Entity management is a big part of operating a successful, multi-subsidiary business. The more documents that build up internally, the more of a necessity it becomes to have an entity management system that can handle the increasingly difficult and complex organization of your entity related requests.
Some businesses choose to outsource their entity management needs, and there are certainly several companies that will advertise how their outsourced entity management services can aid workload management and increase productivity.
While it is understandable to feel a sense of anxiety when it comes to managing your entity related requests and legal operations in-house, doing so allows you to increase oversight of business operations without having to rely on an external third party with sensitive business information. Ultimately, there are several benefits that businesses uncover when they move entity related requests in-house.
Reduce Unnecessary Costs
Setting a business budget, reviewing business expenses, and determining where to cut unnecessary costs are essential components of any effective business strategy.
While you may be thinking that an outsourced entity management software will benefit your company’s financial goals in the long run, the reality is that entity management is something that many in-house legal teams are more than equipped to handle with the right software.
One thing to remember is that handling entity related requests in-house does not have to jeopardize the integrity or efficiency of your entity management. In fact, you can reduce unnecessary costs involved with outsourced entity management by cutting out the middleman and utilizing a cloud-based entity management platform that is easy to use, improves data management, and can be accessed anywhere.
You’re probably well aware that, in the business world, time is money. There is no question that entity management can be a time-consuming and tedious task, but having to wait even a matter of days for another company to respond to your business needs can be detrimental to your own company’s workflow, data management, and goals. This is especially true due to the fact, when you outsource your entity management, you are one of numerous companies that are relying on a certain level of turnaround and prioritization.
This is where another benefit of in-house entity management software comes in.
Instead of having to wait for an outside party to answer your questions, respond to your needs, and manage your important documents and minute books, you can rely on your internal legal teams to do these tasks for your company, resulting in a quicker turnaround process.
Reduce Entity Risk
When you are dealing with important and confidential data within your company, being able to reduce entity risk can make or break the longevity of your business. While your company may be unsure how to reduce risk, relying on a third-party may be counterintuitive, especially in today’s digital age of highly intelligent cybercrimes. The good news is that there are cost-effective and efficient ways that legal teams can implement in order to reduce such risks.
In-house and cloud-based entity management can reduce entity risk that comes with relying exclusively on a third-party to manage your data. By having all of your important information, reminders, and compliance calendars in a secure and centralized location, you can better manage entity risk. Additionally, having an internal entity management platform can allow your stakeholders real-time secure access to every entity and compliance activity.
Alignment on Priority
One of the biggest challenges of in-house entity management is the lack of visibility across all departments and teams. This lack of visibility is often attributed to siloed information, which occurs when key data and company information is scattered in separate databases and do not communicate effectively. Data silos ultimately lead to misalignment on priority, confusion across teams, and inefficiency.
By allowing teams to run their own records during in-house entity management, teams are both encouraged to collaborate and operate using a single source of truth. What this does is allow teams to have an alignment on priority, tasks, and company goals. By having a clear understanding of goals, teams have higher quality workflows and less inefficient processes and employee frustrations that often result from inefficiencies.
Helping You Handle Entity Management In-House
At Athennian, we believe that most businesses often have the potential to handle their entity related requests in-house with the right tools and resources. Our entity management system makes corporate and subsidiary management a breeze for legal departments for all sizes and types of businesses. Through an automated, centralized database that can be accessed anywhere, you can collaborate with various teams and departments company wide from anywhere in the world.
The platform allows you to strategize, streamline processes, and get compliance-ready—ultimately allowing you and all your business’s employees to enjoy a smoother workflow.
Want to learn more about our multifaceted entity management software? Request a demo with an entity management expert on our team today.