The importance of technology is paramount in corporate spheres. Businesses are employing tech in their processes, governance, data management, communication, sales, and every other segment.
What’s more, corporate data management and governance are becoming fully online. That said, company boards are adopting digital routes like board portal software to manage their governance duties.
Here is what you need to know about board portal software, why it is a better option than other online board meeting solutions, and how beneficial it can be for businesses.
What is board management software?
Board management or board portal software is an online paperless meeting solution for corporate secretaries, CEOs, directors, investors, shareholders, and other members of corporate boards.
But the question is, there are other hundreds of online meeting solutions, then why should businesses turn to boardroom software?
Board portal software is a blend of multiple technologies, which is a rare feature to find in other meeting management tools. For example, boardrooms not only facilitate online meetings, but boards can use them as their primary document repositories. They will have access to board materials and can create their personal folders to assemble data according to their needs.
What’s more, board software vendors provide customized solutions to different types of organizations, such as:
- Nonprofits
- Unions
- Associations
- Clubs
- Charities
- Commercial businesses
5 benefits of online board rooms
Here are the top benefits of employing board management software for the corporate sector.
1. Better governance
Corporate governance has taken a new shape; fast and informed decision-making is the new norm, and it is only possible through employing the latest technologies like board portals. Quick and effective decision-making with tech or slow and sluggish governance traditional routes; the choice is yours, says Jesus Rivas – Marketing Strategist at board-room.org
Some most notable BoardRoom software include iDeals Boards, Azeus Convene, BoardPro, Govenda Boards, and Boardvantage.
Board portals simplify different processes in corporate governance. Here are some examples:
- Boardroom users can track their activities and do the same for their team members or subordinates. If someone is falling behind, they can track their performance and deal with the situation accordingly.
- Directors and other board members can easily stay connected with the shareholders, investors, or stakeholders and keep them updated on the latest ventures and important affairs.
- Board portal users will immediately get notifications if something important pops up. They can plan and conduct emergency board meetings in no time.
2. Increased board data security
Imagine a board meeting where the decision-makers are sharing ideas and highly confidential corporate data. A hacker gets in, steals the data, and misuses it. The initial consequences of such an incident would be losing important information, but in reality, it will be a stain on the company’s reputation, and there might be legal consequences ahead.
Data security is the primary factor, no matter what type of business you are running or managing. Virtual boardroom software provides boards with a highly secure and fully controlled place for meetings and data sharing.
Board management software has built-in layers of cybersecurity, which provide protection at every single step. From protecting the platform from hackers to giving control over internal data sharing, the board portal has got it covered.
Note: Before hiring any vendor, check the boardroom software for certifications like FINRA, SOC, ISO, GDPR, HIPAA, FISMA, etc.
3. Compliance
The regulatory authorities keep updating the protocols for online data management, communication, corporate governance, etc., and businesses need to comply with them.
Board portals give corporations the luxury to focus on more important affairs and leave compliance issues to them. Therefore, it is highly recommended to use board management software that complies with your local or regional regulatory body.
For example, online data sharing or management in the healthcare sector in the United States must be handled via a HIPAA-certified data management solution.
4. Transparency
Board portals have a unique “audit log” feature that generates detail-oriented reports on boardroom activities. That said, every action which a boardroom user performs is recorded in full detail. If a boardroom user makes changes in a document or deletes any file, it will be documented in the boardroom, and the report can be generated whenever needed.
Such a feature becomes crucial when the business wants to keep everything fair and transparent. Any authorized investor or shareholder can generate these reports and see what is happening on the portal.
5. Deal management
Board portal software combines data management, online meeting, and communication tools to make a perfect deal management solution. If a company is involved in a joint venture, strategic partnership, or M&A activities, the boardroom can serve as a central meeting and data-sharing point.
Users can share large amounts of data, hold online meetings, use Q&A tools for live sessions, communicate privately, avoid repeat requests, manage and delegate tasks, and whatnot.
Summing it up
Board portal software is a revolutionary board meeting and data management solution. It provides a single platform for board members to:
- Engage in discussions
- Arrange meetings
- Share and access board documents
- Communicate with external parties
With its diverse features and functionalities, board management software streamlines board operations and enhances collaboration for organizations across various sectors.
