![]() ![]() Anyone who has worked extensively with spreadsheets, even those with advanced skills, will know that the possibility of human error is always very much present. As I have previously put it, ‘When you’re updating the spreadsheets, how much checking is involved? What review process have they gone through?’ It’s these review processes that are essential to strong governance functions, and it’s something that the right software will make easy. They are useful for collating and organising data, but they do not contain the kind of internal checking functions that more advanced entity management software does. What really needs emphasising here is the fact that although spreadsheets are being used as the main alternative to entity management software, they aren’t actually intended to be used for this purpose. What is perhaps quite alarming, although not necessarily surprising, is the number of companies – 50% of respondents – who are still using manual entity management processes, namely spreadsheets, a method that has been shown to be both inefficient and insecure. With 72% of respondents stating that they anticipate implementing such software over the next five years anyway, perhaps it’s time to fast track those plans? The unreliability of spreadsheets Seen in this light, moving quickly towards using entity management software seems like a bit of a no-brainer: not only will it make managing your entities easier, safer and more efficient, it can also help to accelerate growth and increase revenue, something highlighted in our previous blog. These two perspectives aren’t mutually exclusive in reality, both are probably likely the case. However, one might also want to look at it from the other side: having these more mature processes in place can also help to increase revenue. One way of explaining this is by leaning on the idea that bigger revenue streams require more advanced processes, which certainly is true. Comparatively, among the 85 total respondents in organisations with annual revenues of less than $500 million, 58 percent said they still use spreadsheets for entity management, while 31 percent said they use entity management software.' 'Among respondents in organisations with annual revenues of $1 billion or higher, 40 percent said they manage entities with spreadsheets, compared to 51 percent who use entity management software. Time to fast track your entity management plans?Ī place to start is the correlation that the survey seems to suggest between companies using entity management software and those with higher annual revenues. The survey threw up numerous interesting responses, just a few of which we want to delve into here. We at Diligent Entities (formerly Blueprint OneWorld) have just wrapped up a survey we undertook with Compliance Week, which explored companies’ attitudes and approach to their legal entity management processes. ![]() Academy schools Health services Sports Charity Services Work smarter with us Professional services Board Performance Review Board Development Find a member in public practice Tailor-made support In-house training FAQs View our frequently asked questions Members & Students Membership Exams M圜G Continued Professional Development General Training and Events Branches and Regions CGIUKI Jobs Find your dream job Visit our jobs site Jobs (UK) Work experience & trainees Career progression Career guidance Our recruiters About us Learn more about us Contact us Contact us FAQs Our members Local branches and regions Directory of members Find a member in public practice Special interest groups ProShare Charitable Trust Our teams Meet the team Policy Press office Meet our partners Become a Partner Work for us Our vacancies Awards Tom Morrison Essay Prize President's medal ![]() Home Join us Join a network of governance specialists Memberships Become a Chartered member Graduate membership Become Affiliated Student membership Membership Renewal Subscriptions Professional subscription Free subscriber Professional development Develop your skills and value Getting Qualified Study our qualifications Discover Governance Training and CPD Training courses Your continual development Apprenticeship Scheme Competency Framework Directors' duties - becoming a NED Events Upcoming events Webinars and CPD events 2023 Awards Conferences Knowledge Governance resources Resources Recorded webinars Research Guidance notes Minute taking Subject Resource Hub Essentials Governance and Compliance Blog Podcasts Consultations Bookshop Governance in. ![]()
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