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Board Portals: Elevating Governance to Unprecedented Heights

 The world started seeing ethical corporate governance practices as a fundamental element after the famous fraudulent activities in Tyco, WorldCom, and Enron in the early 2000s.

The above-mentioned incidents forced the corporate world to act strictly and develop more transparent processes. Today, it is impossible to achieve corporate success without good governance.

What’s more, technology has played a vital role in revolutionizing corporate governance practices. Digital solutions like virtual board software have now become the face of efficient and transparent corporate governance.

Let’s learn more about the virtual board portal technology and how it has been elevating leadership practices in the corporate sector.

Board portal software definition

Board portal is digital board management software with advanced tools to address different governance-related needs of corporate boards, nonprofit organizations, unions, clubs, and even government institutions.

Broadly defined, it is:

  • Meeting management software that helps manage board meetings in the most efficient way.
  • Board document management solution that streamlines board data storage, sharing, access, and management.
  • A digital communication platform that gives its users a safe place for real-time, two-way communication.

Due to unprecedented security measures, a digital board meeting portal is sometimes used as a collaboration platform during dealmaking and external corporate transactions.

How does a board of directors software elevate corporate governance?

As mentioned above, the board of directors portal streamlines multiple governance-related processes. Here is how.

1. Streamlines board meetings

Directors and executives spend a major part of their time in meetings. These meetings often turn out to be a waste of time due to inadequate planning and ineffective meeting management.

However, employing a virtual board portal minimizes the wastage of time as well as resources in board meetings. Here is how:

  • It is easy to schedule board meeting schedules and then integrate them into board members’ work schedules. A digital meeting agenda can be shared with all the members in the boardroom, and any changes in the agenda will be immediately notified to members. It helps them prepare better for the meeting.
  • Virtual board portals can effectively streamline important processes like corporate resolutions for signing authority, contract signing, and initiating motions for voting amongst board members.
  • Preparation of meeting minutes and agendas becomes easy with board software. You can customize and use templates to save time.

2. Better communication and fast data access

It is a basic requirement for any board management to provide its members with a safe and easy-to-use platform for communication.

Virtual boardroom software not only provides meeting management tools but also comes with other communication tools for day-to-day communication.

Users can engage in one-to-one communication using in-app messengers or use discussion forms for brainstorming. Many high-end board portals have Q&A tools for external communication.

Accessing your desired document in board portals is effortless. A new user can retrieve any file from the boardroom using a keyphrase or a search tag. Board portals today also allow mobile access through dedicated apps for Android and iOS systems.

3. Efficient reporting and transparency

The Board portal is also board reporting software; it gives the portal management complete details of all the activities in the boardroom. These details may include:

  • Time of users’ login
  • Folders or files users accessed
  • Changes that users made in documents
  • How much time did users spend on a specific document

The important thing here is that such strict supervision helps win investors’ trust. That is because everything is transparent, and everyone can be held accountable for their actions.

4. Cost-effectiveness

As board portals are paperless board meeting software, they minimize administrative expenses to a great extent. For example, when using board portals, you don’t need to print board books, meeting minutes or agendas, meeting notes, financial statements, and other board documents. Moreover, companies can also save money they have to spend on physical board meetings.

3 benefits of using board of directors software

Apart from elevating corporate governance practices, here are three other notable benefits of boardrooms.

Compliance

Be it board meetings or data sharing, ensuring compliance is mandatory. Boardroom solutions are not like any free online tool. They are certified board management solutions recognized by global and regional governing bodies like FINRA, ISO, HIPAA, and GDPR. It should be a mandatory requirement when choosing a boardroom provider.

Security

Boardroom technology is specifically known for its impeccable security. It possesses modern-day digital security features like:

  • Two-step verification
  • Custom data access
  • Fence-view mode
  • Dynamic watermarks
  • Self-destructive documents
  • Document access revocation

Compatibility

These board portals are also compatible with globally used operating systems and other business applications. Make sure your desired boardroom software is compatible with your corporate operating system.

Summing it up

Virtual boardrooms bring more transparency to governance affairs. These high-end solutions make board meetings more efficient and reduce administrative costs. Last but not least, virtual boardrooms are secure and compliant software.