It is hard to believe that an organization doesn’t prioritize better resource allocation and implement cost-saving measures in today’s world. Be it distribution, production, marketing, or governance, modern-day businesses look for more automation to save financial resources and time.
In addition to that, the rapidly growing hybrid work culture, also referred to as hybrid office, has forced businesses to look for better, faster, and, most importantly, safer digital workplaces for their teams, board members, and stakeholders. This is where board portal software comes into play.
What is board portal software?
Board portal, commonly referred to as virtual boardroom software, is a digital document repository and a multi-feature online collaboration platform for company boards, investors, stakeholders, CEOs, departmental managers, board secretaries, and other top-level corporate officials.
Boardroom technology allows the corporate world to streamline almost every single board-relevant process. For example, a typical board portal simplifies the following:
- Board document management
- Intra-board and external communication
- Deal management
- Project management
- Board meeting management
The ability to cater to multiple corporate needs makes board software a technology to look for in the future. Here are some top reasons why virtual board portals will be critical in the coming years.
Top 4 advantages of board portal software
Here are the main reasons to choose board portal software for board management.
1. Reliability and safety
Just as mentioned above, the corporate world is moving towards a hybrid workplace culture which is a mixture of office-based and remote working. It is easier to control and protect physical or office-based setups, but the trouble begins when communication and data sharing go online.
When a company adopts a hybrid or remote work culture, its first priority is to create a safe and reliable virtual workspace which is exactly why board portal software is the most preferred option for companies.
Boardroom security certifications
A secure and reliable board software, for starters, is a platform that boasts all the latest digital protection tools necessary to prevent data breaches and thefts. Boardrooms are managed by certified board portal service providers. The list of certifications may vary from vendor to vendor, but all top-tier service providers are mostly ISO, SOC, FISMA, HIPAA, GDPR, and FINRA certified.
Boardroom security features
Although boardrooms are a wide range of security features but here are some most notable ones.
- Remote document shredding is a document security feature that allows the users or the administration to remove or shred board documents from any device connected to the platform.
- Document access permissions give the boardroom management to define access levels for different boardroom documents.
- Multi-factor authorization is a feature that restricts unauthorized users from accessing board portals.
- Fence view is another document protection feature that allows users to hide sentences, paragraphs, or any portion of a document. It is highly suitable for external data sharing during dealmaking.
Some of the most reliable board software include Boardvantage, Govenda Boards, BoardPro, Azeus Convene, and iDeals Boards (you can also visit the website to read more about iDeals Boards here https://idealsboard.com/).
2. Easier data access
Isn’t it frustrating for a board member to send a request whenever they need a document or file, especially a confidential one? What’s more, the company may take a day or two to fulfill that request.
A virtual boardroom can shrink the above-mentioned process to minutes or even seconds. Any board member can access any file in the boardroom in a matter of seconds. If a certain member isn’t allowed to access that specific file, they can immediately send an access request that the administration can approve.
What’s more, board members can use their smartphones or tablets to access board data; they don’t need to have their laptops with them all the time. Last but not least, boardroom users can locate any document with the help of keywords in a few seconds. Imagine how much time it would save for the boardroom users.
3. Process automation
The previous section was a perfect example of process automation. The management won’t have to waste time on multiple data access requests. They can define boardroom users’ access level and focus on more important things. Apart from that, board portals allow you to:
- Schedule board meetings and other important events. Administration can easily prepare a yearly calendar and share it with boardroom users.
- Publish documents or research papers, share hundreds of files with multiple users at once, or even schedule data sharing at a future date.
- Streamline the meeting agendas, notes, and minutes preparation during board meetings.
- Update a schedule or any document in real-time while everyone in the boardroom gets immediate notifications.
Using board management software can provide several advantages in terms of cost-effectiveness for companies. Here are some additional benefits:
- Paperless solution. Board management software eliminates the need for physical board materials, reducing paper, printing, and distribution costs. By digitizing board documents, companies can save money on paper supplies and printing expenses.
- Time and resource savings. Board management software streamlines the entire board meeting process, making it more efficient. It eliminates the need for manual preparation and distribution of board materials, saving administrative time and effort. Board members can access documents electronically, reducing the need for physical copies and associated costs.
- Remote meeting capabilities. Board management software enables virtual meetings, reducing the need for board members to travel for in-person meetings. This helps save on meeting and traveling expenses, including transportation costs, accommodation, and meals.