The Hidden Gems: Boardrooms and their Impact on Business Performance
In today’s world, online communication, digital data management, and paperless meetings have become the preferred choice for board members and business teams worldwide. That’s because digitalization provides undeniable convenience, cost-effectiveness, and easy task management from anywhere.
What’s more, digitalization is not just an enforced option; every four out of five global board directors believe that corporate boards should lead digital transformation.
Moreover, with the growing demand for online board management solutions, a massive number of service providers are stepping up. However, only a few meeting management solutions comprehensively cover all board management aspects. One such solution is board portal software that boasts all the standard and even advanced features for managing board meetings, documents, and communication effectively.
Here is how virtual boardrooms can have a strong impact on corporate governance. Let’s start with the introduction to board portal technology.
What is virtual boardroom software?
Board portal software, or virtual board software, is a secure online board meeting management software and a complete corporate solution specifically for board directors, CEOs, executives, board secretaries, stakeholders, investors, union leaders, committees, and other decision-makers.
Unlike many other meeting management tools, board software is known for all-in-one functionality. That said, with secure board portals, you can:
- Schedule, arrange, manage, record, or track board meetings
- Protect, share, store, edit, view, annotate, exchange, and distribute board documents
- Communicate with other board members, advisors, investors, or third parties
- Streamline external business transactions or facilitate financial deals
- Easily prepare long, time-consuming documents with built-in templates in boardrooms
The best part is that virtual boardrooms are equally effective for commercial, nonprofits, and governmental or public institutes.
The following are some of the most worth-mentioning benefits of using board portal software.
1. Easy preparation and convenient access to board-related documents
“Virtual boardrooms are just remarkable; you can literally do anything with them. You can do the long meetings from the convenience of your home, access anything whenever needed, prepare board books, reports, and committee charters with built-in templates, keep your data safe, or track your subordinates,” says Jesus Rivas, Marketing Strategist at board-room.org. You can also learn how to write a charter for a committee.
As Rivas said, boardrooms can help you do anything related to board duties in minimum time. That may include preparing board packs or any other report with minimum effort.
Virtual board software enables directors and board members to easily access board documents from any location and at any time. All you need is a recognized electronic device like a smartphone and an internet connection.
Modern virtual boardroom providers also allow access through mobile applications, making board documents just a click away. What’s more, some vendors allow offline access to stored documents.
2. Enhanced decision making
Informed decision-making depends on having the most up-to-date information. Board software’s data management feature allows documents to be updated in real time, and the instant notification system notifies concerned users immediately.
What’s more, meeting minutes, past agendas, financial statements, policy manuals, and reports are readily available within the boardroom software. The instant availability of board data allows boardroom members make more informed and timely decisions.
3. Stronger and certified data protection
Board portal software offers a high level of security, safeguarding confidential information with the help of multiple protective layers. Certified board software vendors adhere to data management and security standards set by recognized organizations such as HIPAA, ISO, FISMA, FINRA, SOC, GDPR, etc.
Features like two-step verification, fence-view, self-destructive documents, remote device purging, digital watermarks, document access control, data encryption, and IP address restrictions provide an unbeatable combination of cyber protection.
|Note: Reliable board software are the ones that strictly adhere to guidelines set by concerned regulatory authorities as mentioned above. It is important to know that hiring uncertified vendors will create compliance issues.
4. Efficient board management
Managing board tasks with board portals is faster and more efficient than traditional methods. Preparations for planned or unplanned meetings can be done within minutes. Accessing, sharing, or distributing data safely and quickly saves time.
Also, board members can efficiently prepare meeting agendas, distribute them instantly, access board materials, engage in video/audio meetings, raise concerns, cast votes, conduct surveys, sign documents, and perform other administrative tasks with ease. In a nutshell, boardrooms help do more work in less time.
5. Transparency and controlled user activity
Board portals employ monitoring tools to track every activity within the boardroom, promoting transparency and encouraging maximum participation from board members while building trust among stakeholders. Administrators can take timely action if there are ambiguities or unauthorized activities and catch the culprits instantly.
6. Cost reduction
Board portal software adds considerable financial value to a company by safeguarding data from leaks or breaches, ultimately protecting it from potential lawsuits and penalties.
Moreover, it reduces expenses associated with paper, printing, compilation, and distribution of board documents, thus, minimizing the need for onsite board meetings.
Wrapping it up
Precisely, a virtual boardroom is a multi-function board management software that offers comprehensive solutions for board document management, virtual communication, project management, meeting management, and deal management.
The software is highly secure, cost-effective, and allows remote access at any time. Some noteworthy and highly secure board portals include Azues Convene, iDeals Boards, Nasdaq Boardvantage, Govenda Boards, and BoardPro. Check the boardroom software for you next online board gathering!