Board portal software is becoming increasingly popular in various business sectors around the globe. That’s because companies and organizations have started relying on virtual boardroom software to make corporate governance more efficient and productive. But how does board portal software work, or how does it help businesses achieve efficiency?
In this guide, we will discuss the following:
- What is board portal software?
- Why should companies use virtual board software?
- Who can use board software?
What is board portal software?
Board portal or board management software is a secure, online paperless meeting solution and document repository for board members, investors, stakeholders, and other senior employees.
From the definition above, it is easy to understand that virtual board software solves two major challenges faced by corporate leadership:
- Online board meeting management
- Centralized board document management
Board software comes with all important tools for better and more planned board meetings. These tools include meeting minutes and agenda builder, voting tools, live polls, presenter mode, and HD audio and video tools for webinars and conferencing.
Similarly, leadership can use board software as their centralized document repository. Board members can use it to store, create, upload, share, edit, annotate, archive, distribute, and view documents. Many board portals come with built-in document editors, viewers, and file convertors (which convert text documents into PDFs for easy viewing).
However, be noted that you can only enjoy the actual benefits of this technology by choosing the right board software. Every service provider in the market is not equally reliable. Therefore, do your own thorough research, talk to different vendors, get your queries answered, and read board portal software reviews from experts on trusted websites like G2, Capterra, Software Advice, etc.
Why should businesses use board portal software?
It is now obvious that board software streamlines document management and online board meetings. How does it help in achieving efficiency in corporate governance? Below we’ll see how board portals’ different elements of user interface and design benefit organizations.
1. Keeps board data in one place
A centralized document repository can solve multiple issues for the board members. That said, they will know where to look for a specific document. Second, they can create a shareable document in the board software and make it available to others.
Apart from that, it is easy to obtain updated versions of a document. All the updates, annotations, edits, and comments are readily available to every board member.
2. Saves time and boosts productivity
Board software minimizes time wastage in board activities. Board members can find any document in a matter of seconds, even if they don’t know the file title — thanks to full-text search. They can upload a document in the portal (which will notify all users) rather than sharing it one by one.
Also, there is no need to resend edited copies of the documents because you can send live document links. Any change in the document is immediately updated in all copies.
Similarly, it is easy to delete a file sent by mistake, or you can also revoke document access whenever needed. Board software eliminates duplication and unnecessary work, giving board members more time for important tasks.
3. Reduces costs
Where board portals are effective in terms of services, they are equally efficient in terms of finances. They minimize one of the biggest administrative expenses — paper and printing costs. The cost of preparing board books (multiple copies), meeting agendas, minutes, notes, and other documents can be immense.
Second, board portals are a great alternative to physical board meetings. That means businesses can save on meeting expenses that also include hefty traveling costs.
Who can use virtual boardroom software?
Board portals are beneficial in almost every type of organization (commercial, nonprofit, unions, clubs, associations, etc.). The word “board” doesn’t mean that this software is limited to board members alone.
Other than directors, CEOs, executive committees, and secretaries, board software helps investors, shareholders, union leaders, report writers, etc.
Here is how board software helps people in organizations.
Report writers use board management software to eliminate the need to send back-and-forth emails. They can keep the email inbox unclogged and share sensitive reports with other members of the organizations through board portals. Most importantly, the data will be kept and shared in a highly controlled and secure environment.
Union or association leaders
Unions and associations use boardroom software as a central meeting point. They can easily arrange their meetings, start random discussions, upload, share and archive important documents, and integrate other business solutions with their board software.
Investors, shareholders, and stakeholders
Investors and major shareholders also use board management software to stay connected with each other and the corporate boards. They can easily access the latest reports, financial statements, and other important documents. Depending on their agreement with the company, they can even participate in board meetings through board software.
Due to its user-centric multi-functional interface and convenient design, board portal software is suitable not only for company directors, secretaries, CEOs, chairpersons, or other C-level professionals. Board portals are similarly suitable for investors, shareholders, report writers, executive committee members, governors, association leaders, and many other managerial-level employees.