This article first appeared in the
Winter 2017 issue of The Record.
Implementing the right technology can be the boost that an organisation needs, whether the end goal be reducing costs, improving process efficiencies or automating a task to free up a team member for other tasks. But what happens when your business needs change? How do you know when your solution has outlived its usefulness?
Take entity management software, for ¬example – something that is close to our hearts. This software is still quite new in the grand scheme of things, and is yet to be widely used by organisations globally. Indeed, at a recent corporate event we sponsored in 2017, we found that just 66% of those organisations in attendance were using an entity management solution.
Boardroom communication is the only way to improve governance within an organisation, through more transparent and auditable communication methods. But we were shocked to learn that 86% of those surveyed agreed that communication is a struggle between their entities, and only 28% were confident that their subsidiaries are on top of the relevant regulations in their jurisdictions. This highlights the need for more agile and sophisticated systems.
By keeping track of the frequency of board meetings held, as well as what was discussed in those meetings with a secure minute library, those responsible for the management of meetings, as well as those in control of compliance, can easily see what was discussed and the performance of the boards responsible, creating greater transparency and levels of control.
Using the right entity management software puts you in the driving seat and helps you stay on top of compliance, and by linking this with your board portal used throughout the organisation, transparency is guaranteed and the audit trail for actions and decisions becomes crystal clear.
Today’s operating climate for businesses is more fluid than ever in terms of the means of communications and near endless possibilities of organisations and territories that they can co-operate with, which is why often the rigidity of regulation compliance can catch companies out.
By implementing solutions that are already ahead of their time and developed by organisations focused on driving change, not just now but over the next few decades, you are putting yourself in the best possible position to capitalise on the benefits that digital transformation brings and securing your entire organisations future as well.
Alister Esam is CEO at eShare
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