The EU GPDR regulations are due to come into law on May 25 2018 and all indicators point to the fact that there is a competitive business advantage to be gained for companies who are prepared to comply with the new regulations.
Rather than being seen as a burden to businesses, the new law should be seen as a champion for accountability for personal data handling and enhancing individuals’ rights. Organizations and companies that can foster trusted relationships with the public can rely on their secure control of personal information and gain a competitive edge on their competitors.
Companies who manage digital advertising including Facebook, Amazon and Google stand to prosper following the introduction of GDPR. A the same time there general attitude in the sector that companies will face serious obstacles to achieve compliance with the new law. However this may not be the case as the majority of large multinational advertising giants have succeeded previously due to their ability to give their consumers the services and products while respecting privacy. Consequently, regulators will not prevent individuals from agreeing to share data so that must to continue to use these services.
Google, Amazon, and Facebook should have little difficult in complying with GDPR. Their current data handling procedures allows them to foster customer relationships. Additionally they have proprietary ad-tech and plenty of in-house resources that they can use to achieve adherence. These are just some of tools and structures required for winning customers’ trust and consent for collecting personal data. GDPR requires companies to obtain stated consent from the users before processing their data. Google, Amazon and Facebook seem to be well prepared to comply new regulations and should gain a competitive advantage.
GDPR aims force the companies to recognize that privacy is a fundamental human right, rather than threatening the future of digital advertising firms in Europe. Publishers and brands allow transparency in data gathering and attempt to offer consumers options regarding the collection and use of their personal data stand to gain more value and trust. Moreover, businesses that repect the regulatory requirements of the GDPR reduce their regulatory risk.
Preparing for GDPR
Businesses can follow several guideline to prepare for GDPR including:
- Making compliance evident to all visitors to their web portal.
- Show regulators a clearly devised compliance strategy.
- Being aware who is collecting data from their systems and what it is being used for.
- Shying away from tech providers who do not implement data collection and monetization methods that are transparent.
Advertising organizations that can implement first-party data assets and deliver quality to customers will have a huge advantage over brands that rely on third party data sources. There will be a competitive advantage gained by focusing on complying with GDPR, identifying their consumers’ compliance responsibilities and putting processes in place to assist consumers with managing the new regulations.