One of the main attributes of data used in law firms is the sheer volume of data that needs tracking, maintaining, and updating. With data centralization, you can create a single source of truth that your legal, tax, and finance teams can tap into to find the exact information they are looking for.
What is Data Centralization?
The idea of data centralization is to have one source of data that multiple users can access at any given time. Data centralization usually utilizes cloud-based solutions through entity management software. This specialized software can do many other things besides keeping your data in one place.
Other key benefits of data centralization include improving decision-making flow and delivering services to your stakeholders in an efficient manner.
With entity management software, you can keep track of different tasks that need to be done. It also promotes collaboration between users of the system and provides decision-makers with a high level of visibility.
What are the Four Signs that Your Data Needs Centralization?
Managing data should be given utmost importance, especially with law firms, because the data being handled is sensitive and should be kept confidential for the client's privacy rights. Finding a way to keep data and securing it should be given priority, especially when dealing with large volumes of data.
Here are the four signs that your law firm's data needs centralization:
1. Too Much Money is Spent on Outside Services and Counsel
When you have outside counsel and legal services that you are outsourcing, this can negatively affect your team's performance because it can represent a disconnect. Having outside counsel services can also be costly, and one way you can combat this expense is by having data centralization.
Outside services can include hiring a company to maintain your data and keep it secure, which can be transitioned in-house when you have a cloud-based entity and subsidiary management software. By switching it in-house, you will have better control of what goes on in your law firm and presents high visibility to all users, which can increase accountability.
2. Using a Large Number of Service Providers to Handle Legal Counsel
Suppose you spend too much time managing and keeping track of different service providers handling your legal counsel. In that case, it is time to utilize a data centralization software system. If you have various service providers who are handling different processes in your law firm, it will pose a challenge in managing these providers and making sure that their deliverables are up to par.
By using data centralization, you are keeping tabs on different processes in your corporation by using one software that can save you time and money. This will enable you to focus your resources on meeting clients and increasing revenues for your corporation.
3. Increased Time Spent on Looking for Specific Data
Time is money, and the same can be said for legal firms because there always has to be a balance between billable and non-billable hours. Finding and looking for data can fall in the scope of non-billable hours, which means that the amount of time your legal teams spend looking for specific data is not revenue-generating, making it a time suck.
If you feel like your team is being bogged down with data hunting and mining, it is time to invest in an entity management software that can help you curate a centralized data source so that your legal teams will have an easier time accessing data.
4. Lower Levels of Productivity within Your Team
If you are noticing that the productivity levels in your legal teams and in-house legal counsel are down because they spend more time looking for data, then it is time to consider utilizing data centralization. This will essentially free up your team's time on looking for data and offers a streamlined approach that will enable members to collaborate.
By having a centralized data source, your team's productivity levels will be increased because they can focus on more critical tasks that can contribute to the law firm's performance and help the corporation meet its targets.
How can a Cloud-Based Entity and Subsidiary Management Software Help with Data Centralization?
Using an entity management software company to help with data centralization is ideal because it can bring many more value-added attributes to your law firm. The software you will bring in will digitize entities, subsidiaries, and company structures that can help you manage the pace of your business more efficiently.
Having outdated data management systems can cause issues with the law firm's reputation and bring regulatory issues that are time-consuming to resolve. By having a technologically-advanced software that helps with data centralization, keeping track of important data will enable law firms to fulfill transactions and execute to their full capability.
Entity management software can help with governance, tax, finance, and compliance with one single platform. Solutions like Athennian's are 100% cloud-based, meaning your data can be accessed anywhere.
Utilizing advanced technology will give your law firm the competitive advantage needed to rise above your competition. It will enable your firm to present accountability and transparency to stakeholders and decision-makers.
By utilizing entity management software, you can minimize the time spent on finding data and reallocate these resources to more productive processes that can contribute to increasing your ROI.
If you are looking for an entity management software to help your law firm, contact Athennian today by scheduling a customized demo with an entity management expert. We pride ourselves on providing top-notch technology that can help your corporation improve its processes and increase revenue