Tools & Managed Solutions Are Not the Same
General Counsel, Corporate Secretaries, and Corporate Governance Professionals today have a wide range of technology solutions available to solve business problems and create efficiencies for their Boards and corporate governance practices. The variety can be overwhelming at first but you can help yourself when you begin researching digital D&O questionnaires or other technology solutions by asking this one question first:
"Do I need a Managed Solution or a Tool?"
Didn't know there was a difference? Read on!
What is a Tool?
Tools: Facebook, Quickbooks, Board portals
A Tool is self-serve online software you use to perform various tasks. SaaS vendors (SaaS means "Software as a Service") provide digital tools that can perform specific functions and which you then try to configure in ways to help you achieve your goals. Sharing with friends and family? You post in Facebook. Writing a check? You enter it in Quickbooks and print. Creating the book for the next Board meeting? You use your board portal to assemble and distribute those materials.
The common theme with tools is You, You, and You.
SaaS tool vendors provide tools but you do all of the work!
Tools are typically selected when:
- Budget alone drives the decision process
- Spending more of your time is acceptable
- You are willing to retrofit your process to fit the tool
What is a Managed Solution?
Managed Solutions: Legal Monitoring Services, Restaurants, QDiligence
A Managed Solution, just like a tool, is used to achieve your goals, however, managed solutions provide significantly higher levels of service and value than tools.
Consider your favorite restaurant and your local grocer. They both provide food, but when you use the grocery store, you do all of the work. Restaurant Chez Friday Night Favorite, on the other hand, does most of the work for you based on your input. You order, they prepare things the way you like it, they deliver, and they clean up afterwards. Grocery stores are tools and restaurants are managed solutions.
In the Legal industry, technology vendors offer monitoring services as managed solutions that automatically alert companies about intellectual property infringement or new litigation. Personnel at the monitoring services, again, do most of the work for you based on your input. You tell them what to monitor, they configure and run everything for you, and provide notification and assistance when needed.
Managed solutions perform specific tasks with higher quality and lower cost which then allows practitioners and customers to focus more on higher value activities.
A Managed Solution is typically chosen when:
- The decision process is focused on realizing higher value
- You want the technology to accommodate your needs (not the other way around)
- You want to redirect personnel time towards tasks better matched to their skill sets and where they deliver higher value to the organization
QDiligence Managed D&O Questionnaire Solution vs. Tools
Since 2007, 80% of the time companies that considered QDiligence decided that QDiligence’s Managed D&O Questionnaire (and Board Assessment) Solution saved them more time, offered more advanced technology, and provided a better user experience for them and their Directors and Officers versus using any tool, including board portals. That’s right. Companies chose QDiligence eight times out of ten.
If you are a General Counsel, Corporate Secretary or Corporate Governance Professional considering “going digital” with your D&O Questionnaires, you only have two real options: The industry’s only Managed D&O Solution at QDiligence or a tool.
Do you have questions about digitizing your own D&O Questionnaires or would you like to know more about how QDiligence differs from tools? Schedule your complimentary 15-minute phone consultation today!
QDiligence is the Managed D&O Questionnaire Solution that streamlines your D&O process and provides a support team to help you achieve success. QDiligence customers distribute fully customized D&O Questionnaires exactly how and when they want to.