Table of Contents
The digitization of business communications has given a way to new possibilities making it possible for organizations to automate much of their work. This explains why boards are now looking for digital platforms that can further enhance business management practices by providing access to tons of communication and collaboration features. The tool that most businesses use in their activities is board portal software.
The market for Virtual boardrooms is booming and will soon be over $10,000 million in revenue. Let’s check out the board management program and how you can use it to help your business.
What is Board Governance Software?
Board governance software is a platform aimed at dealing with corporate board governance and management, from scheduling meetings to sharing documents and minutes. Board governance software is designed to streamline processes, avoid omissions and ensure compliance with best practices.
Board Portal Users
Board portals are created for boards of directors, committees and executive management teams and are trusted by corporate secretaries, administrators, IT and information security professionals.
Advantages of the Board Management Service
Better Teamwork
Board management software operates as a vertical platform that allows you to create a user consolidation. While this consolidation gives a shared view of each user’s current challenges, its unique virtual character enables the user to work together even when users are based in multiple sites.
Facilitated Governance
The decision helps customers stay organized while keeping records up to date, minutes of each online board meeting, and storing essential contacts and paperwork.
Shorter Turnaround Period
The service helps eliminate the time spent on emailing, printing or sending board packets (which are collections of documents needed during board meetings) and searching for important documents and contracts on one-off requests.
Using the Board Portal
What features of the board portal are important to consider?
The board portal software automates tasks at various stages of the board meeting lifecycle. To save time, simplify collaboration, and manage sensitive information, check out these board meeting portal features:
Meeting Manager
Schedule meetings with the ability to link calendars, add details, attach documents, track attendance and initiate remote meetings.
Digital Agenda
Create, distribute and archive meeting agendas with the ability to use templates or create new agendas from scratch.
Meeting Minutes
Manage the creation, distribution, approval and storage of minutes created from digital agendas.
BONUS! Curious about how to write meeting minutes? Read our article on board below and download a free template.
Board Security
Hackers are always ready to hack into electronic security and gain access to important data files. Some questions to ask include:
- Does the paperless meeting solution meet security standards?
- Is it accessible via cell phone?
- If so, what happens if the device is stolen or lost?
- Does the Board portal offer advanced security measures such as end-to-end encryption and multi-factor authentication?
Security is one of the most important considerations when choosing software for board portals. Cybercriminals and threats are becoming increasingly sophisticated and malicious. As a result, cyberattacks are not only costly, but can also negatively impact brand perception and stakeholder loyalty. Because board portal software often stores sensitive information, it is important that the board portal be built with multiple layers of security, including application security, infrastructure security, process security, physical security and personnel security. In addition, service providers should obtain industry standard SOC 2 and ISO 27001 certifications for their board portal software to demonstrate the security controls in place to help protect the confidentiality and integrity of board documents.
The Price of Board Management Software
Most of the products on that market are charged per user per month, and they can be categorized into 3 price tiers according to price entry.
The prices for the most basic schedules are aggregated in the list below. A higher priced or premium plan may include extra functions such as chat or document processing options, as well as the ability to edit documents and manage an individual’s account.
Tips on Board Technology
Based on the needs, size, and responsibilities of your board, it’s important to make sure you choose the right technology. All technology is not created equal, and what some technology vendors focus on, others may not. As a baseline, you should look for specific characteristics to make sure the technology has everything your board needs to prepare for board meetings and do action items between meetings. This can range from secure communication technology to specific solutions for board evaluation, d&o questionnaires, and organizational management. As a board administrator, choosing the right technology can be difficult, but the rewards far outweigh the effort of finding the right solution.
Conclusion
Among the many services available on the vendor market, Convene is the most practical and versatile software solution.
You can use different platforms and have features that can easily be used by board secretaries and directors. Virtual board software also has a smooth navigation system that helps create a robust process and cultivate good governance, making boards more effective in the long run.
https://advego.com/antiplagiat/fnVo8kgs/
Photo by Austin Distel on Unsplash