The rapid adoption and move to public cloud, highlighted by the near ubiquitous adoption of some of the largest SaaS applications in the world, such as Salesforce, Workday, NetSuite and others, has proven that companies across all industries believe that their data is safe in the cloud.
However for many, it’s a constant struggle to keep up with changes in global data privacy and compliance laws such as GDPR (General Data Protection Regulation), and the impact of BREXIT.
The California State Assembly’s passage of the California Consumer Privacy Act (CCPA) also promises to generate a wave of corporate privacy initiatives across all sectors until its January 2020 deadline.
For highly regulated industries such as life sciences, accuracy in regulatory reporting of transactions such as those for open payments, EFPIA (European Federation of Pharmaceutical Industries and Associations), sample compliance and adherence with corporate integrity agreements (CIA) are a must. Billions in fines are levied every year and thousands of hours are lost due to mandated training, and data management to generate complex reports. Beyond these financial challenges, companies also have to be concerned about brand reputation, and the security and privacy of their customers.
Reltio data-driven applications keep data safe and secure autonomously from an infrastructure and data management perspective, while also providing configurable options that track, audit and report on every click, view, update and merge of data across every source. Reltio has fine-grained, attribute-level tracking for every record stored. With full point-in-time query of information, and the ability to restore and revert values back to it’s original form, Reltio goes beyond any regulatory requirement dictated today.
Rather than just meeting compliance needs, Reltio’s Modern Data Management Platform as a Service (PaaS) allows continuous self-learning, dynamic analysis of the data, with machine learning revealing relationships and opportunities that can proactively reduce violations, and also help you improve your customer engagement and satisfaction levels. Taking mandated compliance and turning it into an opportunity to personalize, delight and exceed customer expectations.
GDPR (GENERAL DATA PROTECTION REGULATION)
Reltio Cloud provides core data management capabilities that enable enterprises to be GDPR compliant. Complying with GDPR should be part of your day-to-day operations. Our philosophy is that your Modern Data Management platform should organically support the key elements of GDPR, including:
- Full certification of the Reltio Cloud platform backed by built-in audit and data lineage to support Accountability of businesses to demonstrate compliance including privacy impact assessments, key in healthcare data, in which the risks to an individual during the use of that data must be detailed
- Purging all traces by customer entity type in support of Data erasure aka the “right to be forgotten,” meaning removing any historical activities made by individuals captured as part of their digital activities
- Comprehensive capture of all profile preferences allowing for segmentation to execute Profiling, which relates to the need to obtain permission from individuals before any of their profile data is used to evaluate their behavior (e.g. credit scores)
- Data breach notifications that dictate the minimum acceptable time periods upon which individuals or organizations must be notified when profiles containing their data is compromised
CORPORATE INTEGRITY AGREEMENT (CIA) COMPLIANCE
Reltio brings together data from HR and training systems to deliver a data-driven application that identifies, manages, tracks and maintains the training path and records of employees that meet CIA requirements. Reltio can not only reduce the amount of time it takes to generate the needed reports, but also eliminate the second guessing on who really needs to take the training. Freeing up thousands of hours of time wasted on employees who do not require training, and improving their productivity and morale.
OPEN PAYMENT AND EFPIA REPORTING AND ANALYSIS
Reltio’s ability to create a single view of HCO and HCPs across siloed sources makes open payments/aggregate spend reporting a breeze. Reltio can also store and manage all related transactions, effectively forgoing separate MDM and data warehouse reporting systems. Reltio’s global capabilities also make it perfect for addressing European data challenges such as EFPIA (European Federation of Pharmaceutical Industries and Associations) code dictating similar disclosure and transparency reporting, which began in 2016.
While less vigorous than GDPR, that mandates a company to maintain a record of data processing, the CCPA does not explicitly require companies to maintain such a data inventory. However it will be practically impossible for companies to comply with CCPA without one. Companies will need a database that tracks all the business processes, third parties, products, devices, and applications that process California residents’ personal data and keep it up to date as all of these things change. Reltio provides all of this and more.
A leading end-to-end system integration company used a legacy, on-premises MDM to manage their supplier data but found it unscalable for improving business operations in the aftermath of a merger.
A global company specializing in internet connection services continued to expand into the European region. However, the legacy MDM didn’t allow them to manage transaction and interaction data
10 Steps to GDPR Compliance
Effective May 25, 2018, General Data Protection Regulation (GDPR) will represent the most rigorous data protection regulation ever. Complying is not optional, and the penalties are very high. As companies scurry for total compliance, it makes sense to pause, assess, and use this opportunity not only for compliance but for managing customer data efficiently and gainfully.
MACHINE LEARNING PUTS DATA FRONT AND CENTER FOR BUSINESS
Machine learning is surrounded by fascination and awe. It can drive better personalized experiences with customers, increase workforce effectiveness, and de-risk your organization from security threats and regulations. But, machine learning needs quality data, relevant data, and better context surrounding transactions, interactions, operations and decisions.
Businesses Feeling the Heat of the ‘Amazon Effect’
Over the past 10 years, Amazon’s market value has grown more than 2,000 percent. The entire retail industry is feeling the heat, and companies are investing in digital transformation initiatives to help them compete. Walmart, for example, is rapidly investing in digital capabilities and online brands (it acquired Jet.com, for example).
WHY MASTER DATA MANAGEMENT AND MACHINE LEARNING GO HAND IN HAND
Reltio’s inclusion in the The Forrester Wave™: Machine Learning Data Catalogs Q2 2018, by Michele Goetz with Gene Leganza, Elizabeth Hoberman, and Kara Hartig, Forrester Research, June 2018, sparked (pun intended) several questions. Such as why was Reltio included, how did we receive such strong marks, and why were we the only Master Data Management (MDM) vendor in the Wave?