Entity Management Software Worthy ROI For Cybersecurity Budgets | MinuteBox Cloud Entity Management

Entity Management Software Worthy ROI For Cybersecurity Budgets

Large organizations are demanding more access to cloud-based data storage platforms, according to Netwrix Research Lab. More companies are uploading sensitive data to cloud-based software to reduce costs and improve security, and they’re willing to increase their cybersecurity budgets to support these decisions.

In their 2022 Cloud Data Security Report, Netwrix surveyed 720 professionals all over the world to develop a greater understanding of the global appetite for cloud infrastructure. The results showed that 80% of respondents use cloud-based infrastructure to store sensitive data, and 49% have increased their budgets for cloud security in 2022.

The rise in demand for cloud-based infrastructure

The study was conducted in March 2022 for the first time in nearly two years. Netwrix stated that their purpose was to show the increased adoption of cloud-based platforms since their last report was published in early 2020.

The research was, in part, a response to the COVID-19 pandemic. As companies were forced to adopt remote work, it accelerated the need for cloud-based solutions.

While it may have begun as a practical need in response to a global health crisis, the soaring demand for cloud-based solutions also reflected a growing number of business needs. Companies saw opportunities to lower their costs, and the advanced security features integrated with cloud-based technologies allow companies to fulfill their obligations towards consumer privacy.

According to the findings in the report, the four most cited reasons organizations adopted cloud-based solutions were as follows:

  • 61% of business leaders wanted to reduce their operating costs

  • 53% said cloud-based solutions increase security around client data

  • 45% identified abilities to organize access to secure files for remote workers

  • 38% responded that cloud-based software increases their ability to match client needs

Entity management software digitizes and secures client minute book records

One of the best ways for organizations to reduce costs is to modernize their approach to minute book management. To remain compliant with federal, provincial, and state laws, companies are required to maintain accurate corporate records regarding all financial or shareholder transactions. These records allow government regulators and third-party auditors to promote corporate transparency and financial accountability.

Cloud-based entity management software digitizes and innovates upon the traditional corporate documentation process. Records are uploaded into the cloud-based platform, and the files are protected by biometric and hardware key authentication solutions. Access to the platform is restricted to those who have been granted access to the account, ensuring all corporate documents remain securely stored behind advanced firewalls.

A great example of how to implement entity management software is the experience of the company DM Law Clerk Solutions. Their organization uses entity management software to run virtual meetings with clients when reviewing and approving corporate documentation.

This feature allows DM Law Clerk Solutions to provide more flexible service to their own clients. Up to 77% of business owners want the ability to review corporate documents from remote locations as part of a more modern and efficient way to streamline approvals. By utilizing entity management software, DM Law Clerk Solutions is able to match that client expectation and conduct document reviews securely and virtually via the cloud.

Cloud-based entity management is more time efficient

Among the biggest costs facing legal professionals is the time lost to corporate recordkeeping. Studies have shown that, using traditional record keeping processes, it takes up to five minutes to scan, tag, and file a single page in a corporate document. Each corporate file is, at minimum, multiple pages long. Multiply the amount of time spent filing a single page by the number of records your organization maintains. It adds up to a lot of lost time.

DM Law Clerk Solutions improved their ability to service clients at faster rates by implementing these solutions. By uploading minute book records into the platform, their team could use the platform’s intuitive drag and drop features to manoeuver and organize the records in seconds. They successfully earned back hours of valuable working time that were effectively redistributed towards growing the interests of their business.

Cloud-based entity management is more cost-effective

Another major business benefit of cloud-based entity management technology is the direct cost savings for your organization. As you save time managing your corporate documents, the time savings translate into financial savings for the business.

For example, in the legal community, firms hire clerks and paralegals to assist with the corporate record keeping process. The average annual salary for a clerk or paralegal is approximately $54,000 USD ($72,000 CDN). However, up to $20,000 USD ($26,000 CDN) of a clerk’s or paralegal’s salary, or approximately 37%, is spent primarily on managing physical binders of corporate documents.

DM Law Clerk Solutions sought to lower their own operating costs using the software. All of the time they earned back by digitizing their minute book records meant they could devote more working hours toward billable hours with their clients. Additional time devoted to servicing clients through billable hours provides an organic boost to Legal Recurring Revenue that supports the future prospects for DM Law Clerk Solutions.