Online collaboration channels are one of the major outcomes of changing work practices in the global corporate sector. Businesses are switching to digital technologies like board portal software to manage their leadership efficiently. Corporate leaders, such as boards of directors, managers, CFOs, and CEOs, find it convenient to engage through digital channels rather than following traditional routes.
Board management software provides board members a central, online place where they can virtually unite to perform their duties. Does this technology sound new and helpful to you? If yes, follow this guide to read more about virtual board software.
What is a virtual boardroom?
A virtual boardroom or board of directors portal is a digital cloud-based platform designed to ensure smooth virtual collaboration between senior company leadership such as directors, chairpersons, CFOs, CEOs, board secretaries, senior managers, and other important officials.
The board portal mainly acts as a:
- Data repository where boardroom users can upload, share, and access board materials.
- Online board meeting solution that can automate board meetings from start to end.
- Communication platform for boards, investors, stakeholders, and other concerned parties.
Who uses board portal software?
Boardroom software is not specifically limited to the board of directors or other board members such as board secretaries and presidents. Managers, association heads, and other top-level professionals also used virtual boardrooms. The board software is very common in nonprofit organizations, enterprises, private and public companies, labor unions, clubs, associations, and even in SMBs.
You can read more about boardrooms and their use cases on boardsoftware.net.
How does virtual board software help businesses?
Boardrooms streamline the data sharing and communication process between the boardroom users. Here are some primary benefits of the virtual board software.
1. Centralized data storage
Company board members need different types of documents to perform their duties. These documents may include yearly audit reports, financial statements, investments made, loans taken, tax records, etc.
As these documents are usually maintained by tax and financial departments, board members find it difficult to have easy access to these documents. Apart from that, other board materials are usually shared by couriers or insecure channels like email or Dropbox.
Virtual board portal software is a centralized, cloud-based tool that can be used to store all board-related documents in a single, easily accessible place. Boardroom software allows you to categorize documents in your preferred manner, and you can store documents, images, presentations, podcasts, zipped files, audio, and videos. In a nutshell, board software makes board document management easier. If you are really interested in this technology, you can find more information about boardportal at the site we mentioned above.
2. Streamlined board meetings
With board software, it is super convenient to manage an online board meeting from the initial phases till the end. That’s because board portals have all the required tools for all meeting stages.
Here is how a board meeting can be managed through board management software.
- The board secretary can invite all meeting participants via board software. Invitations can be sent through email or personal messages.
- The meeting agenda can be prepared either by using boardroom templates or creating new ones. The agenda can be shared with all expected participants; they can also record their suggestions to revise the meeting agenda.
- Using a virtual boardroom, board members can easily create digital board books.
- All the changes in meeting agendas or meeting schedules can be notified to all members immediately.
- Board members can conduct their meetings via audio and video conferencing tools.
- The boardroom allows board members to access board materials and keep their audio and video conferencing screens on.
- The meeting notes-taking process can be automated.
- Board members can create polls and cast votes in the boardroom
- Tasks can be assigned to participants through the task manager.
- The board secretary or any board member can prepare meeting minutes, get them signed by the chairing person, and distribute them to all members.
- Important meeting documents can be archived for future use.
- Management can keep track of tasks assigned to all members.
3. Accountability and transparency
The level of transparency board portals bring in collaboration makes virtual boardrooms a highly desired business solution. Virtual boardrooms have an audit log feature that generates detailed audit reports on boardroom activities. These reports consist of all little to significant details about every boardroom activity.
Audit reports help management track the performance of any board member. Constant monitoring alerts the board members and instills a sense of accountability.
Last but not least, a virtual boardroom is a highly-cost effective solution in multiple ways. As a virtual boardroom is a paperless meeting solution, it helps you reduce paper, printing, and courier expenses to a great extent. Second, you can arrange online board meetings to avoid hefty expenses incurred during physical board meetings.
A virtual board portal is a paperless meeting solution developed to facilitate board communication. It is highly effective for online board meetings, board document management, and virtual board communications. Most importantly, board management software is highly safe, easy to use, and cost-effective.