Efficiency is a key component in modern-day organizations, especially when resources are scarce and competition is fierce. Whether it is time management or efficient use of resources, it is the leadership that sets the culture for the organization to follow. When it comes to efficiency for organizational management, board management software is a must-have tool for any organization, including non-profits, enterprises, etc.
Board management software, or simply board software, makes all the difference by just streamlining board members’ activities. How does it do that? Why are board portals important for businesses? Here is a detailed guide on the benefits of board portals for organizations, starting with the introduction.
A board portal or virtual boardroom is an online meeting management software for directors, CEOs, CFOs, presidents, secretaries, investors, and other members of the corporate boards.
However, virtual boardrooms are different from traditional online meeting software. Any standard board portal software is a certified document repository with advanced board meeting management tools. In a nutshell, they are an all-in-one package for businesses.
Board portals not only allow boards to manage meetings from start to end, but their primary selling point is the amount of security they provide. That’s because certified board portal vendors comply with all international and regional cyber security standards, including ISO, FINRA, FISMA, SOC1, SOC2, etc.
How can businesses and corporate boards benefit from board software?
1. Platform and document security
The traditional modes of data sharing are not safe anymore, especially when millions of users have lost their personal data during different email scams and data breaches. Many professionals used to use their email inboxes or free online storage platforms as their data repository to access their important documents instantly.
BoardSoftware has eliminated the need for emails or other insecure online repositories. Directors and other board members can safely upload, share, and access corporate and personal documents in boardroom software.
Board management software has an impeccable security system that protects the software itself and the data in it. Notable security features include two-factor authorization, remote device purging, dynamic watermarks, document access revocation, file tracking, document shredding, and document access control.
2. Better board document management
Virtual boardrooms usually have abundant data storage capacity, and boards can organize their data in their preferred manner. Board portals make it easy for users to share, edit, and manage their documents with ease. Some of the amazing board document management features include:
- Boardroom users can share hundreds of documents with multiple users in one go.
- Any user can schedule a file sharing at a future date and specify the participants.
- Many boardrooms allow direct upload from DropBox, users’ devices, Google Drive, OneDrive, etc.
- The bulk upload feature in the boar software allows users to upload files in batches.
- The drag-n-drop is a time-saving feature; users can drag files directly into the board portal.
- Smart search allows users to find any file by simply searching it with a phrase or keyword.
Board portal software eliminates the need for having a separate communication tool for board members. It ensures that members can share documents and communicate within a single platform.
The communication tools in the boardrooms are not only useful for the directors, but they are also handy for the investors and other stakeholders. Investors can easily communicate with each other and everyone else in the boardroom.
Most importantly, board portals are safe for external communications. Board members can use this platform to communicate with other businesses, especially in deal-making, negotiations, or strategic partnerships. Common communication tools include chat messengers, Q&As, live polls, and audio and video conferencing tools.
Managing and organizing board meetings can be a real headache for board secretaries. Besides, it becomes difficult to share meeting agendas and minutes before and after the meetings. Using board portal software, managing a board meeting becomes more straightforward. Here is how board portal software helps streamline meetings:
- Easy preparation and distribution of digital board packs.
- Ease of access to all board materials before, during, and after board meetings.
- Built-in customizable templates for board meeting agendas. Board secretaries can prepare the agenda and tag all expected participants to review it.
- Board portals make it easy to allow task allocation and management before, during, and after meetings.
- Voting tools are useful during board meetings to pass or reject a resolution, proposal, or motion.
- Meeting minutes templates can be used to record and share meeting minutes effortlessly.
The board software is a budget-friendly and cost-efficient business solution. It is highly affordable and minimizes paper, printing, and courier costs, while also reducing board meeting expenses which include traveling and residence costs of board members.
The board software is a digital board meeting management solution. It helps corporate boards and managers in arranging streamlined meetings, better document management, faster communication, while providing maximum data security.