According to a recent study on privacy by Cisco, most companies see an attractive return on their privacy investment. With fifty percent of organisations getting benefits at least 1x or 2x of value spent. While complying with data protection laws seems to be a cumbersome costly effort, data protection can be beneficial for B2B tech companies.
Although the main reason why companies invest in privacy programs is to avoid fines and other penalties, the business value associated with these investments can go far beyond the non-compliance factor, as we will explain in this article.
Data Protection as a Business Advantage For B2B Tech
Recent studies by Cisco and Statista have shown us the consumers’ increasing concern with their data and how it can affect how companies do business. Below, we can see how data protection measures and compliance are affecting the business generation and overall value for b2b tech companies.
- How Data Security is Influencing B2B Tech Buying Decisions
As noted in the most recent data security study by Statista, 76% of the interviewed B2B technology buyers claimed they engage in extra product research due to concerns about data security, with 26% of the respondents saying their concern about data privacy and security led them to consider fewer products.
With the consumers getting more concerned about how companies collect and use their data, it became a necessity for companies to invest heavier on privacy programs to help them create a relationship of transparency and trust with their clients. Leading them to only trust other B2B partners and vendors who do the same. Not for their own sake but specially for their clients.
- Improving the B2B Tech Sales Process While Building Trust
Everyone knows that the B2B sales cycle can be way longer than it is for B2C. It involves more research, analysis, and decision-makers. Nevertheless, the tech market shows us how a company can gain sales and commercial advantage by simply investing in a data protection program. As pointed out by the latest Cisco Survey, 68% of organisations noticed an improvement in sales delays reduction.
When you take care of your client’s data, you are showing prospects that it is safe to do business with you.
- Achieving Operations Efficiency While Mitigating Risk
Considering the $4.24M average cost of a data breach, information provided by IBM on the Cost of a Data Breach Report 2021, we can see the importance of having data protection and security programs in place for companies whose technologies and core business models rely on data. It is shifting from a business advantage to a business core responsibility.
Data breach news never looks good in the eyes of consumers, and it certainly can hurt a tech company’s reputation.
The best way to avoid a data breach is to make sure your company has a privacy and security program in place, with regular staff awareness training on cybersecurity and also on how to collect, use, and erase data. This way, you can show your clients that all of their data will be safe with you, including their client’s data.
In addition to the pandemics’ influence on how we work and do business, we can expect data protection to be the ultimate business gamechanger for 2022.
Is your company compliant with the GDPR and other data protection laws? Book a free consultation call with us today and take your company privacy program to the next level!