Board Portal Software: A Guide to Maximizing Your Board’s Productivity
Updated On November 15, 2022 | by Louise Simon
Do you know that cybersecurity is among the top 10 issues faced by board members? That’s because the corporate sector now heavily relies on electronic channels for communication and data management. It is not that difficult to understand that board members manage and share very confidential corporate documents, and they need something they can trust.
Fortunately, boardroom software has reduced the cybersecurity risks to a great extent. Virtual boardroom document software is not something new in the corporate sector, but businesses were able to realize its true potential during the mandatory Covid-19 lockdowns. Now, a virtual boardroom has rapidly become an important asset for boards of directors.
So, what is this board of directors portal, and how can it boost your company’s board’s productivity? Let’s find out.
What is a Board of Directors Portal?
A board of directors portal is an online board meeting software that helps board members keep their communication, data sharing, and board meetings safe from cybersecurity threats.
Board room software is essentially a cloud data storage platform where your company board, investors, stakeholders, and other important company officials can store, access, and share board documents. As boardrooms are cloud-based solutions, you can access them from any remote location.
Moreover, boardroom software is a super safe platform for board communications. Boardroom users can choose from multiple communication tools to communicate with their fellow board members. Boardrooms have dedicated tools for end-to-end encrypted personal chats, group communications, and online meetings (audio and video).
If you’re willing to learn more about board portals, BoardRoomMind is a resourceful platform to learn amazing facts about virtual boardroom software.
How to Boost Your Board’s Productivity with Boardroom Software?
Automated Board Document Management
Employing board management software helps you minimize the effects of one of the biggest issues of your company board — document management. Paper documents don’t cut it anymore because of geographically dispersed company directors. A decade ago, companies used courier services to share highly confidential documents with their directors and board members. The process could easily take a few days.
Times have changed and so have the document management methods. Virtual boardrooms allow you to store, categorize, and manage hundreds and thousands of files easily. You can create as many folders as you want, tag files with keywords, and add files in all globally recognized formats.
It is more than easy to find a file or document in your virtual boardroom software. That’s because a boardroom gives you multiple options to find a file in a matter of seconds. You can enter a simple keyword in the search bar or use the full-text search feature (search a document through a phrase, text, or sentence from the file). Searching through index numbers is another quick way to locate a file in the boardroom software.
These features make sure your most important company officials don’t have to waste their time searching documents and using it on more productive tasks.
Minimized Cybersecurity Issues
Cybersecurity remains to be a headache for the corporate sector. Hackers and data thieves now use the latest technologies, and traditional digital communication routes (e.g., emails) are not safe anymore.
The Board of directors portal is a highly-secure solution hosted by certified service providers. A certified boardroom vendor is one that complies with the basic cybersecurity standards such as SOC2, FINRA, ISO27081, etc. Make no mistake about these compliances, as these are not easy-to-meet data security protocols.
What else makes virtual boardrooms safe? There are so many latest security features easily readily available in boardrooms.
Starting with the basics, board portals are protected by a two-factor authorization feature that halts unidentified or unauthorized users at the gate. Any document you upload on your boardroom software is automatically backed up in different servers hosted by your service provider; you don’t have to worry about accidental data loss.
In addition to that, as a boardroom administrator you can:
- Restrict the access of any user in your boardroom software
- Revoke document access from any user, anytime
- Disconnect and purge any user device connected to your board portal
- Restrict any user from editing, downloading, saving, or printing any document
Streamlined Board Meetings
Board meetings are a crucial part of corporate governance, but ineffective meeting management only wastes time. Having a high-end, feature-rich board portal on your side can simplify every single process in your board meetings.
For instance, starting with creating a board meeting agenda, the person responsible for creating the agenda (usually the board secretary) can use templates offered by boardroom vendors. Expected meeting participants can get invites and meeting agendas within the boardroom. Also, members can record their suggestions for the agenda in real-time.
During the meeting, the chairperson can assign the roles to the meeting participants and track their activities. Many boardrooms allow you to add 50-100 users in audio or video conferencing. Any meeting participant can present their content or ideas through the presenter mode feature.
Should a need for voting arises, board members can cast votes digitally. Votes can be cast anonymously to avoid board politics. Participants can also access documents during the meeting and guide other members to the concerned segments of the files.
Lastly, meeting minutes can be prepared digitally, signed by the presiding member, and shared with all participants. Task manager allows you to track the progress on tasks assigned to the board members.
Using board management software for your board of directors gives them the freedom to communicate, share documents, and hold board meetings without worrying about cybersecurity issues. Easy and quick access to board documents, streamlined board meetings, and real-time communication saves time and boosts productivity.