Top 3 ways a Customer Data Platform can help with GDPR compliance
Our inboxes started filling up with messages from mailing lists and online retailers asking if we still wanted to hear from them ahead of GDPR, which came into force on May 25th 2018. The new law requires organizations to make significant changes to the way they collect and store EU citizens personal information and has been described as ‘the most important change in data privacy regulation in 20 years.’ Even in the U.S. where it is not a requirement, there have been calls to extend the protection offered to European citizens.
Making these changes is not simply a matter of compliance. The basis of any relationship or transaction, between a business and its customers, is trust. We don’t buy from businesses unless we trust that they will keep our personal information and credit card details safe. This new era, where the currency is trust, is described as the ‘trust economy’. For businesses, anything that dents that trust has a big impact. Data leakage is a headline grabber and rightfully so. Clients and customers place trust in the systems and due diligence is undertaken by companies to protect personal data and privacy online.
Having the right technology in place is a step towards complying with the GDPR and therefore maintaining consumers’ trust. Customer Data Platforms (CDP) integrate detailed customer data gathered from disparate sources across organizations – into a single, unified platform. While marketers typically use a CDP to understand how their customers interact with the business in more depth and analyse marketing campaign performance, another important use case is regulatory compliance and data protection.
Here are three key ways a CDP helps comply with the GDPR:
1. Requests to access data, and the right to be forgotten
Individuals have the right to request a copy of all the information a business holds about them, or to have that information deleted. Under GDPR, businesses must complete these ‘Subject Access Requests’ within a month (a shorter timeline than previously) and can no longer charge individuals to do so.
Without a unified repository for all your customer data, the task of manually trawling through various systems to obtain information about a single customer is daunting. Being able to search through a single system vastly simplifies and speeds up this process, making it easier to meet regulatory deadlines.
2. Recording when and how consent to be contacted was given
GDPR requires companies to clearly document when users are consenting to be contacted and what they are consenting to. With a CDP, they have increased visibility and understanding of the customer journey, helping businesses pinpoint how and when consent was obtained.
3. Accountability and demonstrating compliance
Organizations not only need to comply with the new regulations but need also to demonstrate that fact. A CDP helps meet this requirement by providing an easily accessible and centralized repository of data and information about how it is collected, from which detailed records can be pulled if needed.
Fospha’s market-leading CDP helps you meet these three key GDPR requirements and maintain your customers’ trust. We are GDPR compliant as standard, and our dedicated data protection team gives you the peace of mind you need to focus on growing your business.
Fospha’s simple, self-service dashboards and reports allow you to easily dive into the data, and unlike other providers, we can start from scratch to deliver you insights in a matter of weeks, not months.
This is a trust economy and our customer’s trust is paramount.
Fospha provides its clients with an accessible, centralised, and actionable data platform. Our solution can seamlessly integrate disparate performance data siloes and present clients with a comprehensive – and most importantly – accurate picture of their marketing performance. By combining MTA with an extensive list of different datasets, Fospha provides a single interface where clients can understand how buyers are interacting with their brand, understand where they’re getting the best return on investment, and optimise their marketing strategy accordingly.