As technology improves, so do business practices across every market sector. As cloud technology and digital access become an integral part of organizations all over the globe, boards can no longer rely on paper board packets before board meetings. Nowadays, boards use board portal software to conduct their business in a more efficient manner.
Board portal software is the best way to conduct virtual board meetings and board document management practices with ease and assurance. However, there are still some companies that are yet to implement intuitive board software.
Today, we’ll be covering the main advantages of this solution and examine how a board portals can make a company more productive and efficient.
Users can Access Crucial Board Information Quickly
Traditional board types are limited to printed documents and board packs. They typically receive these packs at the office and have to take them home or scour through printed data to find the right figures and insights for the relevant topic. However, board portals allow the board to have secure access to sensitive documents and board packs.
When an organization uses board software, board members, directors, and other relevant team members gain access to crucial information that helps them make decisions and deliberate effectively.
Now boards can access the following information and more with a single click:
- Previous meeting minutes
- Strategy plans
- Audit reports
- Company policy materials
As such, board members will be able to scan through previous documents and find the answers they require straight away, rather than requesting documents for the company secretary team or slowing the process by asking questions that could be easily answered with a streamlined virtual boardroom.
Board Administration Tasks Become More Efficient
Thanks to the board of directors software, the time it takes to prepare for meetings is reduced to minutes.
Traditionally, admin staff would need to print, assemble, and ship paper documents and board packs to individual board members. Now, they can upload them to the cloud in no time at all.
In addition, files will automatically convert to PDF once they are added to the system, so they can be accessed on any device.
Administrative staff can save draft meeting packs until they are ready to publish the final version, allowing time for last-minute changes that would otherwise disrupt the meeting preparation process.
Board portal software lets administrators organize meetings and committees, request votes, share files, and push board members to make virtual decisions if they are yet to do so. Also, agendas can be created once, then saved as a template for use in a future meeting.
Importantly, board software encourages board members to look at their dashboard for the latest board packet, rather than the board secretary, meaning the secretariat does not have to waste time answering questions and can focus on other important company tasks.
Engagement Among Board Members Becomes Higher
Board software is a useful tool to encourage member collaboration, even after the board meeting has ended. The best board portal platforms allow votes and promote conversations on discussion boards so committee members can voice their opinion and deliberate issues outside the pre-designated board meetings.
Rather than relying on meetings to reach decisions, board software encourages a proactive work ethic that allows administrators to meet deadlines.
Sometimes, board portals can reduce the number of board meetings; many decisions that would traditionally wait for the meeting can be made with a simple online vote.
As aforementioned, board members can access documents from anywhere and any device connected to the board portal. As such, they can reference materials when their schedule permits, whether they are online or offline. A wealth of information is literally at their fingertips at all times.
Rather than waiting for an updated policy manual or bylaw documents, board members can access materials at their own convenience.
Control to Information and Access to it is Manageable
Most board software offers administrators control over who can access specific documents. Administrators can add and remove members from the system, assign permission for document types, edit profiles, and also help if a team member forgets their passwords. Certain information will be private and only accessed by the administrators, such as financial records, payroll, contracts, etc.
Administrators can schedule meeting materials for the automatic deletion or send them to the archive. In addition, permissions can be assigned per document rather than by category, so they can share files with specific committee members.
Administrators can also alter settings to suit the company’s security requirement; including disabling printing, annotations, or emailing. In short, board portals make companies more secure and practically eliminate the risk of data leaks.
Less Time and Money are Spent on Administrative Processes
As we have already said, boards traditionally spent too much time and money on printing and organizing board packets for meetings. However, board portal software does away with both of these expenses.
Documents and information can be shared instantly, reducing any costs and speeding up many company practices.
Organizations that introduce board software into their meetings preparation usually see a considerable return on investment, just from the money saved on material and labor alone.
Also, as companies try to become greener and keep employees safe during the COVID-19 pandemic, the switch to virtual is both better for the environment and team members alike.
As you can see, there are many advantages to using board management software to organize meetings and automate other practices. Companies can streamline administrative practices, improve communication among team members, and engage with key topics. They can also reduce costs and eliminate time-consuming processes for greater efficiency.
With numerous benefits, you can see why most Fortune 500 companies and many other organizations around the world are making the transition to board portal software.