Business meetings of all sizes have gone virtual since the outbreak of the pandemic. What is more impressive is that several organizations find virtual board meetings to be more productive than physically held meetings.
Today's fast-paced technology has revolutionized the way businesses conduct virtual board meetings, offering a wide range of software and tools such as board portal software that streamlines communication channels. Also, virtual board meetings enhance corporate governance and make collaboration easy through inclusive bolder conversations, short agendas, and crisper presentations.
Read on to learn why virtual board meetings are here to stay and how board management software can help businesses keep up with the pace of today's ever-changing digital world.
The virtual boardroom is a cloud-based board of directors software that enables users to access, collect, share, and store sensitive information in complete security. It's a digital solution that allows board administrators and executives to conduct virtual board meetings on a secured platform.
You can think of a board portal as a gateway to all board meeting management features provided by the solution.
What are the key features offered by board software?
Board management software not only removes the need for managing grueling tasks such as sending emails, a physical compilation of annotations, printing files, etc. but helps companies uphold good corporate governance.
Here's a list of some of the key features that come with the board portal software:
● Zoom integration
● Annotation tools
● Secure messenger
● News and announcements bar
● Engagement analytics
● Minutes builder
● Voting/polling tools
● Q&A tool
● Book builder
● Task management
● Device agnostic
● Survey tool
Streamlining corporate governance with board software
Corporate governance refers to a combination of laws, rules, and processes by which businesses are regulated and operated. Good governance is the backbone of any business. Here's a list of the top 5 pillars of good governance:
● Efficiency
● Security
● Transparency
● Accountability
● Compliance
Board management software has turned out to be a corporate governance solution, enabling the board of directors to uphold the pillars. Let's jump in!
Business entities and their boards are responsible for making sure that all the aspects of the organizations are operating at an optimal level. The responsibility stems from the fact that organizations are accountable to their shareholders and investors.
How can a board portal help?
Businesses around the globe can get tremendous efficiency gains using board portal software. Old-school businesses' workflows had to rely on physical board packs and paper documentation. However, in today's fast-paced digital world, the digitization of documents has made business collaboration smoother than ever.
Hence, using a board portal implies:
● Board members have access to essential board material regardless of location.
● Virtual board meetings reduce commute/travel costs.
● Minimizes the chances of data leakage as there is no need to send papers via courier etc.
● Virtual board meetings are more flexible.
The amount of data companies store and manage is unprecedented. It is the company's responsibility to protect sensitive information, especially when there is an escalation in the number of data breaches. Did you know that the average cost of a data breach is $4.24 million in 2021?
How can a board portal help?
Board solutions have built-in security features that distinguish them from other virtual platforms. The solution allows you to restrict access to confidential documents - adding more layers of security.
What's more, a dedicated virtual boardroom offers strict security measures such as biometric authentication, end-to-end encryption, granular permission, remote wipe in case any member's device is stolen or lost, etc.
Fraudulent and corporate scandals have substantially contributed to a lack of transparency in governance. Corporate entities are taking different initiatives such as imposing fines, monitoring by agencies, and creating a code of conduct to avoid such events in the future.
However, the process isn't as simple as it sounds, and that's what the board portal does for the companies.
How can board management software help?
As the portal functions like a centralized online repository, both internal and external auditors have access to the information that they need. Essential financial reports, pertinent records, and other files are available in a single platform that can be found in mere clicks. Also, companies can retrieve documents using the feature of search.
What's more, with the board portal, companies can archive approved meeting minutes that can be used for referencing board discussions and resolutions, making it easier for the board of directors to evaluate whether the processes and decisions have been proper or not.
Generally, accountability refers to fulfilling the responsibility of specified persons in order to achieve the goals of the company. It's more about ensuring people are held responsible for their assigned projects.
How can board of directors software help?
The software supports board-related tasks. It is an online hub to organize, share, store, access, and manage board materials. When the board material is shared on the platform, they are version-controlled. That's because they help in tracking any changes made in the documents.
What's more, the portal features a task-tracking tool. Moreover,tasks can be assigned to any team member, providing high executives with an overview of people responsible for completing the assigned tasks.
It means adhering to checks and balances to minimize risks and chances of corruption. Companies complying with legislation, internal and external standards, and industry regulation ensure that all (system, transactions, and processes) are fair.
How can board portal software help?
Although the solution will not make the company's board compliant per se, it helps in simplifying audits required to verify compliance. The board portal creates data reports for shareholders, auditors, regulators, etc. Also, the engagement analytic tool will help the organization in identifying gaps that, in turn, mitigate the risk.
Virtual board meetings are only as good as the digital tool used to plan and conduct them. Thus, you should consider investing in board portal software that offers a complete suite and caters to the needs of the governance board of your company.
