Businesses tend to think that consumers are the only beneficiaries of modern privacy laws and regulations. But that is not the case. Consider the number of investigations companies have to do when they enter into negotiations with vendors, suppliers, and other businesses in their chains. The process, which could take up to weeks, can either be prolonged or significantly shortened thanks to privacy laws.
With a detailed, understandable privacy whitepaper, companies can make informed decisions in a matter of minutes. The perfect partner has a privacy whitepaper with information about policies, vendors, and other third parties. But perfect partners are not as common as one would expect.
One way to prove your company is compliant with privacy security measures is to obtain external privacy certifications, such as ISO 27701, APEC Cross-Border Privacy Rules, and EU Binding Corporate Rules. Widely recognized certification as the one mentioned above allows other companies to identify the right partners quickly. However, the abundance of these certifications makes it hard to recognize which are relevant and which are not. Having external privacy certifications can lead to shorter and easier negotiations.
Consequently, such certifications have become a vital part of today’s business world. Although 90% of companies view external privacy certifications as an important factor when considering a product or a vendor, not all companies view having a privacy center as an essential part of their business.
For a business whose primary operations are business-to-business (B2B) oriented, having a practical privacy center would mean its customers can easily find the information they are looking for without needing to reach out. Extracting information by emails and calls for days or even weeks no longer has to be a priority. Ultimately this leads to the shortening of B2B sales cycles. Companies on our Privacy Center solution have all experienced this. In short, B2B sales processes are prolonged when not having privacy in order.
But the benefits aren’t limited to easier negotiations and shorter sales cycles. Building privacy practices gradually to a mature state increase its advantages. Mature privacy practices ensure the company can withstand unexpected and harsh changes in the legal landscape.
Overall, companies have increased their privacy budgets as the privacy laws continue to resonate with consumers. External certifications are being used to assure consumers and clients that their privacy is respected.
We can expect the rise of data privacy experts among employees and on board-level, as privacy is perceived as more than a legal requirement. It is perceived as a human right. Spending time and financial resources on data privacy protection should lead companies to gain customers’ trust and build a safer online environment simultaneously.