Technology has become a competitive advantage for corporations over time. That’s because technology helps automate processes, which improves overall work efficiency. Companies nowadays heavily focus on streamlining collaboration and communication at all levels, especially top management.
When it comes to board governance best practices, board portal software stands amongst the most used solutions for board communication. It is a complete digital solution that addresses all major concerns of corporate boards, such as remote collaboration, platform security, board document management, etc. In a nutshell, they are a pivotal part of the evolution of corporate governance.
Here is a detailed guide on board portal software and how they are playing a key role in better governance.
What is board software?
A board portal is a cloud-based, secure, and certified virtual board meeting software globally used by company boards, CEOs, company directors, and other higher-level officials in public, private, and nonprofit organizations.
The term “secure” means that board portals are completely secure board meeting software. With board portals, it is much easier to share sensitive documents before, during, and after meetings without requiring additional application. Board software not only protects data but keeps the meetings end-to-end encrypted. A board portal’s security is easily comparable to that of a banking system.
Secondly, the word “certified” means that board of directors software is not just another meeting tool. These solutions comply with the highest data management and protection standards set by global and regional bodies like ISO, GDPR, FINRA, HIPAA, FISMA, etc. A compliant board management software also enables companies to follow the latest security standards without trouble.
Board portal software—a key component of evolution of governance
Board portal software acts as a central hub for the company’s senior management. Members can share documents, arrange meetings, discuss important affairs, start a motion, cast votes, and even sign documents electronically. Here is what else a board portal brings to the table.
1. Smooth collaboration and communication
When we talk about traditional board management, we think about a lot of paperwork, a never-ending list of emails, and a lack of clarity in meeting agendas. These factors slow things down and affect the decision-making process. However, things are different with board governance software; here is how.
Real-time collaboration
Board software is a digital cloud-based platform. Here, members can share and update data and communicate in real-time. There are discussion boards, meeting software, and personal messaging tools. Similarly, document management tools in board portals allow users to update files in real time and notify concerned users about changes made.
Integrated video conferencing
In addition to basic collaboration tools, board software provides built-in integration with videoconferencing tools. That means you don’t have to use a third-party meeting management tool, which may even compromise the meeting’s security.
2. Higher transparency and accountability
It is hard to ensure transparency in traditional board management practices. For example, keeping track of document access and usage in traditional paper documentation is difficult. This affects the trust between board members, investors, and shareholders.
With board management software, you can keep track of every single thing happening in your boardroom and restrict unauthorized access; here is how.
Controlled document access
In board portals, the administration has full authority over the data access protocols. You, as an admin, can decide which documents should be accessible to all board members. You can also decide if they can download or share sensitive files or not. When access permissions are set, it is impossible for anyone to go to restricted files or folders.
Controlled document access is beneficial in other ways as well. For example, if there is a data leak, it is easy to identify the culprits based on their access levels.
Detailed audit logs
Board software offers detailed activity or audit logs. These are detailed activity reports that disclose all the necessary details about every activity performed by a user in the boardroom. Audit logs make it impossible for any member to do something fishy and then get away with it. When everyone knows their activities are being monitored and recorded, the chances of fraud and scams reduce significantly.
3. Better productivity and efficiency
Board of directors software eliminates work duplication and simplifies tiring tasks. In this way, it saves time for board members and organizers to boost their productivity; here is how.
Centralized data management
Corporations or organizations can store their board data in one place using board software. When access roles are defined, members can easily access their required data from one place at any time. This will allow board organizers to work on other important tasks while board users don’t have to rely on management every time.
Simplified meetings
With board management software, it is easier to streamline board meetings. You can just create an online meeting agenda, get suggestions, make real-time changes, get it signed by the chair, and distribute it to all the members in no time.
Similarly, meeting participants can access files, share their presentations, cast votes anonymously, and sign documents electronically. Meeting organizers can prepare meeting notes using built-in templates and share them with concerned members. Everything happens in a single place—the board portal.
Summing it up
Board portal software has simply revolutionized governance in the corporate sector. It has made things more transparent and promoted accountability—thanks to audit logs and data access controls. Board software management has also made communication, data management, and board meetings simpler, faster, and safer.