The scarcity of resources and fierce market competition have forced businesses to be smarter in order to achieve their goals and compete with different market forces. Organizations are constantly looking for ways to minimize their resource wastage and achieve organizational goals more efficiently, and technology has played a major role in all that.
Be it logistics, production, human resource management, or board management, successful corporations have completely moved to digital routes. When it comes to board communications, board portal software stands as one of the most used board meeting software globally.
Here is a detailed guide on board portal software and how it helps organizations achieve their goals.
Board portal software explained
Board portal or board software is a virtual board meeting software and a cloud-based document repository used to streamline different processes in corporate boards.
It is a secure online tool that nonprofits, commercial organizations, clubs, charity organizations, and trade unions use for board communication and board document management.
As businesses and organizations are more focused on elements like effective governance, board diversity, transparency, and accountability, board portal software has become an integral component in any corporate structure in the past few years.
Why is board management software important for achieving organizational goals?
The Board portal simplifies multiple tasks in board operations, resulting in improved efficiency and productivity. Here is how board of directors software turns out to be a game changer in organizational settings.
1. Improved security and compliance
It isn’t hard to understand that data security is among the top priorities for any organization. Due to the increasing use of technology in the corporate sector, cybercrimes are also on the rise in the US and other parts of the world.
Data thefts not only result in a loss of trust among investors, stakeholders, and shareholders, but they can lead to heavy penalties.
Online board portal software saves organizations from all these threats and their horrible consequences. These are secure document management tools with advanced security features that keep data save from external and internal threats.
For instance, board software’s common security features include:
- Data encryption: The information is stored and shared in encrypted form—256-bit SSL data encryption is common in board software.
- Document access control: Board portal gives the power to define data access rights for board members according to their roles and responsibilities. The boardroom management can even revoke document access of any user at any time.
- Two-factor authorization: This feature minimizes the chances of unauthorized logins by setting multiple identity confirmation steps.
- View-only: View-only mode prevents unauthorized editing, saving, sharing, downloading, or removal of any file in the boardroom.
What’s more, board portals make sure that the organization is complying with the latest data protection standards set by the regulatory authorities. Renowned boardroom vendors are usually FINRA, ISO, GDPR, and SOC-certified.
2.Improved productivity and efficiency
Virtual board portal software minimizes the clutter from board operations and removes administrative burden.
Centralized document management
Board software simplifies document access and management. Users with their predefined access settings can access any document whenever they want without waiting for approval from concerned officials.
Multiple users can work on shared live documents and update them in real-time. They can add notes, ask for explanations, record their responses, etc., in real-time. All the concerned users get immediate notifications. The best part is the all the data is stored in a centralized place that is accessible from anywhere, anytime.
Streamlined meetings
It is much easier to manage board meetings through virtual boardroom software. Generally, the boardroom management makes calendars for board members and circulates them to all concerned individuals. It gives them enough time to prepare for meetings and other tasks.
Second, the process of meeting management becomes streamlined. For instance, meeting organizers can make meeting agenda from built-in templates and circulate it to all expected participants. It is easy to make changes in the agenda and notify users immediately.
Every high-end board software has a built-in video conferencing tool that can accommodate tens of users at a time. Meeting participants can use presenter mode, start a motion or debate, cast votes, prepare notes, and even sign documents electronically.
What’s more, it is easier to make and distribute meeting minutes in a boardroom and track members’ progress related to tasks assigned to them.
3. Transparency and accountability
Virtual boardrooms offer detailed reporting related to boardroom activities. The audit logs in board software include every necessary detail related to all the actions performed by boardroom users.
Such a remarkable feature is helpful in promoting more accountability in the board. That said, it is easier to hold everyone accountable for their actions when they are recorded regularly. When everything is transparent, the trust among investors and stakeholders increases automatically.
Summing it up
The Board portal is a board meeting software and a controlled document repository that simplifies different board operations. It helps organizations achieve their goals through secure data sharing, simplified board meetings, reducing the cost of board expenses, and promoting transparency and accountability among board members and shareholders.
