A multinational survey conducted by global information services group Experian, which is headquartered in Dublin, has found that almost half of international companies surveyed (48pc) are not prepared for the General Data Protection Regulation (GDPR) which comes into law early next year.
Experian surveyed 1,431 professionals in organisations throughout the UK, US, Australia, Brazil, France, Germany, Spain and Singapore, with respondents from functions including IT, data and insight, customer services, marketing, sales, finance, and HR departments.
The upcoming GDPR will cover all companies or organisations that hold personal data relating to EU citizens, even if those companies are not based in the EU, and is the most comprehensive data protection law of its kind in the world.
According to Experian's Rebecca Hennessy, the survey also found that almost two thirds of businesses (64pc) believe that inaccurate data is 'undermining their ability to provide an excellent customer experience.
“Our survey demonstrates that businesses recognise the importance of data accuracy, and rightly so, it needs to be a primary focus to ensure they gain and maintain their customer’s trust. Companies have always been hamstrung by data quality issues, but with the imminent enforcement of new regulations it is now operationally critical for them to get their data management right”, she said.
The survey covered a broad range of industries, including manufacturing, retail, transport, utilities, public sector, financial and business services, and featured large as well as small and medium sized firms.
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