This article draws from Athennian’s webinar, “How to Streamline Entity Management through Technology.” You can access the video recording and supplemental materials here.
Entity management is the practice of keeping a company’s vital information and documents in an orderly system that the organization can track and view, with the goal of keeping entities in compliance.
According to research, legal professionals spend only 29% of their day completing advantageous and billable tasks. For the average 8-hour day, that amounts to only 2.3 hours of productive work. The other 71%, according to experienced law clerks, is spent on manual administrative duties due to friction in the entity management process.
What Challenges Do Legal Teams Face in Entity Management?
Most of the market’s entity management tools on the market were built before the turn of the century, which renders staying abreast of the rapidly-changing industry near impossible. In no other industry do pre-2000 technologies suffice, which explains the severe gap in legal team's productivity.
Archaic Tools Pose 3 Major Challenges:
1. Lack of Trust in Data
Legal teams lack trust in the accuracy of their records. Bad data causes operational efficiencies such as poor data entry, duplicate, and invalid data, which can lead to loss in revenue and increased risk.
2. Compliance Issues
Without a change management process to identify and incorporate regulatory and legal changes, legal teams are at a greater risk of financial penalties and reputational damage. Without modern compliance solutions in place, missed deadlines and out-of-date corporate records can occur.
3. Reporting Is Unreliable
In addition to manual reporting being laborious, it also drastically increases the chances of human error. Entering the wrong information without noticing has a domino effect that can lead teams to make bad decisions that can have a long and lasting impact on the business.
How Can Technology Be Leveraged to Streamline Entity Management?
A modern, cloud-based, and scalable entity management platform allows for controlled data management through a centralized online workspace. Accuracy, data integrity, and organization are just some of the benefits of a cloud-based single source of truth.
Automated reporting eases and expedites the process for annuals, renewals, compliance, and documentation automation, leaving more time for billable tasks.
The Benefits of Entity Management Software
A modern cloud-based entity management solution offers your team the efficiency and flexibility to thrive in today’s fast-paced legal market.
Benefits of Entity Management Technology:
- Easily share business insights with internal and external teams.
- Ensure all levels of the organization, including governance, tax, and finance, work together more efficiently and proactively.
- Remove manual tasks from your workload.
- Provide up to date, accurate information to your entire team, regardless of where they are, globally.
- Ensure stakeholders and business decision-makers have the correct data when they need it.
For more information on how automation can increase productivity and streamline workflows, download our webinar and supplemental materials here.
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