Customer data is one of the most important assets that a business can hold. From personal information such as contact details and purchase history through to insights about customer behaviour, most commercial organisations hold a lot of information and have gained access to that data under the Isle of Man’s Data Protection Act 2002.
The General Data Protection Regulation is a new Regulation (introduced in 2016) which brings clarity to how customer data should be managed and used and is fully enforceable within the UK (since 25 May 2018) with businesses now being expected to be compliant with its principles.
How will the GDPR affect your business?
The problem of unqualified or poor-quality customer data has been a sticking point for businesses for a long time.
Following the introduction of the GDPR, the quality of customer data is now being pushed to the top of the corporate agenda, with brands having to respond quickly to learn and understand the importance of the sensitivity surrounding customer data.
Quinn Legal understand the full impact of the GDPR on today’s businesses. With a GDPR-trained team in place, we’re able to assess what your business must do to become GDPR compliant. Compliance ensures that your business is forward-thinking in terms of respecting customer privacy; in terms of reputation, this will open the door for your organisation to improve market performance.
What is data quality and which factors impact on quality?
Customer data is of key importance in the business world, especially in terms of marketing. Businesses, whether they have dedicated marketing teams or not, should consider good quality contact data as being one of the most significant factors when looking at campaign responses, conversion rates, segmentation and targeting.
Customer acquisition is one of the greatest challenges facing organisations, especially with continual customer turnover. It’s clear that good quality customer data is absolutely key in driving acquisition and minimising loss of customers to competitors.
Many businesses struggle to maintain satisfactory data quality standards, with incomplete or out-of-date customer data often leading to significant losses in revenue.
The following factors negatively affect the maintenance of high quality data:
- Time lapse: With customers inevitably changing their addresses, jobs, preferences, social and legal status, data that was once accurate can become out-of-date in an instant. Updating records is not always straightforward task.
- Data conversion: It’s rare for the data conversion process, whereby data is moved or consolidated from an initial source, to occur without some degradation to the quality of the data during conversion. Even if the conversion itself goes off without a hitch, the source data itself may not have been clean to begin with and therefore, poor-quality data is transferred from one system to another.
- Database consolidations: Despite being of huge importance, it’s sadly inevitable that database merging often takes place under tight deadlines and without the correct understanding of how to carry out the procedure. This can result in poor quality and duplicated data.
- Basic CRM and data management programs: In the absence of a robust data quality software, what invariably happens is that unqualified data is added to poor quality data, using out-dated data entry screens and protocols, resulting in unverified and invalidated data being used and stored.
Key opportunities for your business
Although shrouded in uncertainty for many businesses at the moment, the GDPR actually presents key opportunities for commercial organisations and in our view, is a positive step for firms.
Some of the key GDPR opportunities include:
- Engaging in permission-based marketing
- Becoming efficient in customer data management
- Developing as a data-driven marketing business
It’s highly likely that the GDPR will become the default position for brand marketers, leaving you, as an organisation, with two choices: you can do the bare minimum required to comply with the Regulation or you can seize the opportunity to become a highly effective data-driven marketing business.
In light of the GDPR, it’s essential that at the minimum, businesses improve their systems and processes in preparation for the upcoming enforcement of the Regulation in the Isle of Man.
We can assist with completely bespoke GDPR services, tailored to your business sector and operational requirements:
- Auditing and reviewing your existing policies
- Updating and/or creating a suite of policy documents in line with the Regulation
- Advice on implementing effective procedures
- Certified training for your staff
- Access to a low-cost Online Self-Compliance Portal
More information about our GDPR services is coming soon!
Make an enquiry today
At Quinn Legal we help our clients from day one. Make a free enquiry about the new data protection regulation by calling 01624 665522 or emailing us and find out how we can help with your data protection needs.
Alternatively, you can fill out our handy online enquiry form and one of our team will be in touch within 24 hours.