How to Leverage Corporate Governance Software to Support Business Growth
In today’s fast-paced business environment, businesses must respond to customer demands. This means investing in launching new products or expanding to new markets. At the same time, business growth also means new legislation, new permits to apply for and new conditions to be drafted. Therefore, the legal department must face the challenges that come with expansion, without being an obstacle to getting things done.
Corporate governance software – what is it?
Corporate governance is at the heart of many business activities and is essential for ensuring regulatory compliance. Businesses need a secure place to integrate all legal information related to intelligence, workflows and best practices, while maintaining control and enabling business growth. Corporate governance software helps them do just that. Businesses are able to centralize all legal documents and information and map all relevant legal connections or relationships.
Corporate governance challenges when entering new markets
During the (international) expansion, the legal department must advise on a number of issues, including costs of expansion, legal risk, the implications in terms of compliance and its impact on the structure of the company. To complicate matters, the legal department has to do this with limited resources.
However, problems arise when the legal department tries to reinvent the wheel. When the legal department has to start from scratch, it not only becomes difficult to find the time to manage everything, but also the resources.
Consider the following example of a client in the agricultural industry. In recent years, they have experienced tremendous growth, resulting in a lot of legislation to consider and a heavier administrative workload. Before taking advantage corporate governance software, the legal department managed the internal management and the contracts of the company with generic tools and shared disks. As a result, a contract went unnoticed and the company was stranded with a supplier for another three years, costing it several thousand a year. In addition, rapid growth has made it difficult for the organization to meet its appointments and mandates. How could they keep pace with the growth of the business without creating the same documents and processes over and over again?
The role of corporate governance solutions in international expansion
Corporate governance software enables legal services to expand into new markets to:
Have standardized processes in place for data collection and reporting
Reduce expenditure on external advice
Saving time on the execution of administrative and operational tasks and document management
Track changes to the business structure as your organization grows, helping to foster a culture of dynamism
If you consider that each entity can have at least a hundred data points, then an organization can have tens or even hundreds of thousands of documents. Have a cloud based can help legal departments manage expansion with confidence and be a key driver of business growth. For more information, read our article on tips for improving business record keeping.
Benefit corporate governance solutions will allow you and your team to manage the growth of your business with ease and while remaining in control. You no longer have to worry about missing a document and not being able to locate it. For more advice on optimization corporate governance software, see our article on best practices for corporate housekeeping.