Around the world, national and regional governments are passing new consumer data privacy laws designed to reinforce consumer data protection. The EU’s Global Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and other regulations are being implemented in response to citizens’ concerns about their loss of online privacy and the steady pace of data breaches affecting companies in all industries.
These laws give consumers expanded rights to review personal data being collected about them, to correct that data if it contains errors, and to have the data deleted or transferred upon the resident’s request.
To comply with the numerous regulations being enacted across the globe, businesses need to modernize how they handle consumer data. Specifically, they need to discover what consumer data they have, catalog the data, integrate the data, manage the data, decide what data to keep, and decide what data to delete. And they need to build new business processes to present that data for review by consumers who request it.
The Business Benefits of Consumer Data Privacy
Fortunately, there are significant benefits to better-managing consumer data. They include gaining better insights into customer requirements and behavior, as well as demonstrating to the public that your organization takes data privacy seriously.
Consumer data privacy is a serious matter. Over half of U.S. adults have decided to avoid using certain products or services because of data privacy concerns. You don’t want to have customers shun your business because of lax data privacy controls.
Proper data management also provides opportunities to better understand your customers. According to McKinsey, businesses that take full advantage of the insights available in customer data can achieve:
- 85% growth beyond competitors
- 25% growth in gross margins
The evidence is clear: taking consumer data privacy seriously helps businesses reduce regulatory risk and protects their reputations and profit margins. These are all good reasons to invest in integrating and managing consumer data in your organization.
Data Privacy Compliance with the Boomi Platform
To comply with data privacy regulations and make the most of their customer data, companies need a platform that gives them greater visibility into and control over their consumer data. A solution like the Boomi Platform integrates customer data from all available data sources. When all customer and business data is unified in a centralized location, companies can:
- Discover all the customer data they have.
- Catalog customer data, providing an up-to-date, comprehensive understanding of which data is in which locations.
- Rationalize customer data, keeping only what is necessary, and deleting what is superfluous or obsolete.
- Anonymize data to preserve records for analysis or compliance without holding onto unnecessary personal data.
- Deliver data securely to any customer who requests it.
- Delete data if requested to do so by the customer.
- Capitalize on the data they’re keeping, so they can better serve their customers.
The Boomi Platform helps organizations ensure compliance with consumer data privacy requirements by offering capabilities for discovering, cataloging, integrating, and managing data across an enterprise.
Consumer Data Privacy and Strategic Growth
Our new Consumer Data Privacy infographic presents a high-level overview of the stakes and rewards involved in addressing these new data privacy regulations. View and download it here:
For more information on how you can make data protection a priority by building it in from the start, read the Boomi and Slalom eBook “Growing Profits and Achieving Compliance With Privacy by Design.”