Turning compliance into competitive advantage
Compliance is the way of the future as we move forward in the digital century. And we should apply it head on. The GDPR was the first, most high-profile data protection and privacy regulation, but it’s certainly not the last. So is there something organizations can do to comply with existing and prepare for upcoming regulations – a way to turn this new reality into competitive advantage?
Compliance in the digital century
In the new report from the Capgemini Research Institute, Championing data protection and privacy – a source of competitive advantage in the digital century, we wanted to assess the current state of play and compare and contrast the characteristics of firms that are compliant with the regulation against those that are not. We found that:
- Compliance is below par – fewer than 30% of companies claim to be compliant with the GDPR
- Achieving compliance is no mean feat – legacy IT systems emerges as the biggest challenge
- Proactive compliance brings benefits – including positive impact on the organization’s revenues, customer trust, brand image, and improved cybersecurity practices.
As companies struggle to meet compliance requirements, they must remember that data protection and privacy is a continuous process that demands proactive and ongoing performance monitoring and improvement. Companies that want to secure a competitive advantage should therefore both promote this mindset among their employees and integrate advanced technologies to boost data discovery, data management, data quality, cybersecurity, and information security efficiencies.