The GDPR compliance requirements require a rather stringent and disciplined storage/ database for consent, retrieval, processes etc. This database/Inventory yields a wealth of information and intelligence related to analytics and developing a successful, sustainable data inventory.
Therefore,to have a sustainable database and data inventory a Data Inventory Analytics Strategy that exemplifies from the start, How can we do more with our data, where is it stored and how can it be easily retrieved for data analysis.
When designing the database for GDPR compliance, organisations must ensure that there are in-house expertise and skills to define and execute a successful and sustainable data analytics strategy, that can provide competitive advantages:
- Reduce operational and reporting inefficiencies saving several FTE
- Gain a 360-degree view including customers/employees, vendors and other stakeholders
- due to data centralisation and integration
- Improved understanding of customer demographics and product utilisation leading to higher ROI
- Improve decisions based on data-backed evidence and analytic models
- Through transaction-level analysis, reduce fraud and breach exposure to financial transactions
Decisions based and understood on a holistic dashboards and visual representations of data