One of the biggest challenges faced by the board administrators is efficient board document management. Board members regularly deal with loads of highly sensitive business data, which can be very overwhelming without a proper document management system.
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In fact, document management is not the only challenge for board administrators. It is data security that poses bigger threats. Board members have access to the company’s confidential information such as patents, formulae, trademarks, financial records, etc. It is essential to provide them with a secure and automated platform, such as board portal software.
Board portal software, aka the virtual boardroom, is a revolution in board document management. If you are looking to automate your document management processes, board software is exactly what you need.
What is board portal software?
Often known as the board of directors software, a virtual boardroom is a centralized online platform for the board directors and administrators where they can store and share board documents, communicate with each other, initiate board discussions, and easily collaborate in a highly secured environment.
In short, a board portal is designed for board members to fulfill the governance responsibilities smoothly and efficiently.
Among many other board portal features, such as bulk document upload, customized access, and live chatting, board document management is undoubtedly one of the most prominent.
Here are some of the top benefits of board management software.
Top 5 benefits of board portal software
1. Seamless board document management
Board document management was no less than a nightmare for the board administrators. For instance, the board secretary prepares the board meeting agenda, gets it approved by the president, distributes it to the board members, requests revisions, makes amendments, and then sends for the further approval and redistribution process.
This will be time-consuming if all of this is done through traditional channels, i.e., paper documents. However, with board portal software, this can be managed quickly.
Let’s take a simple example of preparing a board meeting agenda. The board secretary will just upload the meeting agenda on the virtual boardroom; board members will review it, ask for changes, and the secretary will get it approved by the board president in a minimum time. Most importantly, board members will get real-time updates on suggestions and recommendations on the meeting agenda.
2. Instant access to board materials
With board portal software, board members can easily access board materials from anywhere at any time.
Board members are assigned duties and responsibilities during the board meetings for which they may need constant access to board materials such as
- Audits reports
- Orientation manuals
- Policy manuals
- Strategic plans
- Past meeting minutes, etc.
If the board is following traditional documentation models, the board member will have two options:
- Visit the company premises and get the required document.
- Request the documents to be delivered through the mail.
- Get the documents delivered through insecure channels like email
Solution? Board portal software that allows the board members to log in from anywhere and fetch the file they need (depending on their access level).
3. Better board members collaboration
Board portals are not just online data repositories where board members upload or store documents. It is a complete virtual room where board members can do anything such as:
- One-to-one live chatting
- Group discussions
- Data sharing
- Document modification or alteration
- Hold emergency meetings
Board portal software maximizes the engagement between board members. They do not have to wait for board meetings to discuss important issues as the board portal allows them to engage regularly without worrying about security breaches.
4. Smoother and effective online board meetings
Virtual boardrooms are an excellent alternative for physical board meetings, and this is what makes board portals highly demanded platforms in the business sector. Board meetings, especially the AGMs (Annual General Meeting), are one of the most important events for the organization board.
Board members discuss important business affairs, make or revise future strategic plans, review the organization’s past performance, and the list goes on.
The challenge which board administrators often face is finding a suitable date for the AGMs. That is because the board directors may be operating from different cities or states, and their schedules might clash.
Board portal software can simply erase all these hurdles. Virtual boardrooms have all the necessary features to conduct board meetings.
For instance, the board meeting agenda can be prepared, approved, and distributed through the board portal.
Similarly, the video conferencing option allows the board members to communicate visually. Board members can cast votes anonymously on motions initiated during the board meetings. Secretary can easily make board meeting minutes, get them approved, and distribute them to all members in no time.
Virtual boardrooms are cost-effective in many ways. For example, they help the boards in reducing;
- Paper costs
- Printing and binding costs
- Document shipment charges
- Meeting costs
- Board members’ transportation costs
Using a board portal means the administration can avoid paper costs. All the board documents, including strategic plans, policy manuals, meeting minutes, agendas, etc., can be created, uploaded, and shared in PDF form.
Obviously, when the board goes paperless, they can surely avoid printing and distribution costs. All the documents are distributed online, and board members can also access any document at any time.
Lastly, virtual boardrooms can help organizations avoid meeting expenses. Businesses don’t have to fly their board members, thus avoiding traveling costs.
Board management software has simply revolutionized the board document management system. Board portals provide a safe environment where board members can upload, share, edit, modify, or access board material without any risks of data theft.