3 Reasons why you need an enterprise data platform for GDPR

Recently, Frost & Sullivan awarded Solix with its prestigious 2018 Global Product Leadership Award. We are honored to receive this award, validating our major efforts over the last few years to create a Common Data Platform for data-driven enterprises that affordably address data management, governance, and analytics needs.

“The General Data Protection Regulation (GDPR) is the most comprehensive privacy legislation ever enacted,” said Alexander Michael, Director, Frost & Sullivan, ICT Practice. “Enterprises anywhere in the world are potentially affected because it applies to anyone holding personal information identifying European Union citizens. The granular knowledge and lifecycle management of data provided the Solix Common Data Platform (CDP) combined with consultative expertise elevates Solix from a technology provider to a critical GDPR business partner.”

Today’s big data goes beyond traditional databases — with a vast array of information available at our fingertips, ranging across industries from healthcare to banking, organizations need a way to manage the flow of data from ingestion, to store, to analysis, and beyond. This is why we created the Solix Common Data Platform (CDP), an award-winning enterprise data platform.

And with GDPR in full effect, now is more important than ever to get your data in order. Here are my three reasons why you should consider an enterprise data platform for meeting GDPR compliance:

GDPR readiness assessment

Solix CDP includes onsite and self-service auditing tools to help determine whether or not your organization meets compliance requirements, with recommendations on how to meet them.

The Solix CDP’s onsite GDPR Readiness Assessment provides an in-depth assessment of your organization’s data practices including data collection, access, usage, processing, retention, protection, and deletion, with risk and remediation-focused insights. And if you’d like to take a quick online assessment, visit this page.

Granular data control

The Solix CDP manages all types of data throughout its lifecycle by storing data in an Enterprise Archive and Enterprise Data Lake. The Solix Governance Workbench enables fine-grained management of this data through custom metadata, data classification, encryption/masking, secure role-based access, legal hold, retention and workflow controls. These granular data controls are important for organizations that must meet compliance requirements like GDPR, and even HIPAA.

Built for specific needs

GDPR affects all industries, therefore a GDPR solution designed for healthcare may not always apply to a banking system. Fortunately, the Solix CDP was developed with several industry-specific data environments in mind, including Banking, Finance, Healthcare, and much more. This means healthcare organizations can implement a common data platform to address the 5 C’s (Cost, Cash, Compliance, Customer and Cloud) for providers, payers, pharmaceuticals and media equipment suppliers. Conversely, banks are able to address their 5 C’s for retail banking, commercial banking, trading, and much more — under a single system.

Conclusion

The time to become GDPR compliant is now, else organizations will face dire consequences, not limited to just hefty fines. By implementing an enterprise data platform, organizations are better prepared for GDPR and the long road ahead, as many other privacy and security regulations are sure to arise in the coming years. Further, the same foundation (common data platform) can help enterprises fully transform into a data-driven organization, with Machine Learning and Deep Learning, bringing artificial intelligence to the enterprise.