Stibo Systems - The Master Data Management Company
Stibo Systems - The Master Data Management Company
Everything you need to know about

Dealing with GDPR

The General Data Protection Regulation (GDPR) from the European Commission affects organizations globally and the impact is huge.

Whether or not you're a European company, you can't ignore the regulation. Here you'll find everything you need to know about the GDPR. What is it? Who is it affecting and how? What do you need to do?

What is the GDPR?

The General Data Protection Regulation (GDPR) is a binding regulation created by the European Commission. The regulation, which came into effect on the 25th of May 2018, has replaced former European Union data protection directives and diverse national laws.

Affected businesses have to meet several requirements in relation to how they collect and use the personal data of EU citizens – whether or not the company itself is European.

The GDPR was introduced in order to strengthen the citizens' right to data protection and – in the longer run – to simplify the processes around this data for the organizations.



Get the White Paper: What is GDPR? Who does it affect and how?
Location data
Name
Employee ID
ID number
Email
Address
Phone number
Health data
Passport number
Job title
IP address
Genetic data
Social data

What is personal data?

The EU define it as follows:

"Personal data is any information relating to an identified or identifiable natural person. An identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, genetic, mental, economic, cultural or social identity of that natural person."

How personal data is typically used
Location services Location services Notifications Notifications Target advertising Target advertising Integrate multiple accounts Integrate multiple accounts Personalized content Personalized content Third-party information Third-party information

How does the GDPR affect your business?

Complying with the GDPR involves comprehensive changes to your policies, processes and maybe even systems.

icon_numbers-1_2c You may need a data protection officer
icon_numbers-2_2c You need to report personal data breaches
icon_numbers-3_2c EU citizens (including consumers, employees and partners) have rights, such as:
  • Right to be forgotten
  • Right to access
  • Right to data portability
  • Right to rectification
  • Right to object
icon_numbers-4_2c You need to communicate transparently
icon_numbers-5_2c You have to follow strict consent protocol
icon_numbers-6_2c The affected data is subject to certain collection and storage restrictions
icon_numbers-7_2c You need to be able to identify all your personal data - customer, prospect and employee data - across systems and what exactly it is used for, and by whom

Compliance 101: The Facts and Figures Behind It and Why You Should Care Find out the facts and figures of compliance and how MDM can give you a competitive edge. Get the Infographic
Solved! 4 Biggest Personal Data Challenges of the GDPR How data governance helps you cope with data privacy regulations. Read the Blog Post
How to Optimize for the GDPR by Leveraging Existing Data Leveraging existing data through data governance and appropriate technology not only ensures compliance with the GDPR but also makes a stronger business case for the company. Get the White Paper
View All Resources
Are you responsible for processing EU citizens' data?

If yes, you are considered a data controller no matter where in the world you are located and have the main data protection responsibility under the GDPR. You need to meet several requirements.

spread-image-gdpr-1
Are you processing data of European citizens on behalf of others?

If yes, you are considered a data processor. Regardless of where in the world you are, you have to meet several requirements under the GDPR:


  1. Systematically document all data processing and provide it to authorities upon request
  2. Report any non-compliant activities and data breach risks to your data controller
  3. Very likely appoint a data protection officer
spread-image-gdpr-2

10 frequently asked questions about the GDPR

By now you probably get the gist of it, but maybe there are some questions. Don't worry, we have listed 10 of the most common questions. Click to see the answers.

1. We don't collect or store personal data on customers. Do we need to comply then?

2. We are only processing B2B data. Are we then affected?

3. We are located in the UK. Are we affected?

4. Do EU businesses with more than 250 employees need to hire a DPO?

5. Is it true that we can only store personal data for a limited period of time?

6. Is it true that a customer or prospect can demand his or her data transferred to a competitor?

7. How is it impacting our marketing activities?

8. Can we transfer personal data outside the EU?

9. It sounds like the GDPR has been made for consumer only. What's in it for the companies?

10. What happens if we don’t meet the regulation?

How master data management supports compliance with the GDPR

The foundation for complying with GDPR is that the personal data you collect, store and process is updated, accessible and has clear data governance programs and business rules applied. Master data management can help you do this, optimizing your personal data beyond the GDPR.

What is master data management (MDM)?

Master data management (MDM) is the core process used to acquire, organize, synchronize, enrich and share master data according to the business goals and operational strategies of your company.

Master data can take the form of product, customer, supplier, location and asset information, in addition to any information sources that drive your business.

The efficient management of master data in a central repository gives you a single authoritative view of information and eliminates costly inefficiencies caused by data silos.

MDM supports your business initiatives and objectives through identification, linking and syndication of information and content across products, customers, stores/locations, employees, suppliers, digital assets and more.

In sum, MDM provides the data transparency you need to run your business better and achieve compliance with regulations.


Master all data domains on one platform.

An MDM solution from Stibo Systems allows you to gain insights across several data domains and achieve synergetic effects.

Party data Mastering party data allows you to create the relationships that are vital to gain an accurate understanding of the value of each of your records. It makes it easier to identify customers and provide better customer service. Product data Rich and accurate product data helps customers make informed buying decisions. Studies show giving people better information and content boosts online sales and reduces returns. High-quality product data also facilitates accelerated vendor onboarding. Location data Location data is essential for managing your physical stores, offices, warehouses and more. Combine location data with product and supplier data to gain better insight into your data supply chain. Reference data Keeping reference data fields such as country, currency and conversions up-to-date is critical to making key business decisions, understanding their impact on the performance of your systems and meeting regulatory compliance. Asset data Managing asset data with disparate systems across departments can drag down data quality. With all asset data linked together in a central repository you have an accurate overview of who is using what equipment, where it is stored, and when it was maintained and by whom. Employee data Employees are valuable assets. Managing employee data in a centralized MDM solution enables you to connect it with other domains and gain new insights, such as which employees have worked on what projects, where they’re located and their skill levels.

Data-driven companies gain multiple advantages with MDM.

icon_compliance_2c Turn compliance into advantage

Build trust with suppliers and partners through regulatory and industry compliance, and customer loyalty via adherence to data privacy standards.


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icon_fingerprint_check_2c Manage and mitigate risk

Ensure data for critical decisions is accurate and updated via data governance, automate error-prone manual processes and guard against costly regulatory violations.


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icon_gauge_meter_2c Accelerate digital transformation

Fuel AI, IoT and real-time personalization initiatives with the high-quality data they demand. Drive brand differentiation and deliver greater value, success and ROI.


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icon_agility_2c Increase business agility

Proactively pivot or adapt to evolving markets or customer needs. Respond to challenges, quickly onboard products, add channels and manage expansion and M&A.


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This is how you convince your organization. We have an ebook on how to build a business case for adopting Master Data Management.
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LET’S START CREATING A MORE TRANSPARENT WORLD Empower data transparency through MDM. At Stibo Systems, our mission is to create the world’s most versatile master data management solutions, built to enable businesses to optimize their business, environmental and social performance. Connect with us today to start your journey to creating better business and a better world.
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