Why Big Businesses Are Turning to Board Portal Software

Corporate governance, for any organization, is a cornerstone. It shapes all the practices, policies, and procedures that will decide the fate of that business. Good corporate governance means the company’s senior officials (or board of directors) efficiently fulfill their core responsibilities, including risk management, accurate division of responsibilities, and complete control over the businesses.

Where the board of directors is supposed to guide the corporation, they need to be fully equipped with all possible tools that can help them run things smoothly. That is why digital platforms, such as board management software, are becoming increasingly popular in all types of corporations, including bigger enterprises.

So what is board management software? Why are businesses turning to board portal software? Let’s find the answers.

What is board portal software?

Board portal or board of directors portal is a secure cloud-based digital platform where board members and administrators can digitally communicate and collaborate. It is more like a centralized digital library where board members can store, share, access, exchange, review, or edit board materials.

It is important to note that a virtual boardroom not only serves as a digital library but is a highly secured data repository as well. The board can keep all the board materials, including board meeting minutes, financial records, agendas, etc. , in virtual boardrooms.

Important features of board room software

Virtual boardroom features may vary from vendor to vendor. However, here are some important features in any enterprise-level boardroom software.

Data repository. Any virtual boardroom is essentially a data repository where organizations can safely store corporate documents.

Virtual board meetings manager. This tool helps in planning board meetings with additional features such as attaching documents, attendance tracking, adding details, linking calendars, and initiating remote meetings.

Meeting agenda. Board portal software automates the process of building, distributing, and archiving meeting agendas. The board secretary can use standard meeting agenda templates or create everything from scratch.

Dashboard. Virtual boardroom's dashboard shows multiple options, including valuable files, calendars, internal and external links, etc., on the ‘homepage.’

Meeting minutes. This functionality helps in compiling, approving, circulating, and storing meeting minutes.

Task management. The task management feature helps create, assign, and track the actions of group or individual tasks.

Other important virtual boardroom features include annotations, digital signatures, notifications, remote purging, voting and approvals, reporting, different search options, etc.

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Why are virtual boardrooms beneficial for businesses?

Board portals are primarily designed to help board members efficiently fulfilling corporate governance responsibilities. Here is how board management software can help.

Document security

Storing confidential business documents is a vital part of board management. Board members are in possession of the company's most valuable and highly confidential documents for which they are answerable to stakeholders, investors, and the general public.

A virtual boardroom makes sure that the board documents are safe from any external or internal threats. For example, only an authorized board user can access board portal software. The two-factor authentication makes sure that there is no unauthorized entry into the boardroom.

Similarly, if a board member loses a device containing board material, the administrator can simply wipe off all the data to prevent data leaks.

Remote access

One of the best things about board management software is its remote accessibility. In order to perform their duties, board members generally need constant access to board material such as board meeting minutes, financial records, board book, board meetings agenda, etc.

Imagine how time-consuming and risky it would be if board members requested the administration to share board documents via emails? On the contrary, once the administrators upload a document in the virtual boardroom, any board member with the right permission can access the file remotely whenever needed.

What’s more, board members can also access boardrooms through mobile apps. That means all they need is a remote device and an internet connection to access the board portal from anywhere, anytime.

Seamless communication and collaboration

It is simply impossible to ensure good governance without collaboration between board members. Collaboration between board members should not be limited to board meetings or other similar events. They should communicate regularly, and that is why board portals are very effective in ensuring seamless collaboration between board members.

Using virtual boardrooms, board members can share the latest updates on company affairs, initiate discussions, hold brainstorming sessions, and conduct mini-board meetings. Board portal software allows board members to chat privately and start group discussions.

Virtual board meetings

Board management software is an excellent platform for virtually conducting important board meetings, such as Annual General Meeting (AGM). Board members can join the meeting through audio or video conferencing tools. A board member can start a motion, and other members can cast votes to either approve or reject the proposal. Similarly, the board meeting agenda and minutes can be instantly prepared and dispersed to all board members.

Cost-efficiency

Generally, the board secretary prepares the meeting agenda, shares it with board members, gets their suggestions, reprints the revised agenda, and then dispatches it to all board members again. This process is not only time-consuming but expensive as well.

Virtual boardrooms are a cost-effective option in different ways. For instance, they can help boards conduct paper board meetings, thus saving the printing, paper, and distribution costs.

What’s more, virtual board meetings mean the organization can avoid traveling expenses of their board members, which can be massive if company directors reside in different cities or states.

Final words

Virtual board portals have become a preferable option for small companies as well as bigger corporations. These centralized platforms help board members to collaborate in a highly secure environment where they can share their opinions, discuss company affairs, instantly access board materials, hold virtual board meetings, and whatnot. In short, board management software helps in efficient corporate governance.

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