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The importance of consolidating your technology solutions

There are many niche solutions on the market which solve specific problems. Many departments therefore have several stand-alone solutions to address specific needs. This is often an inefficient setup and much can be gained by consolidating your technology solutions to create one coherent environment which gives you better control.

What can I do

Look at what technology solutions you have and consider what technology needs you will have in the future. At the same time take a look at your manual processes and think about which of these could be handled more efficiently and with greater control by automating or managing them in a technology solution. There is much to gain if you are not dependent on an Excel spreadsheet when the person who is responsible for a specific process leaves the company. Other efficiency gains can be made by replacing SharePoint for data collection, which is an inefficient solution to managing a data collection process, both in terms of automating that process and making sure that the data is up to date and quality checked.

When you have a roadmap ready, you can begin searching for the right solution. At this stage there are a few things to think about:

  • Legal entities – the starting point for your processes
  • Legal and operational structure
  • Integration
  • Compliance and data formats

Legal entities – the starting point for your processes
For most processes the starting point is legal ownership structure and legal entity data. This is very important to stress, since a lot of time is commonly spent updating entity data in manual processes. If you have a technology solution which can automate much of this work, you have already completed the first step of many processes. In addition, you will avoid a lot of double work and gain efficiency from what a technology solution has to offer.

Legal and operational structure
Even though you will mostly work with legal structure, you will most likely need knowledge about operational structure as well. For some processes you will need figures from the group accounting system, and thus need to know which figures belong to which legal entity. In such cases, it is important to have control of the bridge between the legal and operational structure.

Integration
Your specific needs cannot always be addressed by one solution. In this case it is important that you use different solutions that can easily integrate with each other to create a coherent environment where data can be sent back and forth, in order for one solution to have access to data that is already present and updated in the others.

Compliance and data formats
Some compliance processes require that you file data in special formats such as XML. Having one solution that can take care of all your conversions to specific data formats is a great advantage since this will give you increased security and control of what you file with the authorities.

What Blika can offer
Blika is at the forefront of the digitalization of head office functions. By implementing the Blika solution you can utilize a modular platform where all modules are developed to run both as stand-alone solutions and as part of a bigger tech environment. This enables you to quickly scale up the solution and to add modules to address specific issues as new needs arise. This quick and easy scale-up is possible due to Blika’s modular approach which means that all modules easily integrate with each other to automatically exchange information that is required in different processes. Hence some information is already available and quality checked when you add a new module.

The core of the Blika platform is the legal entities and how this information changes over time. With this as a starting point, together with a user-friendly interface and a clear process for appointing roles and responsibilities in different processes, you have the starting point for the digitalization of your department.

The Blika solution is developed to be easily integrated with external software, should you have needs which are not met by the solution. The Blika API allows you to seamlessly integrate with any other modern solution.

With a changing regulatory landscape and changing technology requirements, you can rest assured that Blika will adapt to new requirements and implement new technology to make sure we provide you with a state-of-the-art solution to help support your work. Since we have a platform with a modular approach which is developed to be flexible and adapt to changes, and can easily be configured and customized, we have a future-proof solution.