GDPR is here and no one is ready
Well…not everyone. But as The Verge points out, despite the barrage of “our new privacy policy” emails you would have seen lately, several companies still aren’t ready for the new laws. A minority will be compliant by the deadline. The big problem, as it turns out? Reorganising data.
THE TAKEAWAY:
“For companies that have operated under the principle of “extract as much data as possible and figure it out later,” reorganizing under GDPR is a lot like an episode of Hoarders, especially one of those episodes where the hoarder doesn’t finish cleaning and everyone sort of falls apart crying at the end.”
Millennials happy to share data with trusted businesses
That’s what some millennials are saying, in any case. New research from The Association of Data-Driven Marketing says 42% of them are happy to share data if they trust the recipient – opposed to just 35% of baby boomers. However, the benefit of sharing data is still not being passed on to the consumer.
THE TAKEAWAY:
“Many Australians feel that even when they do share personal information, companies are benefiting the most from the exchange. Just 34% of respondents said they get improved service in exchange for the personal data they give to companies.”
Mechanics winning an auto data war
Score one for data democracy. The ACCC says that mechanics should have access to car manufacturer data that will make it easier to identify problems and provide more accurate service. Car makers aren’t happy, obviously.
This sets an interesting precedent, particularly as data sharing gains strength in other industries like banking.
THE TAKEAWAY:
“Traditionally, information to repair and service cars was provided in manuals, but today, real-time access to digital files and codes, which vary from car to car, is needed to complete many aspects of a repair or service.”
Health workers admit to data breaches
Yikes. A massive 87% of healthcare workers in the United States say** they’ve used non-secure methods, like email, to share data**. The worst part? Nine out of 10 workers have been trained in security policies yet still do it. The biggest reason for breaking these policies: complexity.
THE TAKEAWAY:
“Around 60 percent share customer data, such as names, phone numbers, and addresses, internally, and a similar percentage share regulated data, such as PHI and financial information, internally.”
Finally…businesses are monetising data
A McKinsey survey has found that companies are finally seeing some returns in monetising their information. The catch? It’s still new and requires a lot of hard work. Companies doing so need a strategy, the right talent, a supportive culture and strong leadership.
THE TAKEAWAY:
“Many companies also struggle with data monetization—and, in particular, finding the right strategy—when they delegate all data-and-analytics efforts to IT. In reality, efforts to monetise data are more effective when they are business led and focused on the most valuable use cases.”
Until next week,
Team Data Republic