Strong corporate governance is the key to creating a driving, motivated workplace culture and achieving corporate goals with maximum efficiency. Senior leadership in an organization is responsible for taking care of investors’ money and utilizing it in the best possible way. However, a lack of collaboration between the leaders of a company can lead to disastrous results.
It can be due to interpersonal relations or ineffective modes of communication; the latter can be addressed through board portal software. Board software falls amongst the finest digital solutions for corporate boards and senior leadership. That’s because a virtual boardroom streamlines board communication and board document management.
There is so much more about board portal software that you can learn from this piece of content. Here is what you need to know about board software and why it is a time and money-saving corporate solution.
What is a virtual boardroom?
A virtual boardroom is a digital collaboration platform hosted by certified vendors, mainly developed for the senior corporate management, including boards of directors, board secretaries and presidents, CEOs, CFOs, and other important officials.
However, it is essential to note that virtual board software is not limited to senior management, as board members use boardrooms to coordinate with corporate teams or their subordinates. Also, board portals help boards connect with investors and stakeholders.
Boardroom users can easily access board documents, share data, and communicate remotely using various board portal tools. They can communicate privately (one-to-one), engage in group conversations, hold online meetings (audio and video), and conduct live Q&A sessions if needed.
Read on to learn more about virtual board software on https:// boardroomsoft.com/board-portal-pricing/.
Board portals: Why are they important for the corporate sector?
Virtual boardroom software streamlines different processes related to corporate governance. Here is how.
1. 24/7 access to board packs and documents
If your board members don’t have easy access to board documents, almost half their time is already wasted. Shockingly, some old-school companies still rely on courier services to share board packs or other important board documents with their board members — it wastes time and money.
Board portals create an automated board document management system. Boardrooms allow the management to create digital board packs and share them with board members immediately. For board members, it doesn’t matter where they are; they will receive board packs in their inboxes.
Not only board packs, but board members can also easily access any document in the boardroom. The best part? Any changes made in the documents or board packs will be immediately notified to all board members. These luxuries are not available in paper documentation.
2. Risk management
Board members possess the most important documents of any corporation, and there is always a risk of data leak or theft. Virtual board software helps board members minimize those risks, thanks to top-of-the-line board portal security features.
Apart from the basic board portal security features such as two-factor authorization, data encryption, and document access revoke, virtual boardroom software has advanced features that are rare to find.
For example, remote device deletion is one of the most valuable features in boardrooms. Using this feature, the board room management can instantly remove a device (and boardroom documents downloaded) from the board portal.
Remote device purging is very effective if any board member loses their device connected to the boardroom. Also, after a few unsuccessful login attempts, a device is blocked by the virtual boardroom.
Apart from that, boardroom users and management can control who can or cannot access documents. Users can put digital watermarks on their documents which help in tracking changes made in the documents and avoid copyright disputes.
Moreover, self-destructive documents, customizable NDAs, and fence view mode are other notable board portal security features.
3. Efficiency gains
Board portals are efficiency-boosting business solutions due to multiple reasons. For instance:
- Board members have 24/7 access to board material.
- Board members can seamlessly collaborate with their teams.
- Virtual boardrooms provide multiple ways of real-time communication
- Virtual board meetings can be easily automated through board portals.
- Meeting agenda building and sharing becomes effortless and fast; boardrooms provide multi-structured meeting agenda templates.
- Meeting invitations can be easily sent to all expected participants, and their responses can be logged digitally.
- Board members can automate the note-taking process during the meeting and share it with absentees.
- Meeting minutes can be compiled, signed, and shared with all board members in no time.
4. Reduced administrative expenses
As virtual boardroom software is a paperless meeting solution, a company can save thousands or even tens of thousands of dollars annually. For example, the average paper, printing, and courier expenses in companies in the United States are $400,000 annually. This figure can be much higher for large-sized enterprises.
Virtual boardrooms can reduce these expenses to a great extent or eliminate them completely. Not only this, paperless meeting solutions like board software can help businesses avoid board meeting expenses. Last but not least, a company doesn’t need expensive database management systems as boardrooms provide online data storage space.
Following is a list of some of the best board portal software in the market:
- Nasdaq Boardvantage
- iDeals board portals
- Govenda virtual boardrooms
- Diligent Boards.
The corporate world is moving to cost-effective, automated, and highly efficient technological solutions. Board portal software has become an important asset in corporate practices. They are unbelievably safe, cost-effective, easy to use, and provide maximum utility.
Consider using a board portal for your business if you have not yet had a chance to do it. The results will surely pay off in better security, efficiency, accessibility, and significant cost savings. See for yourself!