It’s 2022. Digital transformation has taken shape across nearly every aspect of our professional lives and has changed the way companies do business. The integration of new technology solutions empowers companies across the globe to operate faster and deliver better value to their clients. Your company operations are more efficient using innovative technology. But, when it comes to your global entity management, if you are struggling to implement and optimise technology, you’re not alone.
In fact, many companies around the world have raised challenges associated with the use of technology in global entity management. When we asked them what their key concerns are regarding managing their entities, our independent research concluded the top concerns as below:
- 14% - issues with the integrity of corporate data
- 21% - inability to obtain appropriate analytics and reporting
- 22% - insufficient access to information and insights to navigate ever-changing global regulatory and governance requirements
- 36% - lack of process workflows and automation
Global entity management and subsidiary governance have become more complex with more to do, fewer resources and less money. Operational deficiencies and the importance of technology have been noticeably exposed due to the pandemic. Conventional ways of working became nearly extinct and collaboration between teams more difficult leading to issues with data and processes. While the pandemic has brought this to light, the greater challenge is understanding why companies are still having issues. The technology to support global entity management has matured and is readily available. So why aren’t things getting better?
There are several factors to consider, centering around people, processes, and technology, and here are some questions to help you start thinking about where your priorities might lie:
- Do you have the knowledge, skills and proper resourcing approach to support your entity management technology, or does this lie outside of the skills you would normally expect within your team?
- Are you facing budgetary, time or resource constraints limiting your ability to integrate technology or maximise its potential?
- Do you have robust processes in place to manage your technology and quality of data?
- Have you considered all solutions available to support your global entity management activities and possible benefits for your business?
The right technology coupled with the right partner, proven processes, and innovation built with the governance perspective at the forefront (i.e. one that comes at things from a governance perspective and therefore talks your language) can result in capabilities and value far beyond the challenges holding you back. In fact, the right technology can deliver:
- A single source of truth housing everything entity related in one place, on one platform.
- Efficient workflow management saving time and reducing risk
- Data and insights to navigate changing governance and compliance requirements and keep entities in good standing.
- Automated data analytics and visualisation to offer intel and insights to aid management
- Integrated service solutions to support entity management activities, provide comfort that entities are compliant, and data is accurate.
With the right global entity management technology and partner, you gain control of your governance at a global level while freeing up resources and adding real stakeholder value.. You can be confident your entities are compliant, and with an enhanced governance framework, you can provide the comfort and assurance that entity oversight is effective – ensuring risks are managed and becoming the proud owners of improved data and intelligence that supports your business.
If you would like to speak to us about how people are addressing some of the issues raised above, or talk about our approach, please get in touch. We also encourage you to complete a short survey which is completely unattributable.
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