General Data Protection Regulation (GDPR) was introduced as a part of data protection reform across the European Union (EU). The GDPR is a new regulation that is applicable to all organizations whose business operation is in member states of the European Union. It also applies to those organizations operating outside of the EU but are selling goods and services to customers and enterprises in the EU. This basically means that all the major multinational companies in the world have to abide by the GDPR compliance. The guidelines are formulated to give EU citizens more control over their personal data. The data protection reform came into force in May 2016 and was mandatorily applicable from 25th May 2018. The type of data which is considered personal under the GDPR framework are name, photos, address, IP address, and other sensitive data (genetic data, biometric data, ethnic data, sexual orientation etc.)
Under Article 4 of GDPR, there are two types of data handlers, data processors and data controllers. A data controller is an individual, public authority, or any institution which determines the need and means of processing personal data. A data processor is an individual, public authority, or any institution which processes personal data on behalf of the controller. GDPR places more legal obligation on a processor to manage and maintain personal data and how they are being processed. The controller has to make sure that all the contracts with the processor are in compliance with GDPR. The key focus of GDPR is clarity in consent to use personal data, which basically means that now companies cannot use vague or complicated and confusing statements to take the consumer’s consent. On the contrary, there has to be total transparency when taking consent of any individual. The EU document for GDPR also lays down rules, making it mandatory for companies to notify the data protection authority about a data breach within 72 hours after becoming aware about it.
The impact of the GDPR framework is manifold. The regulation will impact each and every department of an organization, right from product development to human resource data, and sales & marketing. The regulation changes the way sales projection and sales targets are set. It will also change the way marketing and promotional activity are managed. Overall, the impact of GDPR on business is related to how companies process, store, and protect data of EU citizens. Storing personal data of EU citizens can only take place if the organization has proper consent. Therefore, going forward, companies have to streamline their business operations in such a way that it is compliant with GDPR reforms. With GDPR regulation now officially rolled out, global firms have spent huge amounts to ensure that they are compliant to the regulation.
Companies have spent money on hiring lawyers and data protection consultants and technologies to assist them to comply with the complicated GDPR regulation. Companies are also modifying their products and services that they are currently offering in the market or are expected to launch in the coming years. Major technology companies like Microsoft Corporation, Facebook Inc., Google Inc., and Apple Inc. have already rolled out several features in their products that helps the user base to control their data. For instance, in January, 2018 Facebook Inc. said that it will remodify its privacy dashboard to make it more user-friendly. Similarly, Microsoft said that it will provide GDPR protection to all its customer across the globe. Though GDPR is expected to impact each and every industry, there are a few major industries most affected by GDPR namely, telecommunication, FinTech, social networking, and cloud computing.
GDPR is thus a major reform in the digital world and it is expected to influence countries in other major regions such as Asia Pacific to start modifying or introducing stricter rules for consumer data protection.
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.