As your business evolves, its subsidiary management responsibilities can easily become unruly and outright overwhelming. Entity management can also be especially challenging if your organization still relies on manual processes and a cobbled-together network of disparate technologies.
Thankfully, you can more effectively manage your entities by sunsetting your existing technologies and upgrading to an automated entity solution. If you aren’t sure whether now is the time to do so, however, here are seven signs to be aware of that indicate it’s time to make a move to an automated platform:
1. You Are Still Using Entity Management Spreadsheets
Manually-created entity management spreadsheets are the antithesis of efficiency and data transparency. As such, if you are still relying on them, “scavenger hunts” are likely a tradition within your office by now. Despite your team’s best efforts, it is inevitable that entity spreadsheets either go missing, get saved to the wrong location, or worse, end up deleted.
An automated entity management software solution will make these involuntary hide-and-seek games a distant memory. Important entity data, from financial and tax records to legally-binding documents, can all be stored in a secure, readily-available, and centralized location.
2. Manual Processes Hinder Productivity
Data entry, spreadsheet creation, and document filing processes, when completed manually, are all wasteful, time-consuming, and inefficient approaches to entity management. Further still, relying on a large amount of manual work increases the likelihood of potentially catastrophic data entry errors or deletions.
As such, if you are still relying on antiquated manual processes, adopting automation-enabled entity management software can significantly increase your productivity and operational efficiency. Leading entity management software solutions include intuitive and user-friendly workflows alongside their automation tools and a wealth of other features designed to simplify your workday.
The end result is a team that is able to automate its redundant tasks, focus on more dynamic work, and provide the entity visibility you need to ensure compliance.
3. Version Control Processes Have Become Unruly
Version control is a fundamental aspect of entity management that involves tracking changes to records over time so you can recall specific versions in the future. The process also plays a critical role in compliance and reporting functions, which means handling its responsibilities manually can easily become unruly.
Adopting a modern entity management software solution will help you ensure that the entity data you work with is accurate and up-to-date. You can retain historical versions of documents for record-keeping purposes while also verifying that your team operates with relevant and legally-binding contracts or licenses.
4. You Are Stuck in a Never-Ending Compliance Puzzle
When you are using antiquated systems and manual processes, compliance nightmares become the new normal, making it seem as though you are always playing catch-up when it comes to entity compliance. A glaring lack of visibility across your entire entity ecosystem is the most likely cause.
In addition to providing you with invaluable automation tools, modern entity management software also supplies a unified system that can support your compliance initiatives. You can effortlessly adapt to ever-changing regulations, avoid penalties, and preserve your brand’s reputation.
Additionally, the top entity management solutions feature customization capabilities, thereby allowing you to implement unique rules for each entity, which is especially important if you operate across multiple tightly regulated sectors, such as healthcare or finance.
5. The Organization Is Out of Sync
Another downside to relying on manual entity management strategies is that it often becomes necessary to allow each entity to keep its existing processing in place, and when each organization is operating under a different set of rules and processes, chaos inevitably ensues. Adopting modern, automated entity management software gives you the resources necessary to unify processes across your entire ecosystem.
You can create organizational diagrams and hierarchy charts within your entity management platform, thereby providing a clear visual representation of processes, workflows, and operational structures. By visualizing your processes and organizational hierarchies, you can also identify and subsequently remedy any potential bottlenecks that could compromise the entire structure of your business.
6. Visibility Is Poor
Generating manual reports is a tedious and time-consuming process, which means you likely generate and analyze reports about your entities less often than you should. Even if you adhere to a stringent reporting schedule, manual information entry processes can compromise the integrity of your data and cause inaccuracies in your reports. In other words, manual processes translate to poor data quality and less-than-ideal visibility.
Entity management software with automation capabilities, on the other hand, eliminates silos and consolidates your entity data. You can automate the collection, structuring, and storage of data, thereby improving visibility and empowering your team to effectively monitor the health and performance of each entity.
7. Your Subsidiary Management and Reporting Tools Are Antiquated
If your subsidiary management and reporting tools are clearly antiquated, then it is unquestionably time to upgrade to modern entity management software. Without the ability to efficiently generate detailed reports about each of your subsidiaries, you cannot engage in true data-driven decision-making.
The best entity management solutions facilitate automated performance tracking and allow you to customize which KPIs appear on your dashboard. You can use these tools to access up-to-the-minute insights about entity performance, generate detailed reports, and guide your decision-making processes. The end result is a more agile organization that is built to compete in the fast-paced modern business environment.
Put Your Entity Management Challenges Behind You with Athennian
Make your entity management headaches a thing of the past by sunsetting your antiquated technologies and replacing them with a unified entity management software solution like Athennian.
With Athennian, you can achieve exceptional visibility across your entire entity ecosystem, optimize synergy between departments, and support the efforts of your tax, finance, and legal teams. Our dynamic technology suite is also equipped with a broad assortment of automation tools that are designed to save you time, promote operational efficiency, and propel you toward your organizational goals.
To learn more about our entity management software, connect with one of our team members today.