The company secretary is one of the most important individuals in a business setup. These professionals ensure that enterprises are administered efficiently. It is the duty of corporate secretaries to make sure that a business is complying with all statutory and regulatory requirements. They are also responsible for ensuring that all the decisions taken by the board are executed effectively. Just like all other professions, this important vocation has also not remained immune to technological changes. In this post, we are discussing how technology has impacted the company secretary’s role. During the course of the past couple of decades, digital technology has advanced by leaps and bounds. It has permeated into all aspects of our personal and professional lives. The scope of corporate secretarial services has expanded and the professionals in this domain have become key figures in corporate governance. Technology is helping them discharge their increased duties but at the same time has introduced some hazards. Let’s take a look at all the points in detail.
1. Reduces The Time Needed To Complete Tasks
One of the major reasons the top company secretary firms in India and other major economies are eagerly adopting technological solutions is the positive impact it has on time management. Some routine and repetitive administrative tasks can now be handled by tools. Human users only have to define the settings according to their preferences and the solutions will execute the functions. This helps in saving a significant amount of time which the professionals can devote to handling other matters. Corporate secretaries are now able to spend more time in studying key business issues on which the decision-makers want their advice. They also have more time for managing matters related to corporate governance.
2. Enables The Analysis Of Large Volumes Of Complex Data
Another area where technological tools are helping out professionals is the analysis of data. Secretaries can be asked to present their views on the feasibility of a business plan. They are also involved in internal audits and compilation of financial statements. All these activities require them to go through large volumes of complex data sets. Studying all the formation manually and then crystallizing it for a report can be an arduous task. Applying technological solutions to the functions allows them to make the evaluations in a faster way. It also removes the possibility of human error from the tasks. This means that they are now able to analyze all the information in a much better manner than before.
3. Helps Them Give Better Corporate Advice
One of the most important parts of any company secretary’s role is to give advice on a range of matters to corporate decision-makers. Business leaders look to these professionals for guidance on investments and transactions like mergers and acquisitions. Corporate secretarial services are also asked for their advice on tax planning and funding options. Apart from these, board members also approach them for advice on ethical issues like conflict of interest. All these matters require that a secretary study all the aspects and then provide the best possible advice. There are different faces that CS professionals need to consider. They have to study statistics, laws, company rules, etc. to formulate their opinion. Technology enables them to conduct research or analyze figures in an efficient manner. This helps them in getting new insights that, in turn, enables them to give better advice to businesses.
4. Improves The Productivity Of CS Professionals
The application of technology has enhanced the abilities of in-house professionals as well as external company secretarial services. Routine tasks have been automated which has resulted in reduced time and better efficiency. Individuals, as well as agencies, are now able to provide extra services to their clients. Since technology has reduced the administrative burden, the professionals can now focus on other issues that can help enhance the value of a business. The decreased rate of human errors and increased pace of work has had a positive impact on the productivity of corporate secretaries. Tools like documentation management solutions allow them to find and share data easily. Using board portals helps them to communicate with the key stakeholders quickly and also in engaging them at various levels.
5. Increased Data Security Risks
Apart from these major benefits, the increasing use of technology has also resulted in the emergence of a big hazard. Data security has become a prime concern for business organizations. Every enterprise is storing valuable information digitally and most of them use the internet for communication. This exposes data to cybersecurity threats of breaching and hacking. Company secretaries have access to critical data related to their employing organization or clients. They have to ensure that all this valuable information is protected and no breaching takes place at their end. This has increased the responsibilities of CS professionals.
A company secretary’s role encompasses several key areas of a business. Technological solutions are enabling them to discharge their numerous and varied duties in an effective way. However, they must address security concerns related to digital technology while using the tools.