The term board management strikes differently to different types of organizations because the management role varies in them.
In simpler words, board management means how the management of a company or business manages its board members. It may include many things, but a management team is primarily responsible for bringing board members together and feeding them the latest and most accurate information so they can do what they are supposed to do in the best possible manner.
The best thing for board management will be to have an online meeting management tool that facilitates boards in maximum ways. Virtual boardroom software is one convenient solution that can address every single problem that board members face in fulfilling their corporate responsibility.
How exactly can a virtual boardroom facilitate the meeting management process? The answer lies in the text to follow, starting with the basics of board management software.
What is board management software?
Board management software is a cloud-based, Virtual Board Room equipped with different tools for data management, data storage, digital communication, task management, and project management.
In simple words, it is a complete board management solution that can streamline everything, including meetings, data sharing and distribution, internal and external communication, and deal management.
It is important to note that board portal software is not just limited to directors or chairpersons. Managers, CEOs, CFOs, investors, stakeholders, liaison officers, and other important business personnel regularly use this technology. Also, the software is equally useful for commercial businesses, nonprofit organizations, public institutes, clubs, associations, unions, etc.
Efficient board management with board portal software
Board management or board of directors software focuses on process automation, and this is how it does that.
Board document management
As mentioned earlier, feeding the latest and most accurate information to the board members is imperative for informed decision-making. Traditional board document management tools don’t cut it out in the ever-changing corporate world. The information shared via paper documents a few days ago may not be relevant anymore.
Virtual boardroom software helps companies maintain a centralized database for board materials. They can organize board documents according to their ease, update any document in real-time, and share the latest versions with board members immediately.
Fast access to board material
As the board of directors software is a cloud-based solution, it gives board members the luxury to access it from remote locations. All they need is a recognized electronic device such as a laptop, smartphone, or tablet and an internet connection. In fact, forgetting internet availability, many boardroom vendors give offline access to already stored data in the boardroom repository.
Easy intra-board communications
The communication between board members should be wider than in board meetings. There needs to be a platform where board members can easily communicate without fearing security concerns. Board software provides digital communication tools for end-to-end encrypted messaging.
Users can share files or messages via private inboxes or create chat rooms for group communication. Groups are a better place for brainstorming and generating ideas. Members can use that space to solve each other’s day-to-day issues.
Fast data sharing
It is hard to believe that many organizations still use paper board documents and ship them to their board members. The fast-paced corporate world demands an upgrade, and even in-house databases which you cannot access remotely are equally useless.
Board members need instant access to data and a channel that allows fast data sharing. They have to deal with their subordinates and other board members. Board portals allow them to share large volumes of data in one go, and that too at a super fast speed. The best part is that users don’t have to update every shared document. They just make changes, and that are automatically incorporated in every shared copy.
More efficient board meetings
A virtual boardroom makes meetings 100% streamlined from start to end. As documents are readily available, meeting organizers can easily prepare board books and attach them to the meeting agenda. They can use customizable agenda templates to save time and share it with all members instantly.
Apart from that, board software has tools for audio or video meetings, presentations, task management, document signing, meeting minutes preparation and distribution, and digital voting.
Benefits of a virtual boardroom
In addition to effective board management, board portal software addresses some highly important affairs. For example:
- Virtual boardroom software is particularly famous for its online security. It boasts the latest cybersecurity features like 256-bit SSL data encryption, multi-factor authorization, IP access control, document access control, remote device purging, and instant access revocation.
- Digital boardrooms take care of compliance needs for businesses. All the top board portal vendors are certified by authorities like ISO, FINRA, GDPR, FISMA, HIPAA, etc.
- Board management software is not only easily affordable but also a great alternative to paper documentation. It can reduce printing and paper-related costs in any organization.
That said, virtual boardrooms are secure, compliant, affordable, and ecological alternatives to traditional ways of managing data.
