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The Challenges of Using Microsoft Excel as an Entity Management Solution

Establish a Consolidated Corporate Record

A single source of truth unites multiple business units within one system of record. For all its flexibility, Excel can only provide limited views of your data. Multiple users updating data in spreadsheets makes Excel increasingly complex as users from tax, finance and other departments work to attain a view that suits their needs. 

Maintain Compliance

Peace of mind comes from having a system that delivers notifications when action is required, helping to ensure mission critical activities are completed with automated workflows. Using Excel is a very manual process that can easily fall prey to human error. Once an organization grows beyond a handful of entities, compliance cannot be left to chance.

Ensure Data Quality

Managing changes from different users is not easily controlled in Excel. There is an inherent lack of version control and approval processes, which creates an environment where manual errors can easily be made. This makes it difficult to verify data quality, creating a lack of confidence that leads to additional and unnecessary work.

Designed to Meet Your Needs

Availability is often a reason for using Excel since most people know how to minimally use the software and already have access to it. However, the fact is that Excel was not built to support entity management. Meanwhile, entity management software has been designed with one purpose: to meet the complex needs of entity management professionals.

The Total Economic Impact of Diligent Entity Management System

A commissioned study by Forrester, comparing organizations that previously used manual spreadsheets to manage their entity information, revealed the following savings when using Diligent Entities:

Reduction in outsourced legal entity management work
Time reduction for data gathering, entry and management relating to entities in year 1
Time savings when preparing for entity events in year 1
Time reduction responding to entity-related data requests in year 1
Live Webinar | May 23, 2023
Time is Money: Savings and Benefits Gained from Streamlining Entity Structures

Join Diligent to learn more about the benefits, costs, and risks associated with investing in entity management including key takeaways from the recently completed Diligent Entities Forrester Total Economic Impact (TEI) Report.

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