Dec 20
How do I justify the cost to invest in a privacy management system?

How do I justify the cost to invest in a privacy management system?

Many privacy professionals have understood the benefits of leaving spreadsheets behind to invest in a privacy management system. But it can still be tough to justify the cost to upper management. Whilst ROI can be hard to define and measure exactly, here are some other key benefits: 

  • You’ll understand the flow of data in your organization; where it sits and how it’s used, and improve its accuracy and management. This will help leverage changes that come along with digital technologies.
  • Instant access to cleansed, accurate, secure data will transform your business’ processes and increase productivity. You will no longer have data that is spread out in different silos across an organization. You will improve collaboration, streamline processes and increase productivity. Your staff will spend less time searching for information.
  • You will minimize inaccuracies and errors. When you hold your data in various records across an organization, it’s hard to see whether an entity is one and the same. If the same individual is referred to in different ways, the result can be duplicated records and incorrect information. It will be hard to deliver a good customer experience.
  • When you give customer-facing employees access to the right data, you give them the tools to deliver a great customer experience. They’ll have the right information at hand. Customers won’t have to repeat their information across different channels.
  • When you connect customer data across every part of your organization you’ll win a comprehensive, 360-degree view. This means you can identify relationships and find hidden opportunities.
  • Your customers’ personal data is their most precious asset. If your organization invests to protect and secure it, you’ll build their trust. They’re more likely to stay loyal.
  • If you remove the need to go through silos of data, it means swift access to accurate data. This makes your organization agile and responsive, whether it’s when you respond to internal queries, customer or regulatory requests. You can also react quicker to changes in market conditions.

Time to investigate other solutions

GDPR is no longer an urgent deadline-driven project. There is plenty of time to investigate solutions that will work in your favour when it comes to data privacy. If you still use spreadsheets, think again about to invest in a privacy management system and how it can generate business opportunities.

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