As the demand for online board management tools is increasing, a huge number of service providers are trying to cash in on the opportunity. Unfortunately, such a consistently increasing demand creates room for scammers. What’s more, companies switching to digital collaboration platforms may encounter difficulties in finding the right collaboration tool. That’s mainly because of security concerns and a lack of diversity in traditional board management solutions.
One of the best ways to eliminate board data security concerns and get everything in one place is to use reliable board software. Board portal software addresses everything related to efficient online board management by streamlining board meetings.
Here is a detailed guide on board management software and how it makes board meetings super efficient.
Simply put, board portal software is a digital tool for effective board governance. That said, boardroom software, also known as board of directors software, is a cloud-based, online board meeting management tool that simplifies board meetings and online communication and ensures safer data sharing.
Virtual boardroom software is essentially a combination of different digital tools such as chat messengers, document sharing and management tools, data analysis tools, and meeting management tools.
Another good thing about board portal technology is that it is not limited to some specific business sectors. Board members and executive-level officials from commercial organizations, nonprofits, unions, clubs, and associations can use board software technology.
A successful board meeting relies on timely communication, thorough preparation, easy access to board materials, and achieving desired outcomes. Board portal software plays a key role in achieving these goals. Let’s see how board portals make it work.
Instead of constantly sharing meeting links or emailing numerous board documents, imagine you have a single, unified online platform where it is super easy to add all your board members. Board portals provide that exact luxury — a highly secure digital space where you can unite your board members and other relevant personnel.
Creating detailed calendars for board meetings and other board-related activities and sharing them with members ensures better time management. Boardroom software users can activate notifications for upcoming board meetings, or the management can send timely reminders. Either way, board members will be able to schedule their personal and business affairs in a better way.
In any organization where boards regularly conduct meetings, centrally storing all board-related materials becomes a necessity. In fact, modern-day board governance thrives on regular communication between the members. Boards don’t wait for annual general meetings to discuss important affairs, they hold online meetings more frequently now.
Traditional paper documentation falls short when it comes to modern-day data board document management, leading to time and cost inefficiencies. Virtual board portal software, on the other hand, offers a centralized, fully controlled, and safe data storage and management solution.
It enables directors and board members to access board files from anywhere and at any time. What’s more, boardroom software ensures they always have the latest versions.
While free tools may offer basic data storage, virtual board software is way ahead in organizing data effectively. Not only can you store data centrally, but you can organize it just the way you want. Creating folders and subfolders and adding search tags to the files is simple.
Also, features like automatic file indexing and smart search simplify the data retrieval process. Board members can find any document by simply using phrases or keywords.
As mentioned above, traditional paper-based approaches to preparing and sharing board books, meeting agendas, and other files are time-consuming.
Any high-end board management software has built-in online board meeting agenda templates that you can use or edit as per your needs and can be electronically signed by the chairperson.
Similarly, a board portal generally has free templates for board books and meeting minutes, and you can share the above-mentioned documents with any board member in no time.
During online board meetings, the board of directors software provides productivity-boosting tools. For example, the chairperson for the meeting can set timers for speakers and enable presenter mode for presentations for members.
Any board member can start and carry motions, while others can cast votes digitally if approved by the chair. The electronic signature features allow the chair and the board members to sign resolutions, documents, and contracts.
During the post-meeting phase, the board secretary can organize or edit meeting minutes, get them digitally signed by the meeting chair, and share them with absentees and the meeting participants.
What’s more, the archived minutes serve as a reference for future meetings. The task manager feature in board portals allows board members to monitor team progress.
Apart from the above-mentioned benefits of boardroom software, security is one of the biggest differentiating factors in board software and similar technologies.
For starters, only certified board portal vendors can provide these services. Boardroom vendors are primarily ISO-certified. In addition to that, they comply with regional and local regulatory authorities like FINRA, HIPAA, GDPR, FISMA, and SOC.
Reliable board software is a cloud-based, secure online meeting management tool for board members and other executive-grade corporate officials. It primarily addresses basic concerns like safer board meetings, data management, and board communication.
Among the main benefits a board portal has are high-level security, a variety of in-meeting tools, improved data organization, and streamlined meeting scheduling.