Digitalization has improved modern-day corporate governance significantly. Online channels like board portal software have opened doors for safe and fast communication between corporate boards and senior administration officials. That’s why cross-border acquisitions and business operations have become more manageable as virtual board software has shrunk the distances between businesses around the globe.
If you are new to board portal technology, here is a complete guide for you. You can explore the benefits, applications, and top board portal software in the market.
What is board portal software?
Board portal or board management software is a cloud-based, paperless meeting solution for CEOs, corporate boards, managers, chairpersons, board secretaries, stakeholders, and investors. It allows the corporate administration to access and share data, arrange online board meetings, and regularly communicate on a single platform.
Any standard virtual board software at least performs the following functions:
- Board document management
- Secure and fast data sharing
- 24/7 communication between board members
- Board meeting’s agenda building
- Creation of digital board books
- Preparation and distribution of digital board meeting minutes
- Task and project management
Some of the best boardrooms with the functions listed above are:
- Nasdaq Boardvantage
If interested, you can read more about virtual boardroom functions of the first boardroom on the list here: https://Boardsoftware.Net/Diligent/.
Who uses board management software?
Board portal software has quickly become an integral component in the corporate world. Companies, associations, enterprises, nonprofits, charities, unions, clubs, and other governing bodies use board software for:
- Board of directors
- Corporate secretaries
- Board administrators
- Union/association/club leaders
5 key benefits of board management software
From the discussion above, it is conclusive that boardroom software can simplify multiple board functions. Here are some key benefits to elaborate on the importance of virtual boardrooms in corporate governance.
1. Centralized data management and remote access
A virtual board software gives your board members centralized access to board material. Once you create their accounts, they can log in and:
- Access and share any document they need
- See updates and the latest activities in the boardroom
- Exchange messages with other board members
- Participate in group conversations
- Start a discussion on any topic
- Edit, alter, annotate, download, print, or change documents according to their permission settings
They can do it from their desktops, tablets, or dedicated mobile phone applications.
2. More efficient board meetings
Board meetings are a vital part of corporate governance, and ineffective board meetings not only frustrate board members but affect their decision-making abilities. Virtual boardroom software helps you get the most out of board meetings by streamlining them. Here is how:
- Create a board meeting calendar and update it whenever needed.
- Create a meeting agenda, share it with expected participants, request and incorporate suggestions, and share the file draft with members again.
- Compile digital board books and share them with all board members.
- Assign roles before, during, and after meetings.
- Conduct digital voting for motions, proposals, and resolutions initiated in the meeting.
- Record notes and meeting minutes.
- Compile meeting minutes and share them with absentees and active participants.
- Track post-meeting tasks assigned to board members.
- Archive meeting minutes for future reference.
3. Fast decision making
Fast and effective decision-making is another benefit of using board portal software. When board members are able to access board materials instantly, communicate with other members, arrange emergency meetings, and consult advisors and stakeholders, they are in a better position to make timely and well-informed decisions.
4. Robust security and transparency
Security is a forte of virtual boardroom software. Corporate boards possess the company’s most sensitive data, including company policies, financial statements, patents, trademarks, meeting minutes, structural designs/product prototypes, etc.
Board management software makes sure that important board documents and communication between the users remain safe from external and internal risks. High-quality virtual boardrooms are always ISO-certified, with strong security features for the boardroom and document protection. Notable security features include:
- Two-factor authorization
- Heavily guarded multi-location servers with 99.5% uptime.
- Document access control
- Remote device purging
- Document access revocation
- Document shredding
- Digital watermarks
Audit logs are one of the most critical security features in the boardroom. These are detailed boardroom audit reports that give full information on every single action performed in the board software. Constant monitoring and detailed activity records keep things transparent, especially for investors.
Virtual boardrooms, the paperless meeting solutions, reduce administrative expenses by a considerable margin. With board software, you can reduce paper costs, printing expenses, and directors’ traveling expenses for board meetings.
Here are the top 5 board portal software applications in 2022:
- Diligent Boards
- iDeals virtual boardroom
- Nasdaq Boardvantage
- Govenda Board Portals
Board management software is a highly secure paperless meeting solution that helps companies streamline board meetings, document management, and virtual collaboration between members of the board, and that too in a cost-effective manner.