The corporate culture is not the same anymore, especially when the market dynamics have drastically changed. The scarcity of resources, the costs of managing and retaining a skilled workforce, the growth of the competitive landscape, the need for process automation, and data security risks are all taking a toll on corporate leadership. As a result, organizations have realized the importance of streamlining everything from top to bottom.
Amidst all this, board management software has emerged as a game changer for corporate leadership. Virtual boardroom software can streamline almost every managerial process at senior or mid-level management.
Today’s discussion is on board portal software and how it is changing corporate governance practices. If you are also interested in this topic, go to the link https://www.idealsvdr.com/board-communications/ and see more information.
What is a virtual boardroom?
Virtual or board portal software is a controlled, highly secure paperless meeting solution and digital platform for online collaboration between boards of directors, senior company officials, managers, investors, stakeholders, and other board members.
Virtual board software mainly helps the corporate sector in streamlining communication and data sharing between higher and mid-level management. Using boardroom software, the users can easily access board materials, share or edit documents, communicate with each other and external bodies, arrange board meetings, make decisions through voting, and whatnot.
What differentiates the board portal from other online collaboration tools is its unparalleled security features. Board portal software is not an ordinary free online collaboration platform. These cloud-based solutions are hosted by certified boardroom software vendors that deploy the latest security features in the world right now.
Board portal and corporate governance
Creating a strong corporate culture is not an optional thing for large-sized corporations anymore. Gone are those days when there were only a few national or multinational organizations, even in developed countries. Globalization has provided businesses an opportunity to go beyond borders or continents. Due to the increasing market competition, even global corporate giants need to make sure their leaders are guiding them to achieve their objectives and goals.
However, geographically dispersed corporate leadership often finds it difficult to collaborate remotely. That’s mainly due to cyber security concerns and limited features in various online board meeting management tools. Virtual board software gives boards everything they need to perform their duties and ensure seamless collaboration.
Here is how a virtual board room helps in better corporate governance.
Easy access to board packs or other materials
There are still so many old-school companies that rely on courier services to dispatch board packs to all board members separately. If all the board members are from the same city, this might work, but that’s a rarity. It may take days for a board member from other states or countries to receive a paper board pack. In the modern corporate world, this practice is highly inefficient.
With board portal software, you can:
- Share board packs with all members online in a matter of minutes
- Minimize paper, printing, and distribution costs
- Immediately access any materials in the boardroom
- Get instantly updated on any changes in the board pack or other documents
- Add real-time comments to the board pack or board documents
- Revoke access to a deleted file if necessary
More streamlined board meetings
Automated board meetings are one of the biggest advantages of using virtual board software. Board software can facilitate both types of meetings — physical and online board meetings.
Here is how you can use a virtual boardroom to streamline your board meetings:
- Prepare the meeting agenda online using templates provided by the boardroom vendors, or create your own easily.
- Share the agenda with expected participants, incorporate recommendations, get it approved by the chairperson, and then reshare it with meeting members.
- Send invitations to all meeting members via the boardroom.
- Take notes (via notes builder) during the meetings and share them with absentees.
- Prepare meeting minutes, get them signed by the president or chairperson, and share them with meeting members. Archive meeting minutes for future reference as well.
Virtual board software mostly has built-in audio/video conferencing tools for online board meetings. Apart from that, board members can cast votes electronically and sign documents via the electronic signature feature in digital boardrooms.
Accountability and transparency
Every single user in your board management software is under 24/7 surveillance. In simple words, board portal software can help you track all activities in your boardroom.
You can see what your boardroom users do, how much time they spend in the boardroom, what documents they mostly use or view, all the changes made in the documents, or even log in or logout timelines. As a result, every member can be held responsible for their activities in board software.
Board portal software has just changed the concept of corporate governance. Those days are over when board communications were limited to board meetings or insecure emails. Virtual board software now makes sure that board members are safely connected 24/7.
Photo credit: The feature image has been done by Vitalik Radko.