Everything You Need to Know about Boardroom Software
The board portal is another results-oriented technology addition to business solutions. It meets the needs of corporate boards of directors for effective governance. While this technology has been around in the business arena for quite some time, the past few years have seen phenomenal growth in the virtual boardroom market.
So what is boardroom portal software? What does it do, and what are its benefits? Let's find out in this boardroomsoft's board portal guide!
Virtual Boardroom Software as It Is
Virtual boardroom software is a paperless meeting solution designed to maximize communication and collaboration among senior executives in corporations, nonprofits, public companies, etc.
Board portal software provides a centralized, cloud-based platform. On it, board members and senior executives such as directors, CEOs, CFOs, chairmen and secretaries can store and access materials and easily collaborate with each other.
So, boardrooms can be described in two ways:
- They are secure data warehouses for storing board materials and other sensitive corporate data;
- They are virtual platforms that maximize collaboration among board members.
Using of Boardroom Software
Boardroom portals are used by people sitting at the top of the organizational hierarchy. They may belong to public or private companies, non-profit organizations, businesses, associations, unions, etc.
Simply put, the following people are usually among the users of virtual meeting rooms:
- Corporate Secretaries
- Presidents or chairmen of boards of directors
- Lawyers or finance consultants (generally on a part time contractual basis)
- Major clients (on a temporary basis).
Features of Virtual Board Software
Board room portals help councils optimize their tasks. Here are some features that should be available in any high-end virtual boardroom.
Task Management Tools
They help in creating, assigning and managing individual and group tasks to optimize work processes.
Meeting software supports multiple file formats, making it easy to create digital meeting books and attach them to invitations and meeting agendas.
Robust Search Features
They make it easy to find a file by entering a keyword, phrase, name, file type, or data range into the search bar.
It provides a clear overview of running tasks, critical announcements, calendars, recent upgrades, invitations to meetings, and more.
Agenda and Meeting Minutes
Templates of ready-made agendas or minutes can easily be used as it is or adjusted to meet company requirements.
First and foremost audio and video conferencing, digital voting, etc., help greatly facilitate online board meetings.
The Remote Cleanup Feature
It is very useful for removing board-related documents from stolen or lost devices connected to the meeting room.
Document Access Control
It helps you determine levels of authorization for various users in the conference area.
The Electronic Signature Function
It allows board members to sign documents electronically.
Key 3 Benefits of Meeting Room Management Software
1. Better Management of Boardroom Meetings
Boardrooms have minimized the time and effort required to prepare for meetings of the board. Secretary boards can create meeting agendas using built-in templates or create new ones. The meeting agenda can be made available to all attendees and the secretary can request recommendations from them. Once the agenda is finalized, the secretary can immediately share it with meeting participants.
Modern virtual meeting rooms are equipped with audio and video conferencing facilities for online board meetings. In fact, state or federal laws often require companies to maintain a quorum at board meetings, and video conferencing is a great way to make sure a quorum is legally maintained.
Finally, online board meeting minutes can be signed electronically by the chairman, and the secretary can share these documents with all attendees.
2. Board Management Software
Boardroom portals make it easy to automate document management. Since board management software acts as online data repositories, board members can store and access documents at any time from anywhere. Easy and instant access to documents helps board members work efficiently on their assigned tasks.
What's more, board members can edit or annotate any document. They can also work on shared documents. Most importantly, modern virtual meeting rooms allow users to access meeting materials without an Internet connection.
3. Cost Efficiency
Boardrooms are paperless solutions and can greatly minimize administrative costs. Because board materials and other important documents are easily accessible on portals, board members can access them whenever they want. This means the company doesn't have to spend hundreds and thousands on paper, printing and courier costs.
Moreover, online boardrooms mean the company doesn't have to pay for travel, lodging and meals for meeting participants.
Virtual boardrooms are online data repositories and teamwork platforms specifically designed to maximize communication among the board members. This portal allows directors to upload, access, share, edit, or download board materials to perform their governance tasks.
Using virtual boardrooms, boards can organize online board meetings, communicate directly with stakeholders and customers, temporarily add third parties, etc. In addition, virtual boardrooms are cost-effective and easy to use.