Big or small, if you run a business online, the number of compliance-related considerations you face is on the rise.
Stricter regulations, like GDPR and CCPA, have been implemented due to increased data breaches and consumers becoming more aware of their data privacy rights.
Last year fines for non-compliance with GDPR laws rose by 40% moving compliance planning from an afterthought to a foundational consideration when growing a business online.
Without the proper controls, privacy standards and technology, you can quickly find yourself not only facing fines but losing customer trust. Eighty-seven per cent of consumers surveyed by Mckinsey said they wouldn’t do business with an organization if they had concerns about its security practices.
Fortunately, as data privacy standards have improved, privacy and compliance software providers have developed more sophisticated tools to help businesses like yours automate, outsource, and future-proof your compliance.
So what is privacy software, how can you use it and what does outsourcing your compliance requirements mean for your team and the bottom line? Let’s take a look.
How Outsourcing Compliance with Privacy Software Can Solve Key Problems
As a business leader, no matter your industry, you’ve likely found yourself wondering how best to address how you store and protect sensitive data in your privacy policy.
Along with the technical and legal challenges, the process of developing a solution is made more complex by the varying data privacy requirements in different regions where your customers live.
In some cases where businesses use e-commerce platforms like Shopify, they may believe that the platform’s privacy policies apply to their own business when they do not.
Reasons like these are why more and more organizations are deciding to outsource their compliance to trusted privacy software companies.
The Benefits of Outsourcing Compliance
From simplifying the mechanics around continuously complying with privacy regulations to ensuring your business has the necessary legal elements in place, choosing to outsource your compliance can introduce many benefits to your business.
Some of the most notable include:
Freeing up resources to focus on growing your business
Industry-leading platforms introduce intuitive and comprehensive enterprise and customer-facing tools that simplify your privacy settings and make it easy to manage consumer consent.
Any privacy company you partner with should also provide privacy and regulatory experts to create and maintain your privacy, cookie and security policies.
With your privacy partner working as an extension of your team, you and your internal team can focus on reaching more customers and growing your business.
When you add them all together, these features unlock new efficiencies and cost savings while reducing the risk of fines for non-compliance.
Integrating Your Data and Compliance Ecosystem
Whether your team uses specialized data management tools and marketing platforms or not, likely, they do not have the specific functionality to ensure your business remains compliant with privacy regulations across multiple regions.
Your team may have lists of potential customers to market too, but can they easily segment them into different lists based on the compliance requirements of the region?
Depending on where they live, their contact preferences and your obligations for privacy may vary widely.
Utilizing data privacy software capable of integrating with your existing enterprise technology can pull and push data from across your platforms to make it easy to maintain compliance and act on customer data.
Automating Key Compliance Responsibilities
As regulations change, your business expands into new jurisdictions, and customers update their preferences, the right platform can automate all necessary updates and process customer data requests.
With the right privacy partner, your organization can have the peace of mind that comes with knowing that experts are constantly monitoring regulations for changes that could affect your business.
A great partner will also continually introduce updates and features to maintain compliance.
Take the Next Step with Dataships
As awareness of data privacy and security grows among consumers around the world, businesses that are able to demonstrate their ability to respond and comply with these expectations will not only maintain their competitive advantage but also steer clear of potential negative consequences of noncompliance.
In other words, by partnering with a leading compliance provider—like Dataships, which offers intuitive and comprehensive privacy software—your business can meet ever-evolving standards while also streamlining operations.
