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To maximize profits and grow their brand, businesses establish different entities (also known as subsidiaries) in various regions. These companies often need help juggling the procedures of each site because they have a hard time coordinating between them all. However, with corporate entity management software, businesses can streamline practices across diverse entities. This makes it easier to manage data, documents, and processes for multiple entities and locations.
Entity management software is essential because it helps companies manage critical matters such as regulatory compliance. When a company is looking to expand, its compliance has to be in accordance with wherever those new territories are. Additionally, entity management systems are important for streamlining data, documents, communication, and collaboration across all entities.
Entity management software provides businesses with a host of features and capabilities that are powered by advanced technologies such as computer vision (CV), natural language processing (NLP) & machine learning (ML). Some significant entity management software features include document generation, contract management, and compliance management.
Growing companies that are adding entities can greatly benefit from the document generation capabilities offered by entity management software. Document generation automatically creates important business documents such as invoices, contracts, sales proposals, and work orders.
Good document generation software tools automatically allow businesses to draft digital documents with company-specific templates and branding. Also, companies with several entities can use document generation software to gather data from multiple CRM systems to create compliant documents.
Document generation can work by providing a business with a toolset that operates within its word processor. This would enable them to embed business logic, computed variables, and simple variables to convert the document into a template. The combination of variables and business logic from the document allows for an interview (a series of data-gathering forms) to be automated. Users can then use interview information to populate templates to ensure that documents are accurately generated.
Document generation is made possible by a combination of technologies to generate document data. Many technologies facilitate document generation, but there are a few that are critical:
Computer Vision (CV): Computer vision enables the processing of document images for optical character recognition (OCR).
Natural Language Processing (NLP): NLP is a facet of technology that enables document generation. NLP recognizes paragraphs, sentences, and other document components. NLP is important because it helps a machine understand the meaning conveyed in blocks of text.
Machine Learning: Machine learning algorithms have been in use for a while now and can be used to help power document generation. A key algorithm for document generation is Term Frequency-Inverse Document Frequency (TF-IDF). This is an algorithm and numerical statistic that shows a user how important a word is to the document as a whole.
When new businesses are acquired, executives need all of the business entity documents that accompany those businesses. Good entity management software has features that facilitate contract management. Contract management software digitizes and houses all contracts in a centralized repository so that legal and compliance departments can easily access contracts. This eliminates the need for manually locating stacks of physical documents.
Companies with complex business structures and various entities can get disorganized very quickly. With different subsidiaries located across different territories, businesses must be able to maintain contracts that are associated with each area of business.
An effective contract management feature would aid organizations dealing with the challenge of juggling multiple entities:
Data Entry: Contract management software enables businesses to create custom templates for contract automation with ease. These templates are designed for recurring contract automation and keep businesses from having duplicates and data errors.
File Configuration: Organizations could benefit from contract management capabilities by being able to populate files within seconds. They will be able to pull data from various online forms, salesforce records, and many third-party applications to automate contract creation.
Sharing Documents: The ability to distribute contracts among customers and employees via data routing and automated deliveries will enable businesses to share documents anywhere.
Better Contracts: Contract management allows businesses to foster a personalized and seamless customer experience. The use of conditional logic and pictures enables businesses to create more dynamic contracts.
Security: Security is a key component of good entity management software. Companies can use contract management features to help protect contracts with pivotal security features such as password protection and encryption.
One of the primary goals with entity management software is keeping entities in compliance with international, federal, state, and local requirements. Businesses may have subsidiaries stationed in various territories with different laws and jurisdictions.
A compliance management component within an entity management software system can keep companies privy to industry regulations by storing thousands of retention policies from around the world. This enables users to build and maintain databases that are in compliance with HIPPA, GDPR, CCPA, NIST, and other regulations.
Another great solution that compliance management software can execute is keeping a comprehensive record of policies and compliance that can be integrated into a business's contexts and requirements. This capability mitigates business risks for organizations by arming them with the tools needed to track compliance and regulatory changes to make sure that every change in compliance is implemented in businesses’ project cycles.
Additionally, in many cases, compliance management software is paired with incident management capabilities. Incident management software is important because it captures details of incidents as well as audit findings. It also promotes accountability and provides an effective and clear process for resolving issues within companies.
Other important incident and risk management software capabilities enable businesses to organize processes they own and manage. The ability to track the various processes awaiting approval in different territories is integral to the organization of a business. Entity management software would allow businesses to develop process approval workflows, create a personalized dashboard and centralized system for team collaboration, and visualize processes into palatable maps and flowcharts.
Running a company in one location requires great focus and organization. However, running a company with several subsidiaries housed in different territories presents a new level of challenges. The organization of documents, contracts, and compliance processes are all vital components to having a successful business with thriving subsidiaries.
Software companies have the opportunity to provide entity management software solutions for the needs of these holding companies. Entity management software would be most effectively built by expert-level software engineers to ensure the streamlining of processes, documents, and regulatory compliance for organizations and their subsidiaries.
Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.
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