/ 0 Comments /in Blog /by Semarchy
By Aaron Machej
The EU has imposed new legislation on data protection giving people more control over their personal information including the right to be forgotten online. It aims to give citizens back control over their data. It also means companies could face huge fines for breaching the new law.
In addition, individuals must be notified in a comprehensive manner if their data is to be processed and or transferred to another service provider.
What is the time frame?
Simply put the regulation, which was adopted this year, comes into force in 2018. This does not leave much time for businesses to assess solution options and figure out which ones could benefit the broader business at the same time.
Is Master Data Management (MDM) the answer?
In a recent conversation, MDM/RDM (Reference Data Management) was described to me by a client as being the table that supports the rest of their information management infrastructure.
MDM can help in tackling the issues imposed by GDPR regulation. And at the same time, it can bring a vast amount of additional value to an organisation.
Broader Business Value (The Golden Record)
General operational value. MDM offers rapid access to accurate information within a business
Data quality. Your golden record will be made up of the best data from multiple sources. At the same time, you will be able to have visibility of data that does not make up the golden record.
Data Governance. Now you can see all of your data in one place you can control and manage its use across the business.
Business Intelligence. Better data, better reporting, better and more profitable decisions.
Customer service. I could go on for an age about this but will choose just to say customer service improvements = X,Y&Z
Targeted and accurate marketing. Which is a particular bug bear of mine (get it right often and I will open marketing emails). Bulk marketing is where you can expose yourself to customers who may become frustrated with the use of their information and or become aware of what kind of data (relevant or irrelevant) you hold on them. P.S.