Keeping up with trends in today’s world can be challenging. It is easy to become numb to the onslaught of constantly evolving technology available, each one with a promise to revolutionize the business world. However, as we start another year around the sun, business and legal professionals are already gearing up to learn what trends can enhance their internal processes in order to uncover new sources of revenue.
The reality is that there are some meaningful and significant tech trends for 2023 that businesses should explore in order to remain ahead of the curve and ahead of the competition. Technology that you, as a business or legal professional, decide to invest in should check these primary characteristics: granularity, speed, and scalability.
Ideally, such an investment is a tool that grows with your company instead of one that limits scalability or hinders efficiency. A multi-purpose entity management software, for instance, can allow your company to meet short-term and long-term goals and improve internal processes while meeting the demands of an ever-evolving technological world. Here’s some tech trends that companies should invest in for 2023 and how a cloud-based entity management system can provide a multi-functional solution.
Increased Corporate Transparency
The Corporate Transparency Act, enacted in 2021, has provided much more legal incentive for businesses and internal leaders to focus on being more transparent. However, it’s not the only factor at play here. There is also a shift happening in the business world when it comes to client and employee expectations. For instance, clients expect companies to be transparent about billing procedures, values, practices, and marketing materials. Employees are pushing for greater company-wide accountability and transparency from their management teams when it comes to job expectations and internal procedures.
By investing in a technology that allows your company to proactively improve transparency, you can remain compliant with the CTA and avoid potential penalties. Additionally, you can increase trust with current clients and enhance your brand image with potential clients and current employees. In turn, your organization will find it easier to acquire new clients, generate new business, and meet short-term and long-term business goals.
Focus on Company Morale
It’s no secret that there is an evolving definition of work-life balance and expectations from an increasingly diverse workforce. One of the many aspects of work-life balance involves focusing on productivity rather than hours. Employees want their concerns addressed and to be given the tools and resources necessary to perform their jobs without having to be bogged down with time-consuming, manual tasks that prevent them from being able to perform higher-value job functions on a day-to-day basis.
Tech trends in 2023 must focus on systems that keep company morale high and ensure that employees feel valued and supported. An entity management software that allows your company’s employees to work effectively can improve job satisfaction and decrease employee turnover, thus resulting in more profitability. Modern solutions to historically laborious tasks means that errors are less likely to occur and your employees feel more satisfied in their work because they are able to spend billable hours on tasks that they find meaningful.
Streamlined Business Practices and Automated Processes
Organizations in today’s world, especially those with subsidiaries in various regions, are facing increasingly complex regulations. Being able to effectively manage corporate governance is necessary to reduce potential compliance risks and liabilities. Having a centralized entity management system can allow your legal and accounting departments to achieve and maintain compliance statuses and increase corporate transparency.
With these streamlined business practices and automated processes, you can ensure that all your company’s data information is organized and accurate, and thus easily accessible from anywhere. Automated processes can get rid of age-old manual tasks and produce accurate reports which expedite the process of renewals, compliance, and documentation.
The coronavirus pandemic made work from home the new norm for businesses across the globe. This means that having remote access to data and company information is a must. While outdated legacy systems can prevent employees and managers from accessing and updating information easily, a cloud-based entity management system allows your company’s teams to work as efficiently as possible. You can retain the best employees by allowing them the mobility that they need to work anywhere.
Having a cloud-based capability is especially valuable when it comes to multi-jurisdictional subsidiaries. When information needs to be translated across multiple entities and departments within them, operating under a singular source of truth, one that can also be accessed from anywhere around the world, can prevent inefficient processes, data silos, and poor collaboration.
Cybersecurity Business Needs
Today’s world is full of cyber risks that threaten organizational reputation, profits, and livelihood. In order for businesses to grow and be profitable, they must become aware of all threats, including cyber risks, and how to mitigate these risks by ensuring their entities’ information is secure and protected.
While entity management and cybersecurity were once seen as having separate and distinct roles in risk management, tech trends for the upcoming business year will focus on what the interplay between these two services will look like.
Specifically, businesses will begin investing in an entity management software that will be able to identify and manage potential cyber risks that could cause harm to the company as well as its shareholders and stakeholders. A business’ internal and external auditors will be required to report to the board of directors with genuine cyber security insight. Having an automated cybersecurity technology can increase a company’s compliance, safety, and reputation while also allowing risk issues to be reported that need prioritizations
Helping You Stay Ahead of the Curve
In short, tech trends for 2023 are focused on providing solutions to time-consuming manual processes, increasing accessibility to and protection for important company data, and providing employees with the tools they need to increase retention and job satisfaction.
Are you interested to learn more about how our cloud-based, multi-purpose entity management software can help you stay ahead of these tech trends? Request a free customized demo with an entity management expert today.