you consider GDPR as an opportunity or as a threat depends on the level of preparedness and your positioning.

From my point of view GDPR creates a level playing field for all and thereby helps smaller companies or new entrants.


How can companies benefit from GDPR?


Some random and disconnected examples of benefits for companies are provided below

  • Companies that plan to build next Facebook or LinkedIn have better chances of getting existing user data from those platforms into their platforms. How? By ensuring that their platform can consume data from Facebook or LinkedIn easily, and informing people about their right to data portability and giving them incentives to exercise that right. 
  • Companies can now compete in the market not just based on pricing but also based on "data minimization" i.e. companies can offer equal or better service than competitors with less personal data requirement. 
  • Auditing companies will take this as an opportunity to come up with GDPR compliance audits.
  • Consulting and IT companies will be engaged to ensure GDPR compliance in organizations across the world.
  • Lawyer (legal) firms will be in demand. DPOs will be in demand. 

Related Posts

What is GDPR see What is GDPR?

How do I as a data subject benefit from GDPR? See How do I as a data subject benefit from GDPR?

For all posts related to GDPR see - GDPR



Disclaimer : I am not a legal expert nor a certified GDPR consultant (not sure if there is one certification yet). I am a data enthusiast (and now GDPR enthusiast) and I like to envisage, conceptualize and design solutions for real problems. All posts related to GDPR are only to present my understanding and to start a good discussion with the audience. As every business is different please consult legal experts to understand obligations specific to your company. For official documentation check the official website - https://ec.europa.eu/info/law/law-topic/data-protection/data-protection-eu_en .

Comments

  1. James Anthony28 July 2021 at 15:38

    A GDPR consultant helps companies understand and properly comply with the General Data Protection Regulation for the European Union. A good GDPR consultant is an expert in GDPR who assists and guides businesses in their quest for complete compliance. Know more from https://www.teamworkims.co.uk/gdpr

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