Business Report: GDPR Impact, Career Path & Analytics Manager Role

This report provides a comprehensive overview of key business concepts. It begins by explaining the importance of understanding business operations for market capture and growth. The report delves into the General Data Protection Regulation (GDPR), detailing its impact on businesses and custom...Read More

Understanding
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
QUESTION 2...................................................................................................................................1
QUESTION 2...................................................................................................................................2
CONCLUSION................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Understanding business is one of the most important part which a business owner should
know. It gives a detail about that how business should be operated and managed in order to
capture the market and grow (Basole and et.al., 2015). It provides a details which is important for
a business and where it should invest. The following report contains detailed information about
cause and effect relation and the meaning of GDPR, it also focus on the impact of GDPR on
business and customers and what are the benefits of GDPR. It also focuses on a career plan and
what are the various other factors which affect career including digital marketing, roles of HR
department and various other important departments which can affect career plan.
QUESTION 2
GDPR: The General Data Protection Regulation (GDPR) is a legal framework which set
a road map for the companies operating in European Union for collection and processing of
information collected from the individuals. It set various principles for management of data and
individual rights. This right of protection of data of individuals in EU was adopted in 2016 April.
This provision of protecting customer data is pursuant across all 28 member of European Union,
which indicates that all companies operating in EU have only one standard which is required t
meet within EU. The types of privacy data which are required by companies to protect under
General Data Protection Regulation are Basic identity which includes name, address, and ID
numbers, Health and Generic Data, Racial or ethnic Data, Biometric Data, Political Opinions and
Web data which may include IP address, Location, RFID tags and cookie data.
Impact of GDPR on Business: The implication of GDPR has affect businesses in many
ways, various companies who uses data of their customers to deliver their products and services
have to follow new guidelines given as per the GDPR. The new guidelines include protection of
data which will increase the cost of security, companies have to incur additional expenses to
improve its security compliances and set up various new cyber security system in order to
compliance with the new General Data Protection Regulation (Blackburn, Hart and Wainwright,
2013). If companies does not follow new guidelines related to data monetization and privacy
regulations they have to face unexampled penalties, litigation and fines along with this new
heavy penalties this regulation has set up a more constrained business practices and higher
compliance bar. After the implementation of GDPR it is made compulsory for companies to
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protect personal data of customer and update their security and they should also implement some
new breach notification protocols which help companies to identify any breach and secure
information related to customers personal data, and also start new training and development
programmes for employees to go through data protection and prevent accidental breach.
Since the 1998 data protection regulation has become outdated, there are many
requirements which companies has to follows such as the definition of personal data has become
broader (Nickels, McHugh and McHugh, 2008). Earlier it required name, contacts, medical and
financial information but now it also includes IP addresses. With this new regulation consent of
users gets trickier, in order to get and store personal data of customer companies have to give a
lawful reason and also have to take a separate permission for every data they process.
Documentation for data processing has become necessary, companies have to keep detail record
of the time when user gave their consent to keep their data, their wording, and all the safety
procedures at a separate place and reports of all the processed activities. If there is any data
breach even a minor violation it should be reported to within 72 hours to national data protection
regulator, companies have to incur additional cost on monitoring its data security and
communication system.
This new regulation has increase a cost of products offered by these companies along
with it, this regulation also has some for both customers and business. Customers have a right to
request corrections of their personal data obtained by companies and can also ask for a detailed
information from these companies that where their data is being used and in what ways
companies are using their personal details and all other information (Palma-Mendoza, Neailey
and Roy, 2014). User can also held companies accountable for the use of their personal data and
take advantage of GDPR in a significantly large number, customers also have a right to withhold
their consent of data for certain uses, they can also request the access to their personal
information to modify or delete their personal information from various sites who have collected
their data, they could have a unstable effect on various companies working in data industry.
QUESTION 4
Ideal career: The ideal career which is selected is Analytics Manager in retail
industry.
Analytics Manager: Analytic manager is a manger who gathers and analyse the data in
order to help his clients to gain valuable influence and insights on decision making. Their duty
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includes developing and implementing various analytics solution, data mining and management
and generating reports with the help of these data in order to improve its client's performance and
achieve their business objective (Pentony and et.al., 2013). The key role of an Analytics Manger
involve monitoring websites, analysing e metrics and suggesting ways to its clients through
which they can improve their online sales. They also help companies to provide keyword
detection support, implementing back links, analysing and expansion. They analyse data and
research links used by its competitors in order to determine opportunities and change its
strategies to adopt these identified opportunity. They develop solutions for its clients by
analysing innovative methods and business scenarios to increase the efficiency of business of its
client.
Various factors that affect career path: Factors which can affect career path can be of
two types internal and external internal factors includes the role of HR, legal and progression
prospect which have a direct impact on career path and external factors include all the other
factors related to external environment such as digital marketing (Trugman, 2016.). Digital
marketing has a direct impact on Analytics mangers career due to the automation in retail sector.
Digital marketing has brought various changes in retail sector such as multiplying channels as
the number of average customers have various options option available with them to shop
through online stores or at physical stores. While shopping through online stores it is easy for a
manger to get data and generate report automaticity with the help of proper software and
knowledge about it. Digital marketing has increased the growth of online shopping as customers
are more comfortable in shopping through online stores rather than going to physical stores, it
has a direct impact on reducing the workload of analytics manger as data is generated and
recorded automatically only interpretation is required be done by them. The internal factors
which includes the role of an Human Resource Department, Legal Department and progression
path. Human Resource department play an important role which affects a career path as it is duty
of a HR to recruit a suitable candidate for assistance. The main challenge which HR faces is
knowing what kind of knowledge is required by an individual if HR does not know any thing
about data analytics and is interviewing a candidate will result in the rejection of a suitable
candidate. The second main role of he HR department is to listen to the problems of its
employees and resolve their issues related to salary and other things privileging in an
organisation. The main aim of a legal department in Retail sector is to take permissions for
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opening its new stores and to check and keep the company updated about the changes of various
rules and regulations in the retail industry and prevent a company from various suites and also to
provide legal advice to the companies. Legal department also help companies to procure
exclusive rights for their high end retail outlets and also they help companies to meet all the legal
requirements of a company. The progression prospect is the main factor which affects a career
plan, as an Analytics manager pay scale will improve regularly and they have a direct impact on
performance of an individual with the increasing experience in a specific area will increase the
compensation for them.
CONCLUSION
From the above file it can be concluded that understanding of business is very important
in order to grow and capture market. The above report explains the various aspect which are
necessary to understand the business and take necessary decisions. The above report established
the impact of General Data Protection Regulation (GDPR) on business and consumer in
European Union. It shows that how companies have to change their security protocols in order to
protect the personal details of consumers. The above also establishes the various factors which
can affect an individuals career path.
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REFERENCES
Books and Journals
Basole, R. C., and et.al., 2015. Understanding business ecosystem dynamics: A data-driven
approach. ACM Transactions on Management Information Systems (TMIS). 6(2). p.6.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Nickels, W. G., McHugh, J. M. and McHugh, S. M., 2008. Understanding Business 9th ed.
McGraw-Hill Irwin: New York, NY.
Palma-Mendoza, J. A., Neailey, K. and Roy, R., 2014. Business process re-design methodology
to support supply chain integration. International Journal of Information
Management. 34(2). pp.167-176.
Pentony, B., and et.al., 2013. Understanding business law. LexisNexis Butterworths.
Trugman, 2016. Understanding business valuation: A practical guide to valuing small to
medium sized businesses. John Wiley & Sons.
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