It comes as no surprise that board meetings and corporate governance is switching to digital channels.
Preparing massive board books and then distributing copies to all board members at the meeting is neither cost-efficient nor time-saving. On the other hand, digital channels like virtual board software not only save money but make data management and distribution as easy as you like.
Board portal is not an unfamiliar term in the corporate sector. It has been serving different businesses and nonprofit organizations for over a decade. In fact, the board portal industry is expected to hit a $9 billion figure by 2026.
So what is a board portal? What benefits a reliable board software bring to the business? And what important things should you consider when choosing a boardroom? The answers are in this article.
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What is a board portal?
Board portal or virtual board software is a cloud-based online document repository and a meeting management tool used by corporate boards, nonprofit organizations, charities, clubs, associations, unions, and even public institutions.
The platform possesses multiple types of tools for digital communication, online board meetings, data management, task management, and project management. That is why boardroom technology is employed for streamlining communication of the board and data handling during joint ventures, partnerships, capital raising, M&A, and regular corporate governance.
Why are board portals beneficial for your business?
Here is a breakdown of how boardrooms simplify data management and other affairs of corporate boards.
Easier data management
Corporate governance heavily relies on information to make decisions for the company or an organization. That information includes financial statements, periodic reports, board books, board resolutions, fact sheets, audit reports, etc.
A virtual boardroom simplifies data storage and management in various ways. For example, many vendors provide templates to prepare board books for different organization types. These templates minimize the time and effort needed to prepare lengthy board packs.
What’s more, board software allows you to categorize the data in a desired form. Also, you can upload and share many files simultaneously. Board portals have built-in tools for file viewing and editing, and they usually support all types of file formats. Board software like iDeals Boards provides an Excel file viewer and editor so that you don’t have to use any external application.
Streamlined board meetings
“Unorganized data and the inability to readily access documents during board meetings often result in unproductive outcomes. Minimizing these hurdles is vital; board portals just make that happen.” — Jesus Rivas, Marketing Strategist at board-room.org
Board portal software gives users instant access to documents for board meetings without affecting their ability to participate in the discussion. Board members can keep their video tabs open and preview different files simultaneously.
Additionally, boardrooms have everything you need for an online board meeting, such as:
- Agenda builder/templates
- Meeting minutes templates
- Notes builder
- Video or audio calling tools
- Electronic signatures
- Task trackers/managers
- Voting tools
Remote accessibility
As virtual boardrooms are cloud technology, they are accessible from anywhere. The good thing is that boardroom vendors are constantly improving their services according to the changing corporate practices. For example, every high-end boardroom vendor has an application for mobiles and tablets.
These user-intuitive apps allow remote access to boardrooms from anywhere in the world. Users can access, open, view, edit, or share files and even participate in online meetings from their mobile devices. The feature is genuinely a blessing for shareholders and investors.
Safer business deals
When interacting with external parties during a transaction, board portal software makes sure you have 100% control over your corporate information.
For example, you can set document access restrictions, revoke document access, remove any device from the portal, and restrict anyone from sharing, saving, editing, downloading, deleting, printing, or copying a document.
Cost reduction
The biggest expense which board software minimizes for businesses is the cost of paper documentation. For example, companies don't have to prepare multiple copies of board books and distribute them to every board member, investor, or shareholder. Second, there is no need to arrange physical meetings when you can conduct them in boardrooms. This way, you can save traveling, refreshment, and even residence costs for distant board members.
Things to consider when choosing a board portal
The quality of boardroom services varies from vendor to vendor. Therefore, make sure you know the answers to the following questions when choosing one for your company:
- Is the boardroom vendor certified by global and regional bodies like ISO, FINRA, SOC, and GDPR?
- Does the boardroom have basic features for security, communication, document management, and online board meetings?
- Have you made a thorough board portal comparison based on features, pricing, customer care, and user intuitiveness?
Final words
Virtual boardrooms are online meeting and meeting management tools used by different types of organizations, unions, and associations. They are secure and fully controlled platforms for smooth communication, safer data sharing, and more efficient board collaboration.
Virtual boardrooms not only ensure effective virtual board meetings but also keep your corporate records safe and significantly streamline the communication between board directors.