What the Future of Entity Management Looks Like
As industries change, so does the need for high-quality entity management software. Stagnant entity management software from ten years ago will not cut it in today’s ever-changing global environment. Globalization and advancing technology drive high demand for real-time data and transparency. As a result, companies today need more support than ever before. They also demand more security, automation, and customization. These features are crucial for any business striving to stay on the cutting edge of their industry. If you’re leading the way in your industry, you deserve a world-class entity management system that can promote confidence and efficiency across the board.
Transparency: A Must Have
One recent trend in global regulatory requirements has been a focus on transparency. From the European Union’s General Data Protection Regulation (GDPR) to the California Online Privacy Protection Act (CalOppa) and the slew of other U.S. state-based regulations popping up regularly, transparency is shifting.
The rising emphasis on transparency requirements across industries creates many potential pitfalls for legal entity management. For example, even if your entity isn’t based in the EU or California, you must adhere to the GDPR and CalOppa regulations if you collect personal data from its residents.
Hypothetically speaking, let’s say you chose not to adhere to the GDPR or CalOppa because you weren’t explicitly targeting residents of those locales. How would you stop them from visiting your website and triggering their personal data to be stored? If this happens, your organization may be at risk of regulatory fines or even class-action lawsuits.
How does your company track and store data across multiple entities to aid transparency requirements while experiencing growth? If you don’t have a solid data storage plan that adheres to transparency requirements as a part of your entity management system, it’s time to start formulating one ASAP. Transparency is not something you can afford to shrug off.
Entity Management: An Evolving Field
Businesses require advanced entity management software to successfully manage present and future complexities. It’s vital that this software can evolve along with the global proliferation of regulations that influence your industry. You need entity management software to keep up with regulatory changes and add new laws relevant to your business.
While today’s hot topic is transparency, tomorrow may hold something new. You want entity management software that will confidently adapt to whatever the global market throws your way.
In today’s global market, non-evolving entity management software will be outdated even before fully implemented.
Customizable Entity Management
Customization is key to entity management software. Growth-minded entity management systems should provide customizable document management that allows companies to meet any jurisdictional regulation. This will enable companies to add new regions when they enter new territory. Conversely, if your company exits a territory, you can remove these regulations from the software.
Not only is the best entity management software customizable, but it should also allow for task automation.
Automation is at the heart of future entity management software.
An ideal entity management software should be able to reduce employees’ time spent on redundant tasks. It should be programmable on various team levels and across the entire organization. You should be able to rely on it to complete specific tasks for you and remind you and others of relevant due dates.
Globalization: A Filing Maze
Regulations and filing requirements vary from state to state and country to country. As corporations become more global, the need for legal entities to comply with a constantly expanding range of regulations and filing requirements is growing. The more an entity develops, the more challenging it becomes to keep up-to-date with the newest in corporate compliance.
Keeping track of all your entity’s conditions is becoming increasingly complicated. Countries and states add and amend regulations and laws on a near-daily basis.
Global entities are obligated to stay on top of the legal and regulatory changes while nimbly adapting their procedures. One slip-up can result in exorbitant fines and even punitive actions aimed at overseas directors. Of course, the dizzying duty of staying up-to-date with these ever-changing rules is no excuse once you violate a regulation.
So, how does one find sure footing in the vast field of corporate compliance?
Data Storage to Data Management
When businesses use a multitude of file-sharing services, transparency and ease of use both take a big hit. It’s common for businesses to be overloaded by multiple file-sharing services. Juggling too many file-sharing services for corporate data can also affect your staff’s efficiency. Remembering where entity data is stored takes time that is better allocated to more role-specific functions.
Using one central platform for data management allows for more customization. When paired with effective entity management, sourcing a centralized database can result in substantial efficiency boosts throughout your organization. The ability to customize your data management platform to appeal to your company’s business needs will save you time and money.
The efficiency of migrating to a single data management model for all corporate records will quickly become apparent throughout your business. The future of entity management will use one platform to allow data sharing with stakeholders and give increasingly useful entity statistics to strengthen investors’ confidence in your brand.
Security Funnels Success
Does your company prioritize secure file sharing and protecting entity data?
File leakage, theft, and fraud create potential disasters in any organization. Business leaders want to manage risk across multiple departments. You want security knowing that all documents transferred between your company and your clients remain encryption-protected with restricted authorization.
The right entity management company will be on the cutting edge of security. They’ll use a state-of-the-art cloud-based platform trusted by the world’s largest organizations to ensure the highest security for your data and shared files. You should expect no less when employing a high-quality legal entity management software system.
As processes evolve, you should expect your legal entity management system to scale alongside technological advances and new security threats. Any quality entity management software will provide a comprehensive approach to entity data security, ensuring your company’s continued success.
The Future of Entity Management Looks Like Filejet
Keeping up with regulatory requirements while prioritizing your company’s efficiency can leave business leaders with two left feet.
Let Filejet take the lead and never miss a step again. So go on, implement a Filejet system, and move forward confidently, knowing you’re getting:
- Savvy efficiency that utilizes automation and single-platform data management
- Seamless compliance with global regulations focusing on data, transparency, and other issues
- World-class security
- Continuous evolution to keep pace with changing regulations and evolving technology
Filejet’s entity management system will lead your company into the future.
Contact us today.