As a marketing company, you have a lot of non-tangible assets that you need to monitor. Business asset inventories must track things like client information, unique projects, real estate, employee information and more.
Compliance records fall into non-tangible assets that must be tracked. While these don’t directly bring income, not having them during an audit can result in your company being hit with heavy fines. These fines can range from being an inconvenience to shutting down your business for good.
One of the more recent regulations service-based companies have to comply with is the General Data Protection Regulation (GDPR).
What is GDPR Compliance?
The GDPR law came about to help citizens of the European Union (EU) have more control over what happens to their personal data. Since most people in the modern age live online, companies can take advantage of online data to benefit their sales at the expense of the customer.
Basically, GDPR makes it easy for customers to unsubscribe from lists and be forgotten by companies they don’t want to support.
Data breaches are also covered under the new GDPR law. This regulation means that companies are responsible for protecting personal data and making sure it isn’t exploited since companies in any industry are subject to being hacked and having customer information stolen.
If you are caught not complying with GDPR, you could end up paying $23 million. Even large corporations who make millions of dollars each year would have an incredibly difficult time recovering from something like that. It’s not worth risking such a large penalty.
Business Asset Inventories and GDPR Compliance
This regulation applies to anyone who serves clients or customers who live within the EU. Most online businesses will have to ensure that their practices protect the personal data of their customers and keep it secure.
Protected data includes name, address, photos, and other identifying information that makes it easy to track someone down.
Clearly organized business asset inventories make it easy to see who has and hasn’t signed a contract indicating that they have seen the changes made to comply with this regulation. Many service-based companies keep a database with client information stored on it. Securing this business inventory is more important than ever before, especially for those who serve clients in the EU.
Because of this new regulation, you must find a way to track which of your clients are based in the EU and which aren’t. You could simply make sure that everyone you provide services to is protected by this law, so that you don’t have to put in different regulations for different clients. However, even if you decide to go this route, you’ll still need to provide evidence that you are in keeping with this regulation. Well-constructed business asset databases will make it possible for you to track this information in relation to your clients.
One Asset Panda client has specifically benefitted from using our platform in this way. In their review, they mention that storing this agreement on a per-client basis has made it much easier for them to track GDPR compliance. Everyone can see the new system as it matches regulation requirements. They also mentioned that they’ve used it to replace electronic signing and simplify contract storage.
Want to see how Asset Panda can make GDPR compliance easier for your service-based business? Check it out free for two weeks!
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