What is GDPR? It stands for the General Data Protection Regulation. It sets out how companies who do business with citizens of EU member countries must handle their personal data. Even if an organization isn’t based in the EU, it still needs to abide by these rules. It’s a big deal, affecting companies all over the world.
Since May 2018, organizations are obliged to document, evaluate and make electronically available any process whereby personal data is recorded, processed or stored in ERP and other systems. Customers have the right to access their personal data, can easily withdraw their consent about storage and processing of their personal data and if they want you to forget about them, and never send an offer or newsletter again. Well, then you will have to let them go.
It is not all bad! Instead, it is pretty good actually!
Here are 5 reasons why:
- Business reputation:
Your customers take their privacy seriously, and so should you. Customers who know they can trust you are loyal customers.
- More accurate data:
Keep your databases tidy and your data up to date. It will improve your business performance and give better insights.
- Improved cyber security globally:
An end to obscure data transfers adds another layer to cyber security worldwide.
- Standardized processes:
In your company, between companies, in Europe and companies worldwide that do business with European companies, the workflow and processes regarding customer data are all equal.
- Huge fines:
Keep your money where you need it. Fines can go up to €20 million, depending on the infringement, or 4% of the worldwide annual revenue of the prior financial year, whichever is higher.
Are you curious about how your company can become (and remain!) GDPR compliant, without the hassle of learning new software? Please check our product page for the GDPR-Toolbox or contact email@example.com. GDPR-Toolbox is a fully integrated Microsoft Dynamics NAV/BC add-on available from NAV 2009 and up.
This text serves to inform about issues concerning GDPR. It does not constitute legal advice nor can it replace legal advice.