Some corporations have heard of cloud-based entity management software, and many others have not. However, even those corporate executives who have heard about the technology don’t necessarily know how it works or the benefits that it delivers to their businesses.
The purpose of this post is to provide a helpful breakdown of cloud-based entity management software as a viable solution to improve minute book management. We’ll also describe how the technology functions, and we’ll lay out the net benefits that help your legal team provide more effective service to new and existing clients.
What is cloud-based entity management software?
Cloud-based entity management software is trusted by legal professionals to centralize, consolidate, and organize minute book records and corporate documents into one digital platform. It enables both law firms and corporate counsel to perform secure, efficient, and diligent minute book record keeping using a process that saves an abundance of time and resources on compliance tasks.
Why is cloud-based entity management software important?
There are a number of practical business reasons why legal professionals should integrate cloud-based entity management software into their operating practices. Here is a quick overview of some of the biggest incentives to digitize corporate minute book records.
Flexible remote access to minute book records for clients
Business owners and executives increasingly conduct business outside the boundaries of corporate offices. This modern workflow was accelerated by the COVID-19 pandemic, and many companies have adapted to the new working order. In fact, a PWC survey of 120 business executives conducted during the pandemic found that 73 percent of those executives believed remote work was both successful and beneficial.
Since cloud-based entity management software stores important minute book records and shareholder data in the cloud, executives can freely access records from the convenience of any location. Rather than wait for pre-arranged meetings to review records or arrange for signature approvals, legal professionals can complete the entire review process in the cloud with speed and proficiency.
Support for client retention needs and strategies
Client satisfaction is an important KPI for legal professionals. After all, clients that are happy and satisfied with the work of their legal representatives are far more likely to retain those services for future needs.
According to the 2021 LexisNexis InterAction Marketing & Business Development Survey, there were a number of common client retention challenges faced by law firms all over the world. Some of the biggest challenges restricting higher client retention rates include:
A lack of communication with clients, which was cited by 22.8 percent of respondents
Data quality challenges, which were suggested by 18.7 percent of respondents
Insufficient legal resources, as stated by 15.2 percent of respondents
Legacy systems that are not efficient enough, according to 13.5 percent of respondents
Using cloud-based entity management software, each of these challenges can be effectively addressed and overcome. Clients can access the platform at their own convenience, ensuring they remain fully up to date regarding the status of important records. The data is sorted and organized, while advanced search filters make it easy to find specific information instantly. The platform enables decisions to be made faster and easier while using fewer legal resources. Finally, cloud-based entity management software is built with the specific purpose of making existing legal workflows more productive and efficient.
In the end, cloud-based entity management software is a valuable resource to boost client satisfaction rates, which should help improve client retention rates.
Competitive marketing and positioning advantage for your firm
Another highlight of the LexisNexis survey was that nearly 80 percent of law firm leaders said that marketing is essential to drive strategic outcomes for their businesses. Most firms intended to increase their marketing budgets by an average of 15 percent to address these needs.
One way for law firms to enhance their marketing campaigns is to position themselves as innovative leaders. Cloud-based entity management software is an innovative solution that modernizes the entire legal compliance process. Firms can accurately promote their workflows as a modern innovative way to complete entity management tasks.
Many corporations embrace innovative solutions, and they want to utilize the services of other businesses that share those same outlooks. Additionally, your firm can market itself as an innovator to attract top quality legal talent, capitalizing on how legal professionals wish to engage with clients by relying more on modern technology. Attracting the highest professional talent to join your firm expands the legal roster to better support future client needs.
How cloud-based entity management software works
Cloud-based entity management software enables your legal department to transform physical corporate records and minute book binders into sophisticated digital documents. The software includes built-in enterprise grade scanners, which you can feed with entire binders of minute book records to upload those files directly into the platform. The scanning process is conducted on-site at your corporate office, so there is no risk of any pages being lost, damaged, or corrupted during the transition.
Once uploaded onto the platform, you can organize all records into detailed documents that resemble digitized PDFs. Searching and bookmarking important files makes information retrieval easy and convenient for your legal team, ensuring clients gain instant answers to pressing questions about important minute book records.
If you’re worried about the security of your client’s corporate records, there’s no need to stress out about those concerns. Cloud-based entity management software like MinuteBox includes biometric and hardware key authentication features, providing a multi-step sequence for all representatives – lawyers and clients alike – to follow, so they can access the records in the cloud. Permissions to access the account can be managed at an administrative level, guaranteeing that all client records remain fully secure.
Net benefits of cloud-based entity management software
Finally, what are the key benefits that come from using cloud-based entity management software? Many of these benefits we’ve touched on throughout this post, but we’ll give a brief synopsis of how this technology ultimately helps your legal team achieve important KPIs.
The biggest advantage for firms that utilize cloud-based entity management software is measured in time efficiency. Given that the average lawyer only bills clients for 2.5 hours out of an 8 hour workday, solutions to accelerate minute book compliance tasks allow legal professionals to earn back valuable time that can be used to increase billable hours.
Law firms are always on the hunt for ways to boost Legal Recurring Revenue. Technology that automates workflows is highly recognized as one of the best ways to increase law firm revenue. By addressing the fundamental need to automate compliance workflow tasks, firms can dedicate more working resources towards high growth revenue-driven strategies for the firm. This enables practitioners to become more productive, more profitable, and increase both their personal value to the firm, and the firm’s overall reputation in the marketplace.