Experian ReportThe Experian Report
New research is starting this months as part of our latest Global Management Research. Experian and Water IQ's new Experian and Water IQ engagement focuses on how customers view the use of water in the context of upcoming GDPR compliancy. The reason for this is that the way companies handle information and its accuracy will have a big influence - not only on how much customers have confidence in them, but also on whether they are able to comply with ever-changing regulations.
We' ve seen three defined user perceptions of the use of information - trustworthy, reasonable and careful. It is good to know that, despite the growing value placed by individuals on their information, their willingness to exchange information is generally improved, but with a reservation. Whereas 22% of users like to give their information when they have confidence in the organization, 42% will only give information when they have the feeling that it has been declared why it is needed.
The way companies handle their information and how transparently it is managed play an important roll in creating attitude and confidence among customers. Research from Research at IQ is identifying the effects of low levels of information integrity across all subject areas and showing how improving information accuracy can help improve customers' own insights and retention.
The study by Daten IQ shows that two third of the enterprises consider themselves to be "very" or "somewhat" ready for GDPR, which means a gratifying increase of 12%. Research also measures how sophisticated firms see themselves in relation to the transfer of information and analysis, from "planning" to "advanced". It is interesting that the comparison of the GDPR willingness with the observed degrees of ripeness seems to mean that perhaps a hole exists in the perceptions how ready the enterprises think that they are for GDPR.
For a large number of enterprises, the basics of information technology are still lacking, with base tooling such as the use of information compression and client information synchronization and improvement of over 20% and 10%, respectively, over the previous year. GDPR on the Datengenauigkeit puts and the right of the individual on entrance, correction and deletion of his person-related dates strengthens with the focus this downwards tendency might creates a Compliance-Lücke.
In order to meet the extended privileges of individuals and higher responsibilities such as SARs and transferability, enterprises need to consider what action they can take to control information integrity. Enterprises should stop seeing good looking information as good. Some organizations are already midway by securing information accuracies, standardizing and eliminating duplicate work.
Enterprises should concentrate on rapidly improving the due date graph of information in order to prevent possible penalties and comply with the time limit. More and more research I welcome, because the better the image we have of consumers' and businesses' attitude, the better we can help our clients find the best way to managing information and meeting legal compliance for them.
The information we have is all indicative of the pace at which consumers' mindsets are changing, and the upcoming regulatory changes mean that next year may be a very different one. I think there has never been such an important moment to give top importance to information accuracy. Click on the below mentioned flag to dive more deeply into the trend revealed by the GDPR report and GDPR format.
Although we can assist companies in preparing for GDPR, please be aware that we cannot provide either legislative or regulatory consulting.