Guests of the Week (9/22/17)
Jay Cline, Principal at PricewaterhouseCoopers LLP, and Jane Allen, Principal and Partner at PwC
Congratulations Jay and Jane! You are theCUBE’s Guests of the Week.
The financial penalties for non-compliance are significant. The requirement to know where all data is kept and be able to delete it when directed is non-negotiable. And supervisory authorities in Europe can initiate audits and suspend data transfers any time. The realities of the General Data Protection Regulation (or GDPR) are beginning to set in for any company doing business in the European Union, as new laws governing data privacy will take effect on May 25, 2018.
But if there is a silver lining in all of this, it may be that GDPR could well present a useful marketing opportunity. Despite strict requirements surrounding the care and handling of personal data for EU citizens, there is a portion of the rules that could result in a significant upside for companies seeking to build stronger ties with current and prospective customers. It’s called the double opt-in.
While fines and data requirements have been grabbing most of the media attention surrounding GDPR, the double opt-in has not received as much publicity. GDPR’s provisions require that companies can no longer just market to people who expressed “soft” interest in the past, through exchange of business cards or consent to receive periodic communications. Now, current and potential customers must specifically agree to receive continuous communications, and some companies are already moving to cultivate databases, obtain consent and “lock-in” a key pipeline of customer data and interest. Is there any better prospect than one who says, “Yes, send me more information”?
“Marketing is often helping IT and legal departments fund GDPR efforts. We have a number of clients that, for the first time, are putting together a view of how they make money using data,” said Jay Cline(pictured, left), principal at PricewaterhouseCoopers LLP (or PwC).
Cline stopped by the set of theCUBE, SiliconANGLE’s mobile livestreaming studio, and spoke with co-hosts Dave Vellante (@dvellante) and Stu Miniman (@stu) during this week’s Veritas Vision conference in Las Vegas, Nevada. He was joined by Jane Allen (pictured, right), principal and partner at PwC, and they discussed opportunities to monetize data revealed by meeting requirements, limits imposed by GDPR, the need to tailor compliance based on business needs, and PwC clients’ longer-term view.