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It’s time to consolidate: our takeaways from the Society for Corporate Governance 2019 National Conference

16 July 2019

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We heard the same patterns and demands coming from many conversations at the Society for Corporate Governance: efficiency is everything, so it’s time to consolidate. From the oil and gas sector, to food services, automotive, fashion retail and beyond, industry had no bearing.

In our view, it’s difficult enough to keep up with rapidly changing technology and regulation; companies shouldn’t struggle to keep track of their various service providers too. While almost everyone agreed with this sentiment, surprisingly enough, entity management remains on the list of burdens for the majority of people we spoke to.

Many Society members expressed a challenge keeping track of the multitude of law and accounting firms helping manage their entities, not to mention the contacts across the country and globe, many times in different time zones. Further, the expenses and contracts associated with using so many different service providers was also a concern. Abundant on-boarding processes, and high law firm fees for example, made things even more complicated and expensive.

So what did attendees view as the solution to scattered service providers and elevated expenses? Consolidation, in terms of service providers and technology innovation. By making global entity management succinct and streamlined, Society members are hoping for operational efficiency and cost savings. Intuitive technology helps with this.

With most corporations bogged down by this slew of service providers, there’s a lack of consistency in gathering or maintaining statutory information, invoices, working documents or any other of the many puzzle pieces in entity management. And while corporate service providers are actively developing entity management platforms to make this easier, conference goers were worried about learning various new systems and adopting sometimes dozens of new management tools into their day to day duties. There’s also concern about the cost associated with buying into the various systems from the wide portfolio of service providers.

Consolidation is key to relieving these burdens, especially when the service provider is focused on client-centric technology. Click here to watch a video of IRIS, a solution to this problem that we demonstrated at the conference.

To learn more about how we can help you with streamlining your entity management, our new client portal IRIS, or to discuss your takeaways from the conference, please do get in contact.