[Written By External Partner]
There is hardly a business that doesn’t focus on improving organizational efficiency. Where companies are putting in a lot of effort and money to automate operations, they are more prudent in equipping corporate management with the latest technologies like virtual board software.
Virtual boardrooms are modern-day solutions for paperless board meetings, data management, and communication. They not only have changed the face of corporate management, but they are also the future of business communication as technology is just taking over every business sector around the globe.
You may ask, why is board portal software so important for businesses? Or how has it changed corporate management practices?
Here is a detailed introduction to board portal software and its importance in the corporate world.
What is a virtual boardroom?
Board portal or board management is a well-controlled, digital collaboration platform for boards of directors, chairpersons, CEOs, board secretaries, managers, investors, stakeholders, and board committee members.
The platform possesses a mega range of features that help or simplify different processes:
- Board document management
- Board meeting management
- Intra or inter-board communication
- Deal management
- Task management
And many similar activities are performed by the company boards. Boardroom software is not limited to specific industries — it is a for-all business solution. This is why SMBs, enterprises, large-scale organizations, nonprofits, financial companies and exchanges, associations, unions, and governmental agencies use board portals.
Why virtual boardroom software is the future: Importance of board portals
Virtual boardrooms are here for one core purpose — improved corporate efficiency. Here is how they do it.
Data management simplification
Corporate leaders are entitled to make decisions that guide companies toward success. Success can be different for commercial organizations, government agencies, or nonprofits, but informed decisions are the key to achieving that success.
Informed decisions are backed by reliable and processed data. Board management software helps companies make that data readily available to the leadership. Here is how:
- Boards can use this technology as their central data repository.
- Boardroom management software allows companies to organize data in any manner they prefer.
- Users can update any document in real time.
- The document retrieval process is super easy and fast. Users can locate a file with a keyword or phrase.
- Users can access data remotely from anywhere and anytime through smartphones or tablets.
Boardrooms are not just used for data management — they are complete paperless meeting solutions. They provide high levels of security to board documents and other materials 24/7. Here are the worth mentioning board portal security features:
- The fingerprint login feature allows board members to log in without any password or additional identity confirmation. They can log in with a simple fingerprint confirmation.
- The two-factor authorization feature is a traditional identity confirmation process during logins. It requires a password and a temporarily generated code.
- Document access control gives the management 100% control of board files. They can set permission settings for board members or temporary users according to their roles.
- Fence view mode, a highly effective security feature, blurs the specific segments of a document. It makes it impossible to scan, screenshot, or photograph sensitive information.
- Digital watermarks protect documents from being edited or copied. They also act as a copyright stamp for the file owners.
Faster and simpler board meetings
Efficient board meeting management is arguably the biggest advantage of board portal technology. Whether it is an online board meeting or a physical arrangement, board software can automate everything and every step. Here is how board software helps:
- Meeting agenda preparation. Board software helps in the fast preparation and distribution ofmeeting agenda. Users can either create new templates or utilize built-in custom templates from boardroom providers. The board secretary can easily create a temporary meeting group, upload the meeting agenda, and send invites.
- Task management. The task manager feature in the board portals helps management assign, manage, and track the activities of board members before, during, and after meetings.
- Video and audio conferencing. Every standard board portal software has built-in tools for HD audio or video conferencing. Based on the virtual boardroom vendor, management can add 100 or more meeting participants.
- Presentation. The presenter mode allows each participant to deliver their presentation or speech with the help of visual aids or PowerPoint slides.
- Voting and polling. Meeting participants use electronic voting tools to cast their votes or motions or resolutions under consideration.
- Note taking. Anyone can easily make meeting notes, summarize them, and share them with the absentees.
- E-signing. The electronic signature feature makes it possible to sign documents electronically.
- Meeting minutes preparation. Preparing meeting minutes is simplified through built-in templates. The Board secretary can get meeting minutes signed immediately and send them to all participants.
Board portals are top board meeting management solutions because they provide boards with everything in a single place. They can store or manage documents, securely protect all sensitive information, and streamline board meetings — all in one place.