Corporate boards were generally associated with public companies. However, the private sector has also shown interest in creating boards of directors to establish a better chain of command, increase corporate entity’s stability and explore new opportunities. Creating a board of directors poses new challenges for the management, which also includes providing a safe and efficient environment to BODs. This is where virtual boardroom software comes in very handy. The governance is a digital solution for corporate board management.
What is board portal software?
Board portal or virtual board software is a paperless meeting solution specifically designed for corporate boards to manage their communication, meetings, and board data.
The uniqueness of board portals lies in combining multiple tools in one place and creating a complete virtual workspace for the board members to perform their tasks efficiently. For example, boardroom software generally possesses a wide range of meeting management tools like agenda builder or templates, minutes builder, task manager, and screen sharing options.
What’s more, boardroom solutions are not limited to specific industries. The billion-dollar boardroom market is already serving commercial organizations, public companies, nonprofits, charities, clubs, unions, and associations.
Notable board management software vendors include iDeals, Azeus, Nasdaq, Govenda, and BoardPro. You can also read about board governance software on idealsboard.com
Benefits of board portal software for businesses and organizations
The top benefits of board portal software include the following.
Secure data storage
Where digital solutions shrink the distances, they also create opportunities for hackers and cybercriminals. Board document security must be a primary concern when providing a digital platform to board members.
Digital security is one of the biggest reasons why board portal software has gained global recognition. Boardroom solutions are a product of certified boardroom vendors. Notable boardroom certifications include FINRA, FISMA, HIPAA, SOC2, and ISO.
Boardroom security is divided into multiple layers or steps. Initial security measures include a multi-step verification feature that limits unauthorized access to the software. Administration can delete and purge any device in the portal at any time.
The options to control data flow in a virtual boardroom are just exceptional. You can set custom access levels for one or more users in your boardroom. Nobody can alter, print, download, save, share, or edit any file without your permission.
Easier access to board materials
Quick access to board material is another important requisite to effective board decisions. Board members need a platform where they are able to access required documents like audit reports, financial statements, board books, past meeting agendas and notes, policy manuals, etc.
As board portal software is a cloud-based solution, it is accessible from anywhere, anytime. Furthermore, modern-day boardroom vendors allow users to access boardrooms via mobile applications. Mobile access is a great feature for investors and professionals who travel often.
Efficiently managed board meetings
Managing board meetings digitally is easier than ever — thanks to board management software. Board members don’t have to switch to multiple tools during a meeting. They can share screens, access, and preview documents, and oversee other users’ activities at the same time.
What’s more, the software offers a full set of online board meeting management tools to automate the process fully. Here is how.
- The board secretary or any board member can build a meeting agenda with the help of built-in agenda templates. There are multiple templates available for different board types. Also, the meeting agenda can be shared with all expected participants, and any changes will be immediately notified to them.
- Boardroom software also provides templates for board books which simplifies the board pack preparations. Members can easily access it before and during meetings.
- Participants can sign documents during meetings and cast online votes for resolutions. The meeting head can track user activities during the meeting and assign them roles too.
- All premium-quality board portals have built-in video and conference calling tools that can accommodate a large number of participants simultaneously.
- Lastly, there are free templates for preparing meeting minutes. The meeting organizer can prepare minutes with minimum output and share them with participants immediately.
Reduction in governance costs
There are multiple costs associated with board meetings. For instance, notable expenses to prepare a paper board book includes paper cost, assembling cost, and printing and distribution expenses. Remember, it is mandatory to send a copy of the updated board book to all board members or meeting participants.
Second, arranging physical board meetings itself is an expensive process, especially if the meeting participants are traveling from other states or cities. The company will have to bear traveling and residence costs.
Board portal software is a perfect alternative to eliminate these expenses. You can prepare digital board books and conduct online meetings, and that too in a highly controlled environment.
Final words
Board portals are certified online meeting and document management solutions for corporate boards. Using these portals, BODs can streamline their meetings, ensure real-time communication, easily access board materials, and, most importantly, prevent data leaks and breaches.