Why Board of Directors Software Can Be Useful
Where technology has reshaped the work methods in the corporate sector and made things easier, organizations are expecting the leadership to do better. Businesses have realized the importance of regular collaboration and smooth communication in improving workplace efficiency.
That is why corporations are turning to online platforms, such as board software, to streamline things for organizations’ senior management. Board portal software focuses on two crucial things — better board document management and seamless communication. No wonder why the majority of Forbes 500 companies have already shifted to board management software, and many others are following in their footsteps.
Let’s explore more about virtual boardroom software and its benefits for businesses.
What is a virtual boardroom?
A virtual boardroom or a board portal is a cloud-based centralized virtual workspace for any organization’s board or senior management, such as directors, CEOs, Chairpersons, board presidents, CFOs, secretaries, etc.
Organizations use virtual board portal software as a centralized data repository to store board material and other important corporate documents. Board users can remotely access board material, edit, modify, or share any document, and communicate with other board members in a secure environment.
Virtual boardroom features
Board portals are feature-rich platforms that help board members with their routine tasks and meeting preparation. Here is how board portals help in pre-, post-, and during meeting activities.
- Setting board meeting schedules
- Creating meeting agenda
- Publishing or distributing the meeting agenda with a single click
- Creating a digital book/board pack
- Dispatching the updated versions of the boardbook to all meeting participants
- Sending notifications to board members related to any updates or changes in board documents
Features that help during the meeting:
- Attendance tracker
- Digital voting tools
- Collaboration tools such as task-tracking and instant messaging
- Private and public annotation tools
- Simple and easy to operate board pack viewer
- Audio and video conferencing tools
- Boardroom recording tools
- Task tracking
- Preparation and distribution of board meeting minutes
- Attendance reporting
- Archiving board material for future use
Benefits of board management software
Board portals streamline board activities and help board members to fulfill their governance responsibilities more efficiently. Here are some worth mentioning benefits of board portals.
Improved board document management
Board portals automate board document management. The administration can store all board-related documents in a centralized place, and board members can access them whenever they want.
What’s more, the documents can be stored categorically in folders and subfolders as per the organization’s requirements. Board portals make it easy for users to locate any file; all they have to do is search the file by name, keyword, or phrase to access the file in a few seconds.
Boardroom users can edit or modify a document, leave or comment or annotation, and work on shared documents. The boardroom will notify other users about the changes made.
High board members engagement
Collaboration between board members is no longer limited to board meetings or traditional boardrooms. Virtual board portals allow board members to ensure maximum collaboration. Board members can use discussion boards to hold brainstorming sessions or engage in group discussions. Similarly, the instant messaging service enables boardroom users to communicate privately with other users.
With board portals, board members can access board materials anytime from anywhere using their mobile devices. The best part is that modern virtual boardrooms allow users to access board documents without the internet. E-signature feature is an amazing addition to the boardroom’s feature inventory; any document can be signed electronically, saving a lot of time.
Better control and more transparency
Board management software allows the boardroom administration to control who can do what and when. The administration can give customized access to any board member, remove or add new members, help users with forgotten passwords, edit profiles, remove devices connected to the boardroom, and whatnot.
Boardroom administration can restrict any member from accessing, editing, downloading, or printing documents. In fact, the document access can be revoked at any time, even if the user has opened the document.
What’s more, the administration can track all boardroom activities. Audit logs give detailed reports on users’ activities and any changes made in documents or boardrooms.
Present-day board software comes with the screen recording feature, which can be used to record a meeting, discussion, or business deal and can be used as a legal reference in the future. Regular monitoring and accountability bring transparency.
Reduction in board administration costs
Organization board spends a lot of time and financial resources on preparing, printing, assembling, and then dispatching the boardbooks, meeting agendas and minutes, and other documents to board members.
However, with virtual boardroom software, organizations can easily save paper, printing, assembling and shipping costs as board materials are readily accessible in board portals.
Top virtual boardroom providers
More information about credible boardrooms such as Nasdaq, iDeals, Boardeffect features, alternatives, and pricing | review on boardroompro.
Summing it up
From the discussion above, we can easily conclude that board portals have made an undeniable impact on corporate governance practices. They streamline board meetings and activities, automate board document management, improve collaboration between board members, and help save time and money.