- GDPR requires ‘data minimisation’ – in other words, only collecting, using and retaining what is necessary for processing, and discarding extraneous and expired information.
- Controlling data costs - This is in stark contrast with a ‘gather it all and sort it out later’ or ‘keep everything indefinitely - just in case - because storage is cheap’ philosophies that many businesses have accidentally adopted.
- Dormant data - perhaps more importantly, with the GDPR transformation expected to purge the ‘haystack’ of expired, extraneous information, staff will find the ‘needle’ they are seeking more quickly and be less apt to use outdated information to support decisions. ‘Bad’ data has been seen to leading to an astonishing 15% to 25% loss of income for most companies.
Companies preparing for GDPR should think beyond penalty avoidance. GDPR is a springboard, a process in which companies can transform and build a stronger foundation for both execution and strategy. Businesses should expect to lower the cost of infrastructure and operations and to be able to unlock information to support business decisions. A clear picture of data flows provides insight for improvement, leading to safer, more efficient and less costly operations. BDO expects to see GDPR preparations lay the foundation for organisations’ digital future and assist identifying new growth opportunities, for example through lean data, rather than big data.
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Media contact: RITA ROSEN
Clients & Markets Manager
BDO UAE Office