3 Benefits of Using Board Management Software

Editor's Note: Take a look at our featured best practice, Value-Driven Boards - Frameworks, Models and Tools (53-slide PowerPoint presentation). Boards often focus their most of their time and efforts on activities related to regulatory compliance and risk oversight, which helps preserve existing shareholder value. Increasingly, however, shareholders expect CEOs and boards to spend more time on long-term value creation activities. This [read more]

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Digitization of business communication has paved new opportunities that allow organizations to automate much of their work. This explains why boards of directors are now seeking digital platforms that can further enable their business governance practices by providing access to tons of communication and collaboration features.

One such tool that is embraced by most businesses is board management software. The board portal market is booming and is projected to garner $ 11,685 million in revenue by 2029.

Let’s look at what board software is and how it can help your business.

What Is a Board Portal?

Board management software, or a board portal, is a neutral, highly secured, central hub that helps the board of directors to store, share, manage, and access confidential documents.

Board management software comes with features that simplify board meeting management, board document management, decision-making, and a lot more.

The platform supports innovation and strategic leadership that, in turn, comes handy when building a framework for good corporate governance.

What Are the Major Features of Board Management Software?

The digital platform offers a complete suite of essential tools that facilitate business procedures effectively. Here’s a list of some of the most prominent features that come with board software:

• Ease of sharing documents and news. Board portals allow corporations to store and exchange board materials with other team members in a productive manner. You can access these files whenever or wherever you need to without having to worry about accidental data leaks.
• Collaboration tools. Good board software features collaborative tools such as comments and Q&A to ensure timely and convenient collaboration on documents.
• Searchability of important data. Invest in a platform that comes with searchable features as it enables board members to access files concerning the particular board meeting with zero hassle.
• Easy preparation for meetings. Board management software enables board members to prepare for the meeting easily as they have access to voluminous data files. Most of the solutions have diverse features that allow the board of directors to manage data in different formats and use an impactful meeting regulation system.

Top 3 Benefits of Using Board of Directors Software

Without further ado, let’s find out how a board portal can be the answer to your business woes.

1. Security

With everything going digital, security is one of the most significant issues businesses face today. However, board management software provides a secure platform for the board to access and share board documents. A good board portal allows you to:

• Put dynamic watermarks on files
• Control access
• Monitor the log-in activities of each member

The platform also offers auditing features, allowing you to see who is accessing the files and what they are doing with them.

2. Boost in Productivity and Flexibility

Gone are the days when people looked forward to the nine-to-five working day. The board of directors and executives are often spread worldwide and want to work to their own schedule.

So, if they decide to review the board materials late at night or over the weekend, they need to make sure that they are working on an up-to-date board pack.

If the board pack was in hard copy or emailed a few days before, any alterations taking place in the meantime will not be in the board pack.

Fret not! Board management software allows the board of directors to access the latest board pack online 24/7/365 and be confident that any changes made by the board members will be instantly available.

3. Better Collaboration and Discussion

The meeting boardroom is no longer a space for board collaboration. The board portal streamlines communication by equipping board members with dedicated collaborative tools.

Everyone can access relevant board materials related to the board meeting, helping the board make an informed decision in less time.

The best thing? Board management software enables board members to access data files, meeting minutes, and audit reports at their convenience. Essentially, it allows keeping everyone on the same page as everyone gets to take advantage of the latest board materials.

What to Look for When Choosing a Board Portal?

A lot of factors go into choosing the right board management software. Here’s a mini-list that will help you choose one, or you can explore https://board-room.org/ to find the best solution that beats bottleneck, remove redundancies, and help your business grow.

Adoptability

You have to be very careful when investing in the board software because it would be a waste of money if the solution is not easy-to-use.

Always invest in a platform that is accessible on all devices, has a user-friendly interface, and offers live support at any time.

Governance and Risk

Good corporate governance is the cornerstone for all businesses. Thus, make sure you are buying a board portal that is capable of maintaining governance standards to mitigate risk. For instance, you can raise concerns regarding:

• How does the platform store and exchange documents?
• How high is the probability of accidental leaks of data?
• How much control access does a board portal offer?

Access and Security

It is the number one worry of the boards adopting a new digital solution. You cannot trust every cloud-based portal with your confidential information.

Hackers are always on the go to break electronic security and gain access to essential data files. Some questions to ask include:

• Does a virtual boardroom comply with security standards?
• Is it accessible via a mobile phone? If yes, then what happens if the device gets stolen or lost?
• Does a board portal offer advanced security measures like end-to-end encryption and multi-factor authentication?

The Takeaway

The business world is a whirlwind of fast-paced and evolving changes, and technology has made its way into the realm of governance. Competition in today’s corporate marketplace is fierce. All the time you are taking to implement board management software in your company is maybe the time your competitor needs to gain a competitive edge. It’s time to go digital!

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