After much of limelight with GDPR for EU in 2018, now is the turn for the United States in 2019. With the enforcement of the California Consumer Protection Act (CCPA) early next year, there is an urge for the companies to set back and check the policies and procedures to comply with it. The CCPA although, might seem to be just the regulation at first glance which the companies look forward to as a compliance project into the existing system. But, there are many good as well as critical reasons for the companies to focus and to have the achievable strategic approach. The key points are:
Introduction to more data privacy regulations:
- Besides GDPR in EU and CCPA in California, there are other US States like Washington, Michigan and New York that are actively working on the Data Privacy Rules. Also, the discussion to implement at the Federal level is in the process too.
- Apart from the US and EU, other countries like Brazil, India, and Australia which counts to the major chunk of the world population are also aiming to introduce the data privacy regulations.
- So, to think rationally, it just does not make any sense to tackle each of the countries separately with the implementation of the compliance project every time.
- Although it is understood that there might be a difference for sure, these rules are all fundamentally based on the work of OECD.
- The ultimate strategy for any company should be to implement the fully embraced CCPA regulation with the operationally sustainable approach built on a very robust enterprise foundation.
- The key factor to have this model is to have the ease of implementing data privacy regulations introduced at later stages for different geographic regions. Also, with its use, it will be much cheaper for the companies thus helping them to save a lot.
Enhancing Customers Experience with the organization:
- With the enforcement of the privacy rules in CCPA, the organizations will be able to serve in a much easier and better way to their valued customers on all the data requests such as data access, data erasure, right to opt-out of personal data.
- The organizations will be able to implement true data intelligence which means they know where the customer data is sitting in, how the data is moving within or across the system, where it is located, in which geographical region and about the exchange of data within third-party applications.
- The Major advantage of following this customer-centric approach is the reduction of the several risk factors associated thus enabling the organizations to respond to the customer’s request quickly and effectively.
- This leads to building trust among the customers which becomes the key business differentiator for any organization.
Data Privacy compliance supports AI, ML and IoT engagement:
- With the evolution of AI, machine learning and IOT now and its expatiated growth in the coming years, the data in every organization is expected to have a transformative impact.
- This has led the governments, regulators, and legislators in a situation to examine the impact of these technologies on personal data.
- It is therefore very important for the organizations that use these technologies (AI, ML, IoT) to get the data privacy right.
- The Consequences of non-compliance for the organizations will have a huge impact – Both Financially and on the organization’s reputation.
- Implementing CCPA therefore in any organization will be a very decent initial move.
Data intelligence is strategically important, and so is data privacy:
- For the organizations to keep up the pace with the data-driven innovation and to evolve themselves with the use of the AI, ML and IoT technologies, the key step is to keep their data house in order.
- The personal Information data in each organization is very critical and can be the major factor to fuel up some new un-imaginative solutions.so to protect and manage this strategically important data is very important.
- CCPA, in this case, is the regulation that will help to encapsulate such concepts and practices which is now widely accepted within the global data intelligence community.
- Many organizations proactively have implemented the CCPA regulation requirements a long time ago before it became law thus intelligently dealing with the personal data management approach.
To sum up, the CCPA is not just regulation. It is the opportunity for the organizations to make use of the benefits that real data intelligence can help bring thus enhancing their competitiveness and helping them to flourish and progress. By far, the organizations that are still relaxed and do not feel the urge to strategically think about the relationship about the personal data it poses with the data intelligence programs may soon find themselves left behind.
There is more to CCPA that meets the eye. I’m working on a white paper/road map. Let me know if you would like a contribute or learn.