When it comes to effective business management, the role of business software is undeniable. Whether it is bookkeeping, tax management, customer relationship management, or human resource management, any modern-day business tries to streamline its workflow through business solutions.
Where companies are automating middle and lower-level workflows, they have constantly been looking to equip the top management with the latest management tools. That is the reason why the board of directors software has attained unparalleled importance in the corporate world.
Board portal software almost automates everything for organizations’ boards. From document management to fast communication, a virtual boardroom makes everything secure.
Read to discover how board management software helps in managing a company successfully.
Effective corporate management with board portals
A virtual boardroom is essentially a secure, cloud-based data repository and communication platform for top-level business officials such as CEOs, CFO, chairpersons, board of directors, board secretaries and presidents, investors, stakeholders, etc.
Data sharing, project management, team collaboration, and fast communication are among the top benefits of board rooms. Here is what board portals can do for a business.
1. Safe and centralized board document management
Do you know that ineffective board document management is one of the major reasons for ineffective board management? Just about a decade ago, most of the corporations worldwide used to follow paper documentation systems. These systems were not only expensive, but it was very challenging for the administration to provide board members full access to board materials.
Central data storage
Virtual boardrooms are centralized platforms where corporate administration can store all required board documents and other material in a single place. Centralized data storage system has two primary benefits:
- Data retrieval becomes a lot easier; any user can get required documents from one place.
- Data protection is more convenient; management doesn’t have to worry about data loss or theft.
Organized board documentation
Organizing your board material is as important as safely storing it in one place. Unorganized data creates more problems and consumes the precious time of your board members.
Virtual boardroom software gives you the luxury of organizing board material in any way you want. Generally, the documents are arranged according to their usage.
You can organize documents year by year and categorize them according to their nature. You can also rename any folder or file to improve searchability.
2. Streamline board management
Once the data is available in a centralized place, board members can easily access it from their devices. To make things more convenient, boardrooms are accessible via mobile phones and tablets. What’s more, board material stored in boardrooms is now accessible without any internet connection.
- Easy document view. Most virtual boardrooms have a built-in document viewer, which allows the members to open any document without any third-party app. In fact, iDeals boardrooms automatically convert any type of document into PDF format, making things easier for the users.
- Improved searchability. The documents uploaded in the boardroom are automatically given index numbers. Indexing improves accessibility and saves time. Boardroom members can also search documents through keywords, file names, size, or type. Full-text search is very useful in finding a document via a phrase or sentence.
- Automated board meetings. Streamlining online board meetings is another vital aspect of using virtual boardroom software. Preparing and distributing meeting agendas online to conduct all board meetings within the boardroom not only saves time, but board members can participate in board meetings from any part of the world.
Virtual boardrooms boast high-end audio and video meeting tools and the option to sign documents or contracts within the boardroom using the e-signature feature. Board meeting minutes can be prepared with ready-made and fully customizable templates in the boardroom.
3. Safer and faster data sharing and communication
Board members no longer need insecure communication channels like emails, social media, or text messages. That’s because board management software comes with multiple communication tools. Common communication modes in virtual boardrooms include instant messaging, audio and video calling, group chats, live Q&As, online polls and surveys, etc.
Similarly, boardroom users can share, edit, alter and annotate documents within the boardroom. They can create live document links and invite other users to work on shared documents.
Everything a boardroom user does or any activity performed in the boardroom is recorded. The audit logs in board portals can provide you with every single detail about all activities in the portal. Every document opened, edited, shared, or annotated, and every meeting, group conversation, Q&As, poll results, etc., are recorded in detail.
In short, virtual boardrooms have a secret hidden eye that monitors all the board members. It is obvious that when board members are observed continuously, they are forced to perform better and are held accountable for their actions. Moreover, audit logs keep everything transparent so that nobody can raise unnecessary objections.
Board management software not only eliminates the board meeting expenses but also helps companies in minimizing one of their most significant expenses — paper and printing costs. Boardrooms are paperless solutions that can help businesses save up to $400,000 per annum. This is a massive amount that can be used for more important things.
Effective management is the key to corporate success, and the senior leadership of any organization plays a vital role in organizational success. Thanks to board portal software, companies can now streamline board communication, document management, and data sharing. The best thing is that the boardroomworld is growing day by day and year by year.