Data is more important than ever – and so how we store and use data is under increasing scrutiny.
In a way, the last 15 years have seen a kind of ‘data wild west’ where companies could collect, use and store data in any way they like without worrying unduly about the consequences.
But with increasing interconnectedness and analytic power in big data, the value of data has risen dramatically and now companies must show that this is being stored securely and that the ownership of this data resides with the consumer – and not solely with the company who happens to be holding the data.
This is part of the process that has led to GDPR and steps taken by regulation to ensure that Customer data is being stored both securely and in a well governed structure that ensures a Company can respond to a Customer’s request to view, amend or completely delete the data held about them.
GDPR is likely the first step here in ensuring that the value of our data is respected and this is not left vulnerable to misuse.
In a way this is not new for the CRM world, as this is mandating that we hold our data in a more customer-centric fashion and place the customer at the heart of how we store their data – but to be compliant we must understand GDPR and the requests this places on us.