Shorter sales cycles for GDPR compliant organisations
Cisco has just published a report stating that GDPR compliant companies experience shorter delays in their sales cycle, as it relates to customer data and fewer data breaches.
Cisco’s Director of Privacy, Robert Waitman explained this trend, in the report:
“What we’ve heard from companies that have their data house in order because of GDPR and other previous regulations is that they have taken steps to reduce the number of sensitive assets they have.
“The 2019 Data Privacy Benchmark Survey published by Cisco indicates that a majority of respondents from across the globe, 59 percent, are in full compliance or mostly in compliance with the GDPR. Twenty-nine percent of respondents said they will be ready within the year and 9 percent of respondents said it would take them more than a year to be ready to comply with the GDPR. Three percent of respondents said they do not believe they need to comply with the GDPR.
“Overall, 97 percent of companies feel they need to comply. The fact that the GDPR has such a global reach was striking.”
The report further showed that eighty-seven percent of companies have indicated that they have had delays in selling to customers because of data privacy concerns. Although the amount of time of those delays has gone down from last year, the delays found in 2018 were, on average, 7.8 weeks while companies experienced sales delays of 3.9 weeks. The average delay for a “GDPR-ready” company is only 3.4 weeks while those not in compliance yet with the GDPR is 5.4 weeks, according to the report.
“Firms are more open and transparent earlier in the sales cycle and they’re getting better at answering those GDPR questions from customers,” Waitman said.