The board of directors guides the company's strategy and financial performance. They have various responsibilities and duties to accomplish effectively with a perfect tool. Integrating technology has importance in improving boardroom operations. Board software has emerged as a game-changer, transforming how boards of directors manage their responsibilities and steer the company's success.
What is a board portal?
A board portal is a digital platform used for facilitating corporate governance processes. Board portals offer features that save time, improve efficiencies, and enhance the effectiveness of meetings, collaboration, and decision-making for boards, committees, and executive leadership teams. These features often include meeting management, meeting minutes software, digital agendas, approvals, voting, signatures, annotations, document storage, email, and surveys.
Board portal software transforms boardroom workflows by digitizing traditional paper-based corporate governance processes. Board meeting software is made to support every activity and decision that boards participate in during the meeting cycle.
The main advantages of board portals
Board portal software is designed to support boards, committees, and executive leadership teams, helping them work together more efficiently and offering the following advantages:
- Enhanced security. Companies that invest in board portal software protect their sensitive data from cybersecurity attacks. With advanced security features, such as full data encryption and granular security controls, portal administrators can restrict access to sensitive information based on custom permissions or specified user roles.
- Increased efficiency. With board management software board members make better use of their time. The platform allows messaging, task tracking, file sharing, access to historical documents, and personal dashboards seamlessly available in one central location.
- Enhanced corporate governance. A board portal platform allows for better-managed and productive meetings, aiding and supporting the Board of Directors in their decision-making process. Board portals enable them to focus on the essential matters at hand: strategic planning and implementation, and creative, collaborative thought leadership — all of which impact organizational success and performance.
- Better compliance. The board portal ensures every process is properly defined and managed. This allows internal audits to be conducted with greater ease and efficiency. Gaps in compliance can be immediately identified and fixed. Since companies face significant financial penalties and legal exposure for the non-compliance of requirements stipulated by various regulatory agencies, a board portal makes for a wise investment even if only to reduce the risk of this liability.
- Resource savings. Paperless board software guarantees financial and operational savings. The elimination of paper coupled with a reduction in logistical expenses results in lowered expenses. The amount of time company secretaries and administrative employees require for these activities could be better spent on tasks that generate greater organizational impact.
- Convenience. Board members have the flexibility to access information using the board portal platform. By allowing Boards to access up-to-date, real-time material that's relevant to them, they are equipped to efficiently prepare for meetings, manage tasks, and collaborate with fellow Directors.
Choosing the best board portal software
When choosing a board portal, boards, committees, and leadership teams need to assess their specific needs, current processes, and potential areas for improvement. There is a list of factors to consider before choosing the right board of directors software:
Security. To reduce risk, board portal software should be built on a robust security framework and hosted in hardened data centers. Look for a board portal that has end-to-end security features and processes, such as customizable end-user permission settings, unique per-customer encryption keys, two-factor authentication capabilities, third-party conducted penetration tests of the software, managed and industry-certified data centers, and security audits, such as a SOC2.
Functionalities. Leveraging board portal features and functionalities helps streamline corporate governance practices, as well as collaboration and decision-making for boards, committees, and executive leadership teams. Various board portal features and functionalities may optimize your company's current workflows.
Customization. Board portal software should offer a level of flexibility and customization. A user can customize the board portal interface with the organization's logo and color scheme. Additionally, look for a board portal that has customizable permission settings for user access to documents, folders, and group spaces.
Adaptability. A board portal provider's onboarding team can help configure software settings to your preferences, add users, create board and committee group spaces, apply custom branding, and provide ongoing education and training. Also, consider localization and language requirements that the board portal provider's onboarding team may have to integrate.
Reputation. Consider whether a provider's team has expertise in corporate governance by evaluating its resources and solutions apart from board portal software. Consider the team's years of corporate governance experience.
Conclusion
Board portals are highly beneficial for corporate governance processes. The software is made to support directors and administrators for better governance and improve their workflows and productivity at the same time. Look for the perfect software that offers a comprehensive suite of features that empower boards to enhance collaboration and drive financial growth.