The world has become a global village, and businesses nowadays have no territorial boundaries. Cross-border acquisitions, joint ventures, partnerships, and capital investments are a new business norm, and this has happened because of technological advancements.
However, expansion and diversity raise challenges of bringing your corporate leadership on the same page and helping them coordinate remotely. Again, thanks to technology, we have board software to counter problems senior corporate management can face.
So, how can virtual boardroom software help modern enterprises? What are its benefits? Let’s find out!
What is board management software?
Board management software, or simply board software, is a secure, cloud-based virtual platform to ensure seamless communication and collaboration between board members and senior management officials in corporations and organizations.
Board portal software is a multi-function business solution that boards can use to:
- Store board material and commonly used corporate documents
- Conduct online board meetings
- Share important documents such as meeting agenda, board book, meeting minutes, etc.
- Maximize coordination between board members and committees
Benefits of board portal software for modern enterprises
We have already seen a glimpse of what boardrooms can do. Here are some top benefits of using board software for modern enterprises.
1. Board document management
Do you know that ineffective document management can cause up to 20% productivity loss? Boards sticking to traditional paper documentation can relate to this. Retrieving a document from hundreds of files takes a lot of precious time, which can be used for more productive activities. Also, 7.5% of documents are lost in organizations, and if there is no data backup, then everything must be redone.
Board portals can help an enterprise get rid of these productivity impediments by streamlining board document management.
As virtual boardroom software is a centralized data repository, enterprises can shift their board-related materials, such as policy manuals, strategic plans, past meeting minutes, audit reports, financial statements, orientation materials, etc., to the boardroom.
The best part is; boardroom management can organize this data in folders and subfolders in the desired hierarchy. Most importantly, it is very easy to find a file from the boardroom; a user can search a file via name, data size range, group, type, keyword, or phrase.
2. Easy and remote access to board material
Remoteness is one of the biggest selling points of virtual boardroom software. Imagine how much time a board member can save if they have instant access to board material? This is what virtual boardrooms bring to the table — instant access to important board documents.
Another good thing about boardroom vendors is that they facilitate customers in every possible way. Modern service providers offer dedicated boardroom apps for tablets and smartphones, making it easier for board users to access the boardroom from anywhere, anytime.
Can you believe a board user can access the boardroom even without an internet connection? Well, that’s not a problem any more.
3. Data security
Virtual board software protects highly sensitive corporate information from internal as well as external threats, and this is arguably the biggest advantage of using this tech. It is needless to say that corporate boards possess the most important and highly confidential information about the company, and protecting that data must be a top priority.
Board management software employs multi-layered top-notch security and mitigates any risk of data theft. Have a look at these features:
- Data encryption.This feature allows users to store and share documents in encrypted form.
- Two-step verification. A user can log in after clearing two security hurdles — usually a password and a one-time generated secret code.
- Document access control. The boardroom administration can decide who can or can’t have access to specific documents or folders.
- Fence view. It protects any documents from photography or screenshots and unauthorized printing or downloading
- Remote purging. This feature allows the administration to remove any board-related data from a device lost or stolen.
4. Board meeting management
Preparing for board meetings has not been this much easier; a board meeting can be planned and conducted in virtual boardrooms without compromising any legal obligations.
Meeting agenda builder helps board members create meeting agenda online and share it with all expected meeting participants:
- Board members orthe secretary can create the board book online and attach a link to the meeting agenda and other important documents.
- Audio and video conferencing tools can be used to conduct online board meetings.
- Presenter modehelps manage presentations from different participants.
- Meeting minutes can be recorded by using built-in templates or creating new ones. The meeting secretary can immediately share meeting minutes with all participants.
- The electronic signaturefeature allows the members to sign documents online.
- Board members can cast voteselectronically to pass or reject a resolution.
- 5. Cost-efficiency
Enterprises spend thousands of dollars on paper, printing, cartridge, folder, printers, and other similar materials. As a matter of fact, an average company spends $400,000/year on the expenses mentioned above, and this figure can be much higher for enterprises. Going paperless with the help of board portals can help save these funds.
10 best board portals in 2021
- Boardmaps
- iDeals
- Boardeffect
- Boardable
- Govenda
- Boardvantage
- Diligent
- BoardPAC
- Azeus Convene
- OnBoard
Summing it up
The virtual board software has almost replaced paper documentation systems in enterprises and large-sized corporations. Enterprises usually have a massive pool of senior management officials, and remotely connecting them can be quite a challenge. That is why board portal software is becoming a top choice of industry giants. These cloud-based solutions are safe, easy to use, cost-effective, and improve corporate governance.