Updated: Apr 13, 2020
Digital Transformation refers to the changes / “transformation” that a company undergoes in order to maximize the advancement brought about by digital technologies. This could include changes in the processing of data and activities that are done by the company. What pushes a company to undergo transformation is when there are changes in demands, the introduction of new technology and/or the rise of new competition.
GDPR applies within Europe but this does not mean that it doesn’t have an impact on companies that are outside the continent. In fact, companies from all over the world have begun revising their strategies and approach when it comes to data security. Some may even call it as getting on the road to a digital revolution. We think it’s safe to say that Digital Transformation isn’t just in theory anymore as it is now happening at present and businesses need to adapt in order to survive.
Data lies within the heart of digital transformation. May it be internal, external, or something that hasn’t even been taken into account yet, it is undeniable that data will always play a crucial role in companies. It will all then boil down to which company managed and utilized their data well to not get in trouble.
Digital Transformation, Is it here to bring good to both companies and data subject?
GDPR is influencing organisations to be more encourages them to reboot their personal data flows and policy to avoid possible data breaches through the “privacy by design and by default”. This would include then include having to map the company’s existing systems.
In order to maintain compliance, businesses need to be able to trace their data down from where it’s stored at the moment to where it will go and how it will be used. This can only be done when and only when a company would have an effective data governance program. This will then be the key to create a better decision-making process thereby mitigating inconsistencies in decisions for not being informed enough. If a company cannot rise to the occasion in having the perfect or at least relatively ideal data governance strategy, compliance would mean exhausting all of your company’s means both in manpower and in financial aspects which could be detrimental.
All of the work that will be devoted in order to ensure compliance with GDPR is a right step forward towards improvement in technological capabilities and would bring us closer to the dawn of digital transformation. If we put competition into perspective, competitors will then work twice as hard just to bring in development faster than their rival which would only lead to faster and more efficient changes, therefore, becoming a win-win situation.