Does your team rely on multiple technology platforms to manage different processes and functions? Is a lack of data transparency hindering productivity and collaboration within your organization? Are you exploring opportunities to improve compliance, streamline entity management, and boost the productivity of your legal department?
If any of this sounds familiar, then it is high time that you transform your organization by providing it with a central source of truth (central source of truth). A central source of truth can further your digital transformation initiative, help you move closer toward overall productivity goals, and empower your legal team to operate more efficiently.
What Is a Central Source of Truth?
A central source of truth is a resource that contains all of the relevant company data that your legal departments need to fulfill their responsibilities.
To create a central source of truth, you must aggregate the data from the disparate systems your organization currently uses and provide access to this information through a unified interface. This interface makes all organizational data more accessible by providing employees with a central access point.
Because your data is now easy to access and share between departments and employees, you can expect improvements in organizational productivity and efficiency. These are just a few of the many benefits of an integrated data system.
To be clear, a central source of truth is not a specific tool or framework. It is not a particular strategy or tangible thing. Instead, it is a state that you can achieve by leveraging a combination of tools, strategies, and technologies.
Of the many resources that you can use to create a central source of truth, a comprehensive entity management software solution is perhaps the most valuable. Such a solution provides technology that can replace multiple antiquated systems with a central platform that facilitates data sharing and aggregation.
Key Elements of a Central source of truth
A central source of truth is:
- Free of data silos
- Accessible through a central interface or platform
- Free from errors or discrepancies between interdepartmental data
- Free from redundancy
- Componentized (grouped into components to ensure that it is viewed in the proper context)
You have not created a central source of truth unless it exhibits all of these attributes.
Benefits of Providing Staff with a Central source of truth
Developing an central source of truth provides your legal department with access to timely, relevant, and accurate information. Instead of wasting countless hours sifting through siloed data, your team can effortlessly access consolidated and organized information from a central interface.
Providing your staff with a central source of truth yields other benefits as well, including the following:
Fewer Human Errors
Each time that a team member has to reenter data into one of your platforms, there is an opportunity for a mistake. Aggregating your data into an central source of truth eliminates data entry redundancy, thus reducing human error incidents that diminish the quality of your data.
central source of truth solutions, such as entity management software, also include tools for automating many data collection tasks. These capabilities further reduce the frequency of human errors.
Improved Data Integrity
Reducing or eliminating human errors from data management processes enhances overall information integrity. When your team knows that the data they are viewing is accurate and reliable, they can confidently use it to carry out critical business processes.
A central source of truth also enhances data integrity by eliminating silos. When you eliminate data silos, you will have an opportunity to identify and remedy any information discrepancies that have compromised data integrity. Once these discrepancies are resolved, you can improve compliance and entity management processes.
Process Consistency
Your legal, compliance, and tax departments will always have distinct sets of responsibilities. However, that does not mean that they must tackle their respective responsibilities with completely separate processes and technologies.
By creating a central source of truth via cloud-based entity management software, you can keep business processes consistent across teams and departments. This consistency will facilitate improved collaboration between finance, tax, compliance, and legal teams.
Enhanced Productivity
The most notable benefit of providing your legal department with a central source of truth is that doing so will drastically enhance productivity. When everyone is working from the same point of reference, your teams will be able to collaborate and exchange information like never before.
From a broader perspective, improved collaboration and communication will benefit your bottom line. Your legal department can deliver better value for clients and help the company achieve its growth goals.
Create a Central Source of Truth with Athennian’s Entity Management Software
A central source of truth is a concept, not necessarily a tool or platform. However, technology is integral to your ability to create a central source of truth for your legal department.
If you want to transform your legal department with a central source of truth, you need Athennian’s all-in-one entity management software solution. Our technology suite is designed to replace old solutions with a modern platform that consolidates:
- Compliance
- Entity management
- Ownership
- Governance
- Tax
By integrating these elements of your corporate identity, we empower your organization to foster trust with its stakeholders, vendors, and clients. You can leverage our solution to achieve an unparalleled level of organizational transparency, protect business continuity, and optimize productivity.
Are you ready to provide your legal department with a central source of truth so that they can reach their true productivity potential? If so, then request a customized demo of Athennian’s entity management software.
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