When managed properly, data can be a valuable asset to lawyers and corporate paralegals as they strive to provide a higher quality of service to their clients. However, countless legal teams are contending with unruly corporate data because they are still relying on antiquated technologies and practices.
Fortunately, corporate paralegals can overcome these threats to business continuity with the help of entity management software. This cloud-based solution remedies the common challenges associated with traditional data management tactics while also increasing efficiency and promoting transparency.
Shortcomings of Traditional Information Management Tactics
Before we explore entity management software and how corporate paralegals can leverage this powerful tool to regain control of mismanaged data, let’s examine why traditional tactics fall short of the needs of modern legal teams. Specifically, antiquated entity management practices that:
Are Tedious and Time-Consuming
For law firms looking to fuel new growth, increasing billable hours is essential. However, typical information management practices require corporate paralegals to engage in redundant activities, such as manual data entry. These tedious processes prevent them from devoting their time to billable activities, which has a negative impact on profitability.
According to some figures, legal professionals spend a mere 29% of each workday on billable activities. This figure translates to approximately 2.3 hours of billable time per eight-hour workday. Such a disparity is a growth barrier that must be addressed if legal teams hope to evolve and expand.
Create Data Silos
Information contained in a “data silo” cannot easily be accessed by other applications or software. Data silos are created when a law firm uses applications that are not properly integrated and incapable of sharing information. When data silos are common across a team’s entities, it can be challenging to efficiently access vital client information.
Obscure Organizational Transparency
Data transparency is essential for compliance and auditing purposes. In addition, a high level of data transparency will allow corporate paralegals to readily locate and access important information across their entire IT infrastructure.
Conversely, low transparency can decrease operational efficiency and turn an activity that should take mere minutes into an hours-long ordeal.
What Is Entity Management Software?
Entity management software is a technology solution that stores and manages vital documents and other information across your entire organization.
This technology includes tools and features that are designed to drive efficiency and promote transparency. Entity management software also optimizes compliance efforts and facilitates data sharing between various applications.
Leading-edge entity management solutions are 100% cloud-based, which means that all data is stored on cloud servers. This approach places the burden of maintaining and improving the software on the developers, not your law firm. Cloud technologies also eliminate the need to invest in costly on-site hardware, such as servers.
Since cloud-based entity management software is offered via a Software as a Service (SaaS) model, implementing these technologies is seamless and efficient.
How Entity Management Software Reins in Unruly Data
With entity management software, your team can overcome unruly corporate data and optimize efficiency. This technology allows you to regain control over your data by:
Replacing Paper Minute Books
As you know, clients expect your legal team to demonstrate how they provide value to the client’s organization. Entity management software makes this easier than ever before by allowing you to transition to virtual minute books.
You can share read-only versions of your minute books so that your clients can see firsthand the value that you offer. In addition, virtual minute books are easier to maintain and store. You can rid yourself of bulky filing cabinets and digitize all of your financial records.
Offering Task Management Tools
Entity management software can provide much-needed structure to internal processes. By leveraging the task management tools that are built into modern entity management technologies, you can organize compliance activities, assign specific employees to key tasks, and more.
Task management tools can allow you to avoid missed deadlines and eliminate the logistical headaches associated with compliance.
Facilitating Collaboration via Integrations
The best entity management solutions are more than a cloud-based data storage epicenter. These leading-edge technologies create a collaborative workspace for your entire staff by facilitating data sharing between applications.
Examples of this in action include auto-populating templates, expedited approval signing, and working with other staff members in real-time.
However, not all entity management software facilitates this level of integration between your tools and technologies. That is why you need to implement a 100% cloud-based solution, such as Athennian. Our innovative platform enhances every touchpoint along the entity management process in order to increase transparency and compliance.
If you would like to learn more about the leading entity management solution for in-house legal teams and private law firms, connect with on of our business entity management specialists. One of our digital entity management experts can provide additional information and help you overcome unruly corporate data.