Paperless meetings have become the most preferred option for board members and business teams throughout the world. They are undeniably convenient, cheaper, and easier to manage from anywhere. What’s more, 80% of global board directors believe that digital transformation should be led by corporate boards.

As the demand for online board management solutions rises, more and more service providers are coming forward. However, very few meeting management solutions got all bases covered. One such solution is virtual boardroom software that boasts all the necessary features for board meetings, documents, and communication management.

Here is a detailed guide on board portal software, and it is beneficial for your business.

What is board portal software?

Board portal or virtual board software is an online meeting management and document handling platform designed specifically for board directors, executives, CEOs, board secretaries, investors, stakeholders, and other decision-making personnel.

Board software, unlike many other meeting management platforms, provides everything in one place. That said, using a board portal, you can:

• Share, edit, view, exchange, store, and protect board documents,
• Schedule, arrange, and track board meetings
• Communicate with investors and third parties
• Manage third-party business transactions or facilitate financial deals

The best part is that virtual boardrooms are equally effective for commercial, governmental, and nonprofit organizations.

Following are the top benefits of using board management software for your business.

Easy access to board-related data

As board software is a paperless meeting solution, directors and other board members can now easily access board documents from anywhere, anytime. They just need their devices and an internet connection to access board material fully.

Modern-day virtual boardroom vendors allow access through mobile applications, making board data only a click away from the members. What’s more, some vendors even allow offline access to documents stored in the portal’s repository. You can also visit the board-room.org to read more about board portal technology.

Improved decision making

Great decision-making heavily relies on updated information. As corporate boards have to make tough decisions, and that too on a regular basis, the board portal gives them access to the latest data. Thanks to the board software’s data management feature, any document can be updated in real time, and the platform notifies the concerned users.

Be it board meeting minutes, past meeting agendas, financial statements, policy manuals, or periodic reports, everything is readily available in boardroom software.

Increased data protection

Apart from easy access to board materials and contribution to improved decision-making, board portal software is a fortified castle that is almost impossible to breach.

Board software vendors are certified service providers that comply with data management and security standards set by regional and international organizations like ISO, SOC, GDPR, FINRA, FISMA, HIPAA, etc.

A standard, certified board portal solution protects your confidential information through different protective layers. You can control the access of the board members and other users. Features like two-step verification, remote shred, document access control, 256-bit data encryption, digital watermarks, fence view, granular access, and IP address restrictions make board software highly secure.

More efficient board management

Managing board tasks with board portals is faster than ever. Be it a planned or emergency online board meeting, the preparations can take place in a few minutes, which is impossible to achieve with traditional channels.

Any board member can quickly prepare the meeting agenda and instantly distribute it amongst the expected participants. Meeting participants can make their preparations with easy access to board material, participate in video/audio meetings through their mobile apps, cast votes, raise concerns, conduct surveys, sign documents, and whatnot.

The meeting organizer can prepare meeting minutes and share them on the board portal, where everyone can access them.

Transparency and controlled user activity

Board portals can tell you who is doing what, when, where, and how. Thanks to the boardroom activity monitoring tools, every single activity in the boardroom is recorded. It keeps track of all files opened, changes made, documents shared, and who did what and for how long.

The software allows tracking all users; thus, the administration can take timely action in case someone is involved in prohibited activities. The feature invokes maximum participation from board members and ensures maximum transparency, which boosts trust amongst board members, investors, and stakeholders.

Preservation of resources

It is impossible to ascertain the true financial value of board software. For example, board software keeps data safe from leaks or breaches, thus saving the company from lawsuits and penalties. It simplifies multiple board management processes, saving a lot of time for board members—time is money.

Also, board management software minimizes the expenses incurred on paper, printing, compilation, and distribution of board documents. Not to mention, the software is a great alternative to expensive physical board meetings.

Conclusive thoughts

A virtual boardroom is multi-function board management software that provides solutions for board document management, virtual communication, meeting management, and deal management. The software is completely secure, cost-effective, and can be accessed remotely anytime. Notable board software vendors include Azues, iDeals, Nasdaq, Govenda, and BoardPro.