We’re a responsible company, and we didn’t flagranty break the law. At the same time Truth and Clarity are two of our core values, and we wanted to be honest about what we were doing with data. The reality was, like most companies, we’re increasingly reliant on SaaS and cloud products for marketing, sales and service delivery. So we actually *didn’t know* how data was being used - and finding out is a nightmare for any fast-growing company. To play it safe, we stopped our outbound emails until we knew what we were doing.
Some 7 years ago, GDPR was just a twinkle in the regulator’s eye, and what didn't look like a pain point became 2018’s business headache worldwide. At the less sexy - let’s say it - boring end of business, these kind of problems are being taken care of by attractively-priced services which get the job done. SaaS and cloud models have powered the growth of startups, enabling digital companies to go from a single user to one million without the headache of plugging in servers.
Salesforce enabled bus dev teams to collaborate at scale and speed worldwide. Now AI, Natural Language Processing and Understanding on demand are powering a new revolution.
The financial services industry has seen a growth in Regtech - outsourced services which ensure compliance to regulation. Regulations such as GDPR or Basel (I-III) in the financial services industry have a way of fuelling compliance solutions - Deutsche Börse's Clearstream for clearing is just one example.
In the meantime Iubenda has a slick service with a SaaS model offering complete and tailored services integrated right when everyone needs them.
So Now What?
Three things are clear from our brush with the law:
1. There’s a disruption story here. In the months leading up to GDPR, we were beset with email offers from lawyers and consultants offering forensic audits and compliance solutions. We could only imagine the noughts on the day rates they were going to charge us. In the end our solution cost us €29 a year. And whenever the regulations or best practice change, or we add a new cloud service, we can simply push an update to the site.
2. Professional Services are already being disrupted. If you’re a lawyer, consultant, accountant or business professional, services like Iubenda or G2Crowd can replace you. Are they a substitute for your work? No, but like all disruption, they start at the bottom and provide a service at price point which satisfies a larger market - a market that can’t afford you.