GDPR-Compliant Companies Outperform Rivals According to Capgemini Report
Capgemini have made public a new report which reveals that businesses who adhere with GDPR perform better due with improved customer engagement and profits. The report has found that GDPR compliant organizations have performed better than non-compliant by an average of 20%. The company surveyed 1,100 senior executives in various different sectors.
There were a number of other main findings such as 28% of firms surveyed claiming to be completely GDPR compliant. Capgemini then looked into the performance of these GDPR-compliant groups against those who claimed not to be 100% compliant. From the results the group was able to calculate that “92% of executives from compliant firms say their organization has gained a competitive advantage thanks to the GDPR.”
Along with this survey, Capgemini also questioned U.S. businesses about the CCPA and the results show that around 70% of the companies that replied feel they will be compliant with CCPA when it becomes active. The same proviso has to be considered as these figures are based on companies self-assessing their level(s) of compliance.
One very important result uncovered in the survey that higher participation rate in the loyalty programs of companies that are known to be GDPR-compliant and further growth of transactions in those program since GDPR became live. Initial expectations had been that participation in these loyalty schemes would fall considerably. Consumer participation in loyalty programs is up in
74% of compliant retail firms, compared to 54% for the non-compliant firms.
Wunderman Thompson chief privacy officer Rachel Glasser said “The GDPR has increased cybersecurity. It has improved awareness about data and how we use it, and what data we are using.”
Henri Kujala, data protection officer for Netherlands-based HERE Technologies also was quoted in the report, saying: “Customers do recognize and appreciate the level of effort and impact the GDPR compliance brings with it. Compliance has brought increased levels of trust.”