A living single source of truth enables businesses to bring all their data into a one-single location. A cloud-based entity management system like Athennian's keeps all your corporate data securely in one accessible place. This enables legal professionals to spend less time looking for a specific document, saving both time and money.
What is a Single Source of Truth?
It is a known fact that law firms rely on their depositories of data and important information that can include client data, billing, and financial systems as well as document management systems. The main problem that most law firms come across is that the different types of data that they need to access are dispersed and used by different functions of the organization which means that they are stored in different locations.
To visualize this, think of a warehouse that houses boxes of documents that are not labeled. Finding the correct box or even the correct document is a time-consuming process.
With a single source of truth in place, everyone has access to the data which can save time and money. Having an SSOT can also increase productivity in the law firm because the time that the employees save in looking for documents can be spent on something more beneficial to the firm.
What are the Benefits of Having a Single Source of Truth For Your Law Firm?
Read along as we discuss the 5 benefits of having a single source of truth that you can use in your law firm.
- Provide decision-makers access to the right data at any time
There is nothing more frustrating than not finding the right information or data that you need especially if you are coming up against a deadline.
Time is money especially in law firms because there is a stark difference between billable hours and non-billable hours. Non-billable hours needed to do maintenance and other administrative tasks mean that you can’t charge it to your clients. Because of this, finding the correct data in the shortest amount of time possible is essential in making sure your firm is productive and profitable.
Using cloud-based entity management software ensures that you can pull any information that you need without going through a cumbersome and time-consuming process. This is vital so that you can save time and do other tasks instead of combing through endless amounts of paperwork trying to find a specific document.
- Reduce time in identifying if the data is correct
The beauty of having entity management software is that the information can be edited, and changed especially if it is incorrect. Working in a law firm requires that the information you are using is accurate and free from errors.
If you are working with physical paper documents, there is a chance that there are numerous drafts tied to a document which can prove challenging especially if you are looking for the newest and most accurate one.
By using a cloud-based solution, you can easily identify which document is the most recent version which eliminates the amount of time you are spending researching.
- Increase productivity
The main advantage that you can get from using entity management software products is that it will free up time spend on maintenance and administrative activities and productivity will increase because you can spend time meeting and supporting clients.
Because law firms operate in an increasingly competitive industry, owners are constantly in search of what can set them apart from the competition with a focus on transparency and standardization. Return on investment can be increased by removing manual processes, and paperwork automation which will allow you to source new clients and businesses.
Legal professionals spend 29% of each workday on billable hours which roughly translates to 2.3 hours. The key takeaway here is to make sure that the billable hours per day are increased so that the productivity of the law firm increases accordingly.
Since the solution is a cloud-based entity management software, law firm workers can access it from any location which can be conducive if the law firm decides to switch to a hybrid or remote-first workplace. This can also work as a way to boost employee morale and productivity levels.
- Ensure security over the data
Keeping data stored and secured properly should be of utmost importance especially since corporate paralegals and law firms are held to a different standard when it comes to client confidentiality. Using a cloud-based system to maintain records and perform data management ensures that the information kept is secure.
Keeping your client’s data and upholding their privacy is key to keeping your law firm’s reputation and credibility. Mismanagement of data or data leaks can negatively affect your law firm’s reputation which can be detrimental to your business.
- Increased transparency
Transparency and accountability are two important factors that should have a high priority in workplaces, especially in law firms. When these two things are present in the workplace, it boosts employee morale and engagement as well as boosts the firm’s productivity and profitability.
The main pillars of accountability include open communication lines, honesty, and feedback. With a cloud-based system, all the information is readily available for everyone to see which boosts the law firm’s credibility and accountability. The information can be viewed, edited and downloadable for ease of use and higher visibility.
As a law firm owner or a Corporate Paralegal, increasing productivity is essential as well as increasing the bottom line. With cloud-based entity management software like Athennian, you will rest assured that this fast and intuitive software will provide you with a high level of functionality. Because of its collaborative nature, team members can access documents and make corrections as needed. Since it is cloud-based, anybody can access the information easily.
If you want to learn more about utilizing a single source of truth for your law firm, contact Athennian and speak to a digital entity management expert today!