Board Management Software: The Complete Guide

    Board management software is a revolution in corporate governance; it has not only reduced unnecessary workload but automated multiple processes of board management.

    Still, many organizations haven’t shifted their board communications on board portals, but they are willing to learn more about this highly-effective business solution.

    So, here is a complete boardsoftware’s guide explaining the following aspects:

    • What is a virtual board portal?
    • Who can use the virtual boardroom?
    • Major benefits of board management software

    What is virtual board software?

    A virtual board software or board management software is a digital business solution that facilitates smooth online communication and data sharing between board members and other members of organizational leadership.

    A virtual board portal is a cloud-based platform and a secure data repository where board management can store and manage board materials and other confidential documents. Boardrooms also allow smooth data sharing where users can exchange documents with each other.

    In addition to that, boardrooms are equipped with state-of-art communication tools commonly used in business fraternities around the world. Boardrooms simplify personal and group communications with features like instant messaging tools, group conversations, audio and video conferencing tools, polls, live Q&As, online voting, etc.

    Who can use the virtual boardroom?

    Boardrooms are popular both in private and government sectors, among organizations and professionals. Here are some of the most common users of boardrooms:

    • Associations
    • Trade unions
    • Labor associations
    • Corporations
    • Enterprises
    • Non-profit organizations
    • Executive committees
    • Board of directors
    • Equity firm
    • Government organizations

    5 major benefits of board management software

    Now that you have a rough idea of what a board portal is, here is more about its benefits for your company or organization.

    1. Centralized and remote data access

    All the board members will have quick and remote access to the board materials. As virtual boardrooms are centralized platforms, the administration can collect all the data and keep it in a single place. Board members can easily access meeting minutes, organizational policies, financial statements, governance manuals, and other vital board documents.

    Most importantly, being able to access boardrooms from your mobile phones makes it even easier to stay updated on all the activities in the boardroom. In short, virtual boardrooms make board document management easier and give 24/7 access to board materials.

    2. Faster meeting preparations

    Virtual boardrooms are a safe place to conduct online board meetings. You can use audio conferencing or video conferencing tools as per your needs. The other good thing is that boardrooms help streamline board meetings from start to end.

    For instance, boardroom management can set yearly calendars, making it easy for board members to set the schedules accordingly.

    Then, board meeting preparations start with creating a meeting agenda. Thankfully, virtual board portals provide you with customizable templates for agendas. Board secretaries can also prepare an agenda from scratch, get it approved by all meeting participants, and share it with them.

    One of the best things about online board meetings in boardrooms is that participants can access documents during the meeting without closing video tabs. Participants can use electronic voting tools in the boardrooms to reject or approve a motion.

    Similarly, preparing board meeting minutes is very simple in board portals. You can use templates or customize them, create meeting minutes, get them signed by the chairperson, and disperse the document to all meeting members.

    3. Better governance

    Board portal software eventually helps board members improve their performance and maintain high standards of effective corporate governance.

    For instance, the board chairperson can keep everything in order during the board meetings. Every member can be monitored and given enough time to speak. Members can be pre-informed about their roles in the meeting and how much time will be allotted to them; this helps them prepare better.

    Similarly, board members can use meeting minutes for future reference, collaborate with their team members, share documents in real-time and annotate them. They can share updates about the projects they are managing. Audit reports can be generated to monitor the activities of boardroom users, promoting more accountability and transparency.

    4. Robust data security

    Where technology brings ease and simplification, it comes with inherited threats such as data security. You cannot rely on free versions or data-sharing platforms to transfer or exchange highly important board documents. Also, most of these free tools are not very user intuitive, creating more problems for your board members.

    On the contrary, modern virtual boardroom software is as safe as houses. Any certified board portal is enriched with multiple security layers providing maximum protection to board materials. Virtual boardrooms have different security features for boardroom protection as well as document protection.

    Two-step verification, end-to-end encrypted chats, digital watermarking, remote purging, document access control, fence view mode, multi-location data servers, and customizable NDAs, are some worth mentioning security features in board management software.

    5. Paperless management

    Imagine your board members carrying paper board books with them; they aren’t easy to lug around. Also, they are very costly, and preparing board books for all members of the board will surely consume a lot of funds. In addition to that, how can you forget the traveling expenses of your distant board members?

    Virtual boardrooms allow you to go paperless, save money, and contribute to a greener environment.

    Final words

    Board management software is a secure online platform for board members or senior organizational leadership. They are designed to streamline board document management, communication, online board meetings, and improve corporate governance. Most importantly, they are budget-friendly and help promote a greener environment.

    Read on here to know more about board portals.

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