In today’s world, it is hard to believe that many organizations still neglect the importance of optimizing resource allocation and employing cost-saving strategies.
Modern-day businesses seek more automation in different administrative and operational processes such as distribution, production, marketing, and governance.
Moreover, the rapidly emerging hybrid work culture, also known as the hybrid office, has compelled businesses to look for more efficient, faster, and safer digital workplaces for their teams, managers, board members, stakeholders, and other significant corporate personnel. This is where board portal software plays a game-changing role.
If you are not familiar with virtual boardroom technology, here is:
- A brief introduction to virtual boardroom software
- How it helps businesses navigate through corporate challenges
What Is Virtual Boardroom Software?
Board portal software, often referred to as virtual boardroom software, is a digital document repository and a complete paperless meeting solution for company boards, stakeholders, investors, CEOs, board and corporate secretaries, departmental managers, and other high-level corporate officials.
With the help of virtual boardroom technology, organizations can streamline numerous board-related processes. For instance, a standard board portal simplifies tasks such as:
- Board document management
- Deal management or project management
- Board meeting management
- Intra-board and external communication
The versatility of board management software makes it a promising technology for the future.
Below are some key reasons why virtual board portals will be crucial in the upcoming years and how organizations can use them to streamline administrative processes.
1. Easier Data Access
Access board documents could be frustrating and time-consuming in the past. However, with virtual boardroom software, any board member can access board data instantly, often within seconds.
What’s more, if board members cannot access a file, they can request it, and the administration can approve it immediately.
Remote accessibility is another remarkable feature of boardroom technology. Board members can use their smartphones or tablets to access boardroom data.
The remote access feature is a highly beneficial feature for legal advisors, shareholders, investors, and independent directors who can stay connected with the boards from any part of the world.
You can also read more about the benefits of independent directors and how they can contribute to effective corporate governance.
2. Reliability and Safety
The business world is moving towards a mix of working from the office and working remotely, called a hybrid workplace culture.
When companies adopt this work approach, they have to provide a safe and dependable virtual workspace. Organizations can do this by using board portal software; here is how.
Board management software is a secure platform that has the latest digital cyber protection tools to prevent data breaches and thefts.
What’s more, boardrooms ensure that an organization is fully complying with data management and integrity protocols as they are managed by certified board portal service providers.
These regulatory authorities may include ISO, SOC, FISMA, HIPAA, GDPR, and FINRA. Some of the most secure board portals include iDeals boards, Govenda boards, Nasdaq Boardvantage, and BoardPro.
Boardrooms have several security features, including:
- Remote document shredding. This feature in board portals allows users or administrators to remove board documents from any connected device securely.
- Document access permissions. Boardroom administrators can set different access levels for various boardroom documents. That said, only authorized users can access a specific file or folder or even a part of a document.
- Multi-factor authorization. Multi-factor authorization prevents unauthorized users from accessing board portals with the help of numerous login steps.
- Fence view. Users can hide certain segments of a document, which is useful for sharing external data during business deals like M&As or IPOs.
3. Process Automation
Board management software can automate multiple processes, saving time for management and board members. For example, boards can:
- Schedule board meetings and important events easily
- Upload, publish, and share documents with multiple users simultaneously
- Streamline the preparation of meeting agendas, notes, and minutes
- Communicate with any other board member or external parties in a safe environment
- Track the performance of their team members or subordinates
Also, the instant notification system in board portals keeps the members updated on boardroom activities.
4. Improved Workplace Transparency
Boardroom software is a great solution to promote workplace transparency. Any high-end board portal has an audit log feature that records all boardroom activities in a detailed manner. The administration can easily track who is doing what, where, and when.
Using boardrooms can help companies save money in various ways. It reduces expenses related to paper, printing, and distributing board materials such as board books, meeting minutes, etc.
Additionally, it cuts down office-based or physical meeting costs and travel expenses associated with board meetings.
Summing It Up
As more companies shift to digital workplace culture, board portal software proves to be a reliable and cost-effective option.
It provides fully trustable cyber protection and streamlines board meetings and document management. Best of all, boardrooms do it in a cost-effective manner.