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Buyer’s Guide: How to choose GDPR compliance software
CEO & Co-founder
CEO & Co-founder
GDPR compliance is undeniably complex. If you’re the one charged with keeping your company compliant, you’ll know managing the process can be time-consuming, complicated, and demands constant attention - particularly if you’re handling large amounts of data.
Luckily, there is no shortage of solutions such as GDPR compliance software that make managing customer data and data security both easy and effective. In fact, to match 2022’s estimated $8 billion global spending on compliance tooling, the booming compliance software market is set to exceed a staggering $4.36 billion by 2025, growing at a CAGR of 24.3% over the next five years.
While the ability to streamline GDPR processes well beyond “Excel sheets of the past” is excellent news for compliance managers, this ever-growing choice of GDPR compliance tools can be overwhelming. How do you know which solution is the best GDPR software for your company? Which modules should you invest in now? Which platform will give you an edge over competitors?
To help you navigate an investment that will completely transform your GDPR practices, we’ve put together a handy buyer’s guide for GDPR compliance software. From budgets to essential features, below, we’ll walk you through the key factors to consider before making your purchase.
Before you start researching different GDPR software solutions, you must have a clear understanding of what your company actually needs. Being aware of the challenges you face throughout the GDPR process allows you to gauge how effective, relevant, and necessary your chosen GDPR compliance software will be for your enterprise.
Start by identifying all areas that currently pose an obvious risk to your compliance process. Any solution or platform you consider should resolve the tasks directly affecting your compliance - whether that’s helping to prevent a potential data breach or providing clearer documentation of your data processes.
For example, a major issue for many organizations is handling subject right requests (SRRs). Under GDPR legislation, companies must respond to individual requests for personal data within a given timeframe.
However, according to Gartner’s 2019 Security and Risk report, two-thirds of enterprises say it takes them two or more weeks to retrieve a single SRR. Usually relying on manual solutions, this essential GDPR activity then costs companies an average workflow cost of $1,400.
So, not only is your customer waiting too long for their data, but you’re at risk of breaching a key GDPR legislation, and employees are wasting valuable time on a task easily solved by GDPR compliance software features such as data mapping.
Once you’ve created a list of urgent focus areas, move on to other tasks that slow down your workflow and need optimization. Are you taking too long to produce your Article 30 reports? Do you spend days instead of minutes trying to determine the links between different data sets? Is your working day spent chasing colleagues for their input and data? Could you benefit from expert-led consultancy services alongside GDPR or Privacy Management software?
By closely scrutinizing every task at each phase of your GDPR process, you can work out where you need the most support from tech-led GDPR solutions. It will help you determine if there are any features you do or don’t need and ensure you match up your GDPR compliance software with your company's needs.
Even if you’re part of a small team, your purchasing decision must consider any other department that deals with or is affected by company data. Failing to get input from your colleagues before signing a contract with a GDPR compliance software vendor may mean you overlook a feature that could enhance enterprise workflow or fill a gap in your GDPR process.
Take the sales team. According to Cisco’s 2020 Cybersecurity Benchmark Study, inefficiencies in GDPR processes lead to a large number of sales delays. Cisco roots these delays in issues caused when customers want to know vital information concerning their data, such as what data is being captured, how it is stored and transferred, and who has access to it.
With this issue experienced by 62% of surveyed companies, the average delay was a long 4.2 weeks. While it’s great to know that so many companies prioritize data protection and security, we’re sure this statistic will be horrifying to most salespeople.
Despite these troublesome findings, the report remains optimistic on the subject of sales delays, stating:
“Over time, we would expect both the percentages and average delays to drop as companies develop more mature processes to handle customers’ questions and integrate privacy processes into their sales cycles.”
As highlighted by Cisco, if you want your whole enterprise to benefit from your GDPR compliance software investment, a depart-wide approach is the way to go.
There’s also a more practical side to involving others in your purchasing decision. If you need multiple parties to contribute to GDPR processes, does your future platform facilitate effective collaboration? Is it user-friendly and suitable for a range of tech-literate employees? Will your provider offer free training or resources, so the job of training up colleagues doesn’t fall on you? How much will you be charged for adding more users to the system? Are you able to add external parties such as stakeholders or clients?
Taking the time to work out who needs access to GDPR compliance software and how a platform will support these additional users will ensure you end up with a platform that works not just for your DPO but for your entire enterprise. It will also help you avoid any unexpected costs or burdens on your own workload.
Your budget will have a massive influence on the types of solutions you’re able to shortlist, so make sure you have a figure in mind before speaking to vendors.
If you’re not happy with the budget you’ve been given or feel that your company will experience far more benefits from a more advanced system, it’s worth putting together a case for investing more in your solution. Chances are, C-suite members may not be aware of the added benefits that GDPR compliance software can bring to the entire business. So far we’ve touched on how integrated GDPR solutions would generate higher revenue for sales teams, but with almost every department and employee creating and using data, the case for ROI can be argued across divisions such as legal, HR, marketing, and finance.
Alongside gathering internal intel, check out the latest reports from established bodies such as Gartner, Forrester, and Cisco. Referring back to Cisco’s Annual Cybersecurity Benchmark Study, you’ll find a treasure trove of persuasive statistics and findings to support your push for more investment in GDPR compliance software.
For example, out of the 2,500 organizations surveyed, the report outlined the percentage of companies getting significant benefits in each of the below areas following their investment in privacy practices:
The study also found that companies who invested more in their privacy processes experienced greater benefits in the above categories than those who spent less. A case, if any, to up your budget spend on GDPR compliance software.
You should also be prepared to field questions as to why your chosen software justifies an increased spend. Your vendor should be able to provide you with as many relevant stats, case studies, and feature benefits as you need to sway your budget holder towards higher investment and move them away from low-cost GDPR compliance software or free GDPR tools.
Complyon is designed to make the complex task of GDPR compliance easy. With a focus on interconnected data flows and strategic overviews, we provide you with the tools and expertise you need to turn compliance activity into an asset and advantage.
With users able to choose from a range of modules, including our Core module, GDPR module, Risk and Control module, and Campaign module, our multi-dimensional solution caters to a range of company requirements and needs. Our platform offers bespoke and flexible options, whether you’re looking for GDPR compliance software for small businesses or more advanced GDPR tools required for global and large-scale companies.
When it comes to GDPR compliance software, the main features our clients benefit from include:
To find out more about how Complyon’s GDPR compliance software can simplify your data, privacy, and risk processes, contact us here.
Let's talk about how our experience and software can help your company.