Board Portal Is a New-Level Solution for Management
As organizations turn and adapt to digital solutions, they need to stay relevant by embracing digital tools to as many business operations as possible.
Since agendas on the corporate board of directors are always jam-packed with vital issues, some optimization is definitely needed here. That's where board management software steps in. In essence, board software is everything you need for board discussion arrangement, pre-meeting and post-meeting optimization.
But what this software actually does and how it works? Let's start with the basics.
What is a board portal?
Board portal, also known as board of directors software or simply board software, is a centralized, secure online hub that allows the board to collaborate with team members effectively.
The solution supports board-related tasks. It offers a complete suite of essential digital tools such as board document management, board meeting management, advanced search tool, two-factor authentication, and a lot more.
Using board portals, directors can execute their governance responsibilities from any web-enabled device regardless of the location.
At its core, the board of directors software enables the board to make informed decisions and monitor their implementation remotely. A distinctive feature of this digital solution is its private access, as only board members have access to the board materials.
What are the main features offered by the board of directors software?
The board management software portal's operating principle is to broaden the scope of administration and management processes. Here's a list of the critical features that comes with a board of directors software:
- Collaboration tools. The board portal features tools that enable the board to collaborate on projects and documents. Good board software offers essential collaboration tools including annotation tools, tracking, and advanced search tools.
- Document and news sharing. Board of directors software allows the board to store, share, and collaborate online with the board members. It streamlines the administration and management workflows, enhancing overall work engagement.
- Access control. Board management software has the ability that allows the board to set who can access the board materials concerning particular business deals and who cannot.
- Voting tools. The solution also offers polling tools to have a virtual voting facility for board elections.
- Security features. No other digital tool can beat the board portal in terms of security. It provides advanced protection features like two-factor authentication, message and document encryption, access restriction, etc.
Also, with the board portal, the board of directors can record corporate meeting minutes and set up committees, making board meeting management effective.
Board portal is a revolution in document management
A board portal is indeed a godsend tool for the board to keep up with today's fast-paced business world because of the following reasons.
High level of efficiency
The board is essentially responsible for ensuring that all elements within the organization are running at an optimum level.
Now, with board portals you can ditch the hassle of creating manual tasks as you can easily access board materials via a single platform.
In a nutshell, board software is one of the most-effective digital solutions, reducing commute costs and enabling board people to work on the go.
Corporate scams and fraud have significantly played a role in the lack of transparency in governance. Corporations are now taking initiatives such as imposing heavy fines and developing a code of conduct to prevent such events in the future.
Nonetheless, this isn't simple as it seems, and that's where board software comes into play.
Since the digital solution acts as the centralized hub, auditors (both internal and external) have access to files that they need. Also, pertinent records, detailed account files, and financial reports are available within the central space.
What's more, the board can track the dynamics of both past and present projects using the software.
The most crucial aspect for every business to take a virtual boardroom is security. Yes, security is one of the biggest concerns, especially when there is an escalation in data leaks. So, how to go about it?
Board management software is a hassle-free solution for exchanging and storing board materials. The solution allows you to:
- Put dynamic watermarks on documents
- Restrict access to board files
- Track the log-in activities of team members
- Control how many times a user can access the document
With that, a board portal also provides advanced security tools, including multi-factor authentication and password policy.
Lower administrative costs
Preparing paper-based board packs isn't just time-consuming but costly. Running paperless meetings help businesses save valuable resources as you can create the digital board packs within the board portal in mere clicks.
The board can enhance its accountability capabilities using the board of directors software. Trustees and the board can achieve this via direct access to verification and tracking of all critical decisions taken and actions implemented.
Also, the task-tracking tool provides the board with an overview of team members who are responsible for completing the assigned tasks.
What to look for while choosing a board portal?
To choose the right board management software, you need to consider the following pointers:
- Does it offer real-time communication
- Does it give you control over user activity?
- Does it offer unlimited data storage?
- Does a provider offer advanced security features?
- How easy to use is a board portal?
Always pick the one that fits the needs of your business, as, in the long-term, the efficacy of your organization's work activity solely depends on the type of board software you opt for to manage the board.
As you can see, the hype around board portals is real! Nothing compares to the legacy of board software as no other digital solution can streamline and speed up the business operations as board of directors software can.