How to choose data privacy management software that's right for your business
**Updated March 2023**
As data privacy has become more top of mind for organizations, data privacy management software has exploded onto the scene, with dozens of high-profile and technologically advanced options promising to make privacy professionals’ lives easier.
With so many providers and the need to nail the decision to protect your company’s data compliance, choosing data privacy management software can be an intimidating choice, full of weeks of deliberation and trying to get executives on board. The good news is we're here to help you through the decision by breaking various important aspects down step by step.
Why invest in data privacy software in the first place? Because trust is the foundation of any business.
The result of negative press from failing to comply with data protection regulations could be disastrous for a company, not to mention the after effects of a common but avoidable event like a data breach ruining a company’s brand and leaving customers wary of ever doing business with it again.
As consumers have asked for more control and transparency over their data and personal information, companies have needed to adjust their business practices to earn that trust. Today, businesses have to put in more effort in making sure they cover all of their bases in terms of their users' data privacy management.
While keeping up industry best data privacy standards is a surefire way to form a relationship with customers that isn’t built solely on profit, the growing amount of data regulations globally help companies pinpoint exact measures they need to take to become data compliant.
Off to a flying start
Privacy technology is a relatively new field, but many suitable tools to answer the need for data privacy management have cropped up leveraging automation to make things like RoPA reports and impact assessments easier and faster to conduct than ever. But with a growing number of regulations and compliance requirements in different countries, data privacy management software needs to be dynamic, robust, and constantly evolving.
The two biggest challenges for buyers in this rapidly growing market are:
- Defining and understanding their current and future privacy requirements
- Evaluating these requirements against the available products
If you're reading this, you're probably wondering a few things:
- What set of features and options best fit your company's needs?
- What are the most important things to evaluate or consider when choosing a data privacy platform?
- What should you look for in a solutions provider?
- What makes solution A better than solution B?
Picking data privacy managaement software
First, you need to define the features and options that fit your current needs. I say 'current' because these needs are guaranteed to shift due to changes in the set of considerations in the next chapter.
Essentially, we can break down these features into the following common groups:
- Management and fulfillment of users' privacy requests, including data access and data erasure requests (DSR, DSAR).
- Consent preferences management & implementation across company systems and, most importantly, on company websites.
- Data mapping of external company data sources & PII tracing for privacy compliance requirements.
- Risk assessment tools for potential privacy impact by third-party vendors and data sources.
- Compliance assessment and management tools related to required regulations or standards across multiple geographies.
- Reporting and auditing tools related to requFirst, you need to define the features and options that fit your current needs. I say 'current' because these needs are guaranteed to shift due to changes in the set of considerations addressed in the next chapter.
Once you've clearly defined your desired set of requirements (based on your user base size, business assets, and countries of operation), you'll need to evaluate them against various considerations.
Some industries have individual requirements that have to be considered, making data privacy all the more complex. Such specific standards may apply to sectors based on their purpose, customer demands, and governmental regulations. Prominent examples include:
- Social media organizations
- Educational institutions
- Financial businesses
- Health care services
The last piece of this puzzle will be taking geographical considerations into account. Depending on where your business and customers reside, you will need to research the requirements for data privacy compliance in each of those countries and choose your data privacy management software accordingly.
ICLG.com gives you a handy up-to-date guide for data protection laws and regulations, as well as specific information based on your choice of country. You should also consult with:
- Legal and/or privacy experts to make sure you are compliant and up-to-date on regulatory measures.
- Prospective vendors to ensure that their products correspond to your required guidelines and work as advertised.
Let's go shopping!
When all of that research is behind you, it's finally time to compare the different providers and their offerings. This software you're taking on for your business is a long-term commitment, and as such, you need to make sure you're taking on the right partner.
B2B SaaS deals often take months to complete, so don’t feel the need to rush when choosing data privacy management software until you’re sure it’s the system for your company.
We recommend you pay close attention to:
- Their support team availability and level of service.
- Their product functionality and inventiveness.
- Their pricing and ROI time (especially compared to other solutions).
- Their ability to evolve with you to accommodate your needs for an extended period (you wouldn't want to change your data privacy software provider too frequently).
- Their ease of setup and ease of use, as well as the time required for the implementation and training.
Don't shy away from booking demos and taking on trial periods with several data privacy management tools. Testing the software for your actual business needs is the best way to indicate which tool fits your needs. Furthermore, the interactions you have with a provider's sales, product, and support teams will give you a clue as to whether you're making the right decision when you choose them.
Comparing the 'payback period' is just as important for a business running on a budget. When reading verified customer reviews on leading SaaS comparison websites like G2, you'll learn that the return on investment time (payback period) of Mine PrivacyOps is estimated to be 3.3 months for our customers, whereas the same estimation for other privacy software is much longer — 19.18 months on average.
A full overview of data privacy management software providers
Don't get overwhelmed.
To conclude, buyers in the privacy management market have many choices. The product features, combined with your set of requirements and considerations, factor into which data privacy management software you think best fits your business.
No matter what answers you ended up with, we hope this article helped inform and prepare you properly as you go into this process.
If you need any more consulting, our expert team is ready to show you why our platform is a leader in the industry.
Book a demo and get a free PoC of Mine today.