As digitalization took over businesses globally, investing in business software has become a part of every corporate strategy. The core objective of this software is to simplify at least one business operation, if not more.
Moreover, modern enterprises are more interested in investing in software that help with following things at higher levels of hierarchy:
- Document management
- Collaboration
Higher management, i.e., directors, CEOs, CFOs, department heads, secretaries, chairpersons, etc., are responsible for steering the organization in the right direction, and that is why businesses facilitate them in every possible way.
Today, you will explore board management software that has revolutionized work practices in companies’ boards and why a virtual boardroom is a very handy business solution. Without further ado, let’s have a look at what is a board portal software.
What is board management software?
Board portal or board management software is an online cloud-based secure data repository and platform designed for data storage and smooth collaboration between board members and senior business officials.
Board software allows the users to:
- Create boardbooks
- Store important corporate documents and board material
- Access, download, share or edit files stored in the portal
Furthermore, modern board portals allow the board members to access board material without an internet connection.
Let’s move to the next part; why is the board portal a complete business solution? What are its benefits for the businesses?
Board portal software: Reliable business solution
Although board software helps businesses in so many ways, here are some of the best of them.
1. Board document management
Ineffective board document management is a major cause of inefficiency in board operations. Board members need constant access to board material to perform their governance responsibilities. The paper documentation system has its flaws:
- It takes time to find a file and dispatch it to a board member.
- There is a risk of losing documents in transit.
Even if the documents are shared via emails, they are still exposed to data theft because email service providers have a history of data breaches.
However, with board portal software, an organization can store board-related materials and documents in one place, which is remotely accessible from anywhere.
Organizations can categorize data and create folders and subfolders to make it easily retrievable. A board user can access any file by searching it with a keyword or file name. The best part is it can be done from anywhere, even without an internet connection.
2. Pre-meeting and post-meeting ease
Board meetings preparations are a challenge for board secretaries. Preparing a board book and meeting agenda is not only time taking but is also exhausting.
For example, the secretary prepares the meeting agenda, shares it with meeting participants, asks for their suggestions, edits it, gets it approved by the meeting chair or president, and redistributes it to all participants.
Imagine how much time will it take to prepare the agenda, print it, send it to participants, and then the next steps? Not to mention, there are always last-minute addendums. The same is the case with preparing and distributing meeting minutes.
However, the board portal makes everything simpler and quicker. The board software has built-in templates for meeting agendas and minutes. Boards can make their own templates that are usable for future meetings.
Similarly, agenda and meeting minutes can be distributed in the boardroom, and the e-signature feature allows members and the chairman to sign them. Most importantly, these documents will be readily accessible in the future.
3. Seamless collaboration
Easy access to board materials and seamless collaboration between board members are two important ingredients of good corporate governance, and traditional collaboration channels are restricted to semi-annual or annual board meetings or communication through emails.
The board software has solved these issues once and forever. Boardroom users can:
- Access board material whenever they want
- Share, edit or leave notes to any document
- Work on shared files
- Communicate privately with each other
- Start group discussions
- Conduct online board meetings
- Initiate a motion during meetings
- Cast votes and sign and document electronically
4. Data security
Data security is one of the biggest advantages of virtual boardrooms as they have robust security features, including:
- Two-step verification that restricts any unauthorized entry into the boardroom.
- Data encryption allows board users to send documents in encrypted form.
- Digital watermarking minimizes disputes related to file ownership claims.
- Remote purging removes board-related data from a lost or stolen device.
- Audit trails help board administration to monitor every boardroom activity.
However, it is important to note these security features are offered by reliable boardroom software vendors. Therefore, make sure the service provider you chose complies with international cybersecurity protocols or standards such as SOC2, FINRA, ISO27001, etc.
5. Faster business deals
Virtual boardrooms are ideal places for business deals as they unite buyers, sellers, and third parties in one place. For example, if an organization wants to make a capital investment, it will be monitored by senior company management.
Boardroom administration can temporarily add external parties such as legal advisors, intermediaries, financial advisors, etc., to the boardroom. They can exchange documents, conduct meetings, and communicate in a secure environment. Most importantly, every single boardroom activity can be recorded and used for future use, thus making the deal more transparent.
6. Cost-effectiveness
Virtual boardrooms help businesses to reduce different types of expenses. For example, board software minimizes paper costs, a significant operating expense. Do you know on average, an organization consumes 100,000 papers monthly? Not to mention the printing costs (ink, printers, stationery, etc).
Lastly, businesses can save their financial resources by conducting important board meetings (Annual General Meeting) in virtual boardrooms.
Final words
Good corporate governance is key to success for any type of business, and virtual boardrooms have just made life easy for governing bodies. They have automated the board document management system, streamlined board meetings, improved collaboration between board members, and reduced organizational expenses.