Businesses are shifting to digitalization to stay relevant or competitive in the market. In fact, 91 percent of businesses are taking digital initiatives because it affects the overall revenue in different forms.
Although digitalization has somehow affected all the aspects of business organizations, board management is one area that is specifically shifting to digital tools. Therefore, companies are investing notable budgets in digitizing board activities through various online tools including board management software.
Whether they are small businesses, multinational corporations, non-profit organizations, or startups, the board of directors is responsible for developing strategies and assuming leadership roles. That is why businesses are more interested in facilitating board members in all possible ways to maximize their effectiveness, and this is where the board of directors portal comes in handy.
So what exactly is a board portal? How does a board of directors’ software help businesses? Here are all the answers.
What is Board Management Software?
Board management software, aka the virtual boardroom, is a highly secure, centralized virtual platform where board members, including directors, CEOs, secretaries, etc., can collaborate with each other. Not only can they collaborate, but board portal software also allows them to share documents, access materials, manage board meetings, and perform their governance responsibilities more effectively.
What makes the board portals more effective is their remote accessibility. Board members can access board portals from any location through web-enabled devices.
Benefits of Board Management Software for Businesses
1. Board Meetings and Presentations
Although virtual boardroom software is immensely useful for all types of businesses, it is a more convenient option for startups. Startups are usually low on budgets for almost everything. It is obvious that a running company that earns profits can pay for the expenses to fly their board members for meetings. But, for a new company, this would be a luxury and can drain the company’s budget badly.
This is where the board of directors portal can step in as a savior. Startups can arrange board meetings through a virtual boardroom. Generally, all high-quality board portals have built-in conferencing tools. Board members can join the board meetings or presentations from anywhere in the world.
Apart from that, the board portal’s conferencing tools can help the board secretary in preparing the meeting agenda and meeting minutes and disperse them to board members.
2. Board Document Management
Virtual boardrooms have made board document management a whole lot easier and safer because board software automates the document management system.
For instance, if the CEO is required to approve all the documents before distribution to others, board software will automate the document creation, review, approval, and distribution process. This ensures that nobody else gets the document before approval, and it reduces the chances of accidental distribution, errors, or mistakes.
Moreover, board portals allow the administration to set restrictions on accessing, editing, or modifying company documents. Board members can upload and share documents with each other, add notes, request changes in the files, and whatnot.
3. Central Portal for Company News and Updates
Board portal software can provide a highly secured centralized place where board members can hold discussions related to company affairs. Generally, board meetings are called once a year (AGM) or in emergency situations. Apart from that, board members find it difficult to collaborate regularly.
However, with board management software, board members can stay updated on what is happening in the company. They can discuss performance indices, the latest happenings, new programs in the company, etc. What’s more, board portal software is a great platform for business’s C-level executives to engage with directors of the company regularly.
|It won’t be wrong to say that board portals can act as a “shared living room” for board members.|
4. High-Level Security
The importance of confidentiality in board deliberations is simply impossible to explain in words. The board is the think tank of any corporation. They have access to the company’s most confidential documents, top secrets, and highly sensitive information. They are the policymakers, and due to this, board members are always a primary target for hackers and anti-company forces.
This is what makes virtual boardrooms mandatory for businesses. Certified board portals are highly secure platforms with multiple layers of security such as security-based certificates, multiple authentication steps, etc.
5. Digital Voting and Resolutions
Board management software is a very useful and safe place to exercise voting rights. If any board member carries a motion that needs discussion and voting, it can be easily done through board portals. In fact, board members can cast their votes anonymously.
Similarly, board resolutions can be stored in virtual boardrooms in a softcopy. Board members (depending on their access level) can access meeting minutes, agendas, decisions made, actions are taken, or any other detail from board resolutions.
6. Convenience and Cost-Efficiency
Convenience is one of the most worth mentioning aspects of virtual boardrooms. Board members can log in to board portals through their mobiles (apps) or web portal — any internet-enabled device is enough to log in anytime from anywhere.
From all the discussion above, it is easily understandable that virtual boardroom software is very cost-effective. For example, a virtual boardroom runs paperless meetings, saving the paper cost. Moreover, the company doesn’t have to bear traveling expenses and refreshment costs of board members for meetings.
The board of directors portal is simply the need of the hour. Businesses are constantly shifting to digital channels because they are convenient and cost-effective. Virtual boardrooms allow the company’s board members and executives to easily collaborate at a secure, centralized platform to perform their governance duties effectively.