What does it take to conduct a “killer” board meeting? There is no denying the fact that for effective and productive board sessions, board members need to be more organized, engage more collaboratively, and be all prepped.
Digital tech solutions consistently bring us several innovative tech tools that offer extended functionality. Board management software comes in very handy, especially when it comes to optimizing your board’s effectiveness.
It is 2022, and we all are familiar with virtual boardrooms; if not, then I can bet my bottom dollar that you might have heard the name of board portals, right?
Let’s jump in and find out what a good boardroom software should have to help your business.
What is a board portal?
Strong corporate governance is what makes the foundation of the businesses, no matter the size, as it’s what helps them drive smart objectives and set clear accountabilities.
With board management software, you will achieve beyond this, intrigued? Yes, a board portal is a centralized secured online hub specifically designed for board members to organize and manage virtual board meetings, access board documents, and perform governance responsibilities.
Top 3 benefits of using virtual boardroom: Going digital
Not sure if it’s the right move for your business? It’s imperative to look into the benefits offered by the board portal solutions.
Here’s how board portal software can take your business to a whole new level.
Every time you are dealing with tech, there is an inherent security threat. Sharing and emailing essential board materials using free online file-sharing platforms poses real security threats.
Not to forget, complicated file-sharing platforms with enhanced security might be a nuisance for the board to use.
Dedicated board portal solutions come with built-in security mechanisms such as SSL (secure socket layers) protection, password policies, end-to-end encryption to protect sensitive data, etc.
Plus, robust security features give the board full control over who can access the portal and what board materials they can view.
Paper-based board packs are heavy to lug around. Also, it costs a lot to make board packs for all members. Do you want to reduce carbon print and go all paperless?
That’s where boardroom software comes into play as it allows the board to store board documents online.
In addition to providing quick access to board files, board portals have built-in features that can make the board more productive and efficient.
For example, using board management software, the board can add bookmarks, annotations, and even highlight important board material before, during, and after board meetings. This, in turn, helps the board to be more productive during the meeting and make more informed decisions.
With that, better governance, seamless and hitch-free communication, and quicker meeting preparation are the benefits offered by the digital tool.
How to choose the right boardroom software?
Before investing your hard-earned money, you need to assess the needs of your board. When narrowing down the best possible board portal solution for your organization, make sure it comes equipped with all tools that the board will be needing for seamless collaboration and better governance.
Here’s a list of some of the must-haves that a good board portal should have:
Secure document management
The board handles a bulk of data files on a daily basis that has something to do with the strategic direction, meaning board files need to be protected from unauthorized users.
It’s imperative to invest in a virtual boardroom that comes with a secure document center that hosts all data files.
The board management software should:
- Offer electronic signing capabilities. A good board portal comes with e-signature features that remove the hassle of traditional paper signatures. With this, you can easily upload the files and request signatures — speeding up the document signing process.
- Prioritize security. Always pick the solution that best addresses your security concerns. A dedicated boardroom software offers extra security features such as watermarks and the ability to impose restrictions on certain board files, therefore keeping board documents safe.
- Use an easy file-sharing platform. Make sure the platform is easy to use as not every board member is tech-savvy.
Ensure your virtual boardroom comes with meeting management tools so the board can collaborate efficiently. Here’s what the board portal should have:
- A good board management software offers a separate dashboard that displays all, including upcoming events, assigned tasks, agendas, etc.
- File uploads. The board should be able to attach board packs, so board members come prepared for the discussion.
- Automated meeting scheduling and notifications. Using the board portal, you can eliminate the hassle of checking everyone’s availability.
Robust search tools
Using the virtual boardroom, the board can find information using keywords, file types, date range, and groups to filter records.
- The boardroom software should be flexible and customizable to align with your company’s needs.
You should be able to customize the interface of the board portal with your business’s color scheme and logo to add an extra personal touch.
Besides that, the reputation of the board portal provider, customer support, a feature set comprising agenda builder, task manager, reporting tools, etc., are the things you need to consider when choosing the board portal solution.
As you now know, almost every aspect related to the board can be achieved using the board room software. To find an optimal solution that best fits the needs of your business, you need to make sure it has the aforementioned must-haves to get the most out of it!
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