As a result, any partner, vendor or supplier, that cannot guarantee data compliance for its clients will have a mountain to climb and faces the risk of becoming obsolete.
However, approaching GDPR and other data privacy laws solely from a compliance perspective would waste an opportunity for corporations to maximize the value their most valuable asset: data. GDPR urges companies to evaluate what data is important to them, and what data is just taking up storage space. Going through this exercise will help corporations operate more efficiently. And those that truly understand how to manage and leverage data effectively will create a competitive advantage over other businesses due to effective data management.
How a company handles data, should be one of the key evaluation criteria when a Corporate Real Estate Manager evaluates a technology partner. A general evaluation of a real estate technology partner or supplier should include the following questions:
- Do they have a dedicated Data Security & Privacy Officer in their team?
- How do they document their processes for data protection and data processing?
- How do they put these processes into practice?
- How did they incorporate privacy in the design of their offering? Is their offering ‘Privacy by Design, and by heart? Or is it merely privacy on paper?
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When asked early on during a tech or data supplier evaluation, the answers to these questions will give you a basic understanding of the suppliers’ standards when it comes to handling your data.
It’s not only the documentation of data that can be a challenge to overcome. As a Corporate Real Estate Manager, it may be tempting to start using employee data to improve efficiency and productivity, but before you do that it’s essential to understand how personal data can and should be used.
Some examples of popular use cases involving personal data are tracking patterns of specific people or finding a specific colleague or friend. If the correct opt-in and opt-out personal data protocol is not followed, these features are highly intrusive and could jeopardize an entire Smart Building initiative. It’s essential that Corporate Real Estate Managers have a constant focus on the business case, and understand what data is imperative and compliant with legislation.
Want to understand how Building Management will be impacted by the IoT and Big Data in the future? Read our guide to gain valuable insights.