How Can a Virtual Boardroom Help Your Business?

Organizational board management is a critical component for every business to grow and sustain itself in the market. It demands clear-cut communication, documentation, and scheduling periodic meetings. Such things have the power to either make or break your business.

The evolution of new technologies and means of interactions has created a drive to form a new route in the contemporary world of business — digitization of organizational processes. A board portal has been one of the efficient solutions that made that digitization possible.

Sounds intriguing? Let’s find out what board management software is and what it can do for your business.

What is board management software?

Board management software is a virtual platform that provides the board of directors and team members with a neutral and secure space to collaborate effectively and efficiently.

A board portal is a secure digital platform that automates much of the work for your organization and eliminates the need for paper-based board packs. They are designed with features that save time, enhance the effectiveness of board meetings, and streamline decision-making for trustees and board of directors.

The board software provides tools for:

• Board meeting management
• Board document management
• Managing information permissions
• Data storage
• Voting polls
• Reporting analytics

How exactly can a virtual boardroom help your business?

Board management can be an overwhelming endeavor as it involves managing and distributing large files of confidential data with other team members, particularly with board directors spread around the world. Following are some of the most common challenges faced by board members:

• Online file sharing platforms (emails) do not meet security requirements.
• There is always a risk of accidental leaks.
• It’s both expensive and time-consuming to collate and distribute paper-based board packs.

Here’s how a board portal solution can be the answer to these business woes.

Board management software: A secured option for collaboration

Board portals help executives make informed decisions in less time. Nonetheless, the most fundamental advantage of using board software is that it addresses the most significant challenge of digitization affecting the board of directors — SECURITY.

To ensure data security, the leading virtual boardroom providers use various methods, including:

• A robust two-factor authentication method is used to protect access to confidential data. It implies that only authorized members can access the data files within the board portal.

• End-to-end encryption of data files and ability to set expiration time frames. What’s more, you can only access these files either through a web user interface or a board meeting app.

Reduced time preparing for board meetings

Board portal solutions such as Boardeffect reduce the preparatory time for scheduling board meetings, which can be done in a few minutes rather than spending hours.

Yes, with Boardeffect, you don’t have to go through the pain of assembling voluminous data files, viewing them, or even printing.

Everything is available in this web-based cloud portal. You can access files pertaining to a particular board meeting in a few seconds. Also, you can store and exchange board materials with team members, bringing everyone on the same page.

They help board members know what topics need to be discussed and maintain effective engagement throughout the board meeting. The platform even equips you with tools that help create an accountability system for follow-ups.

Cost-effectiveness

Board of directors software saves time and money invested on travel, accommodation of other board members, and the expenditure on collating, printing, and shipping board backs.

What’s more, cloud portals are a secure environment, often with unlimited data storage. Best of all, you don’t have to use VPN to retrieve the files. Executives trust board software for their business’s most confidential documents, implying board portals are a no-brainer for storage needs.

Did you know that by shifting to virtual platforms for board meetings, your company can save up to 100,000 pages every month on paper?

Inclusion and accessibility

Board management software improves the dynamic of meetings by making it more accessible for everyone. The employees feel empowered to contribute as they all are on the same footing.

Inclusive board portals such as Boardeffect keep everyone connected and keep the communication channel for all. This, in turn, expedites the process and enhances the effectiveness of collaboration.

What to look for when choosing a board portal solution?

An inclusive board management software is beyond the online file sharing platform. It encompasses tools that facilitate strategic decision-making and promotes effective board engagement.

Here’s a list of essential features that you need to look for while choosing the right type of board software for your business:

• Instant access. In today’s fast-paced world, business keeps running at all hours. A good board portal provides a central platform to store and share board documents, providing you access to up-to-date information, past meeting minutes, and advanced search tools.
• Ease of use. Not all board members are tech-savvy. Try to invest in a solution that is quick and easy to use.
• Advanced security tools. Before investing in a board portal, take your time and map out all the features you are looking for in a dedicated platform. Whether it allows you to restrict access to documents or can you place watermarks on the files, etc.

Apart from these, a dedicated platform should allow you to customize the system to fit the needs of your business.

Wrapping up

Board is made up of dynamic decision-making bodies, and it’s not easy to bring them all together frequently. So, how to go about it? The board software is a hub for all essential tools, notes, and files necessary for efficient board management.