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Why Is Boardroom Software Fundamental for Governance?

Mar 25, 2022

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Board Portal Features for Sound Governance


Is board room software so crucial for business management? We dare say yes because ruling a company - no matter which type of business it is - requires the ability to foresee all possibilities and risks and thus build a comprehensive strategy for the company’s development. Ruling it in our digital times poses extra challenges but also gives powerful tools to fortify any strategy.

An example of such a tool is virtual boardroom software. Company leaders can use it as a foundation for further shaping any profit-bringing or nonprofit strategic plan. How does it work? Which features of the software are indispensable for any c-suite? Let’s unscramble the whole matter in the following blog.

What is Board Portal Software?


One can understand board portal software as a multifunctional platform elaborated for full-scale corporate governance. This software helps with arranging the daily routines of the company management. However, this is not all. This complex of tools is the exact means any director needs to execute their long-term plans.

Why Include Boardrooms in Your Governance Plan?


There are numerous brands of electronic boardroom soft. You may have heard about such vendors as Diligent Boards, Azeus Convene, iBabs, and others. These and other providers offer different environments with different instruments and applications. However, all of them have similar general characteristics that make them perfect tools for business operation. These characteristics include:

Safeguards


Vendors of the board of directors software put one of their major priorities on security for a good reason. This point is essential for any corporate governance strategy since it has always been a question of data protection. Now, the problem has widened due to modern cyber risks. The software under review represents a highly secure means of storing and transferring data, able to minimize security risks.

Functionality


What does your organization need for adequate corporate governance? Whether you need to hold private directors’ meetings, share sensitive documentation, find a solution for its secure storage, or safely communicate with non-members - you can always find the exact board portal with all the necessary tools to implement any of these tasks.

Customizability


While electronic boardrooms can comprise multiple focused instruments, you do not have to purchase them all. Instead, you can initially define which of them are necessary and which are excessive. One of the main features of the software is its high adaptability. That is, the software is ready to be used in precise situations and will cope with actual tasks.

Ease of Use


Any company leader won’t need to spend days integrating board meeting software into their management model. The software is easy to master and manage. It will be accessible for all board members regardless of their location and the device they use to access the electronic boardroom.

Reputation


How can electronic software impact your company’s reputation, its main value? In fact, board portal tools are essential means for ensuring the protection of your business reputation. These are mainly security instruments, however, the mere idea of implementing a boardroom may cause a positive effect on the company’s image and stability.

Governance


You do not have to purchase a boardroom because it’s a trendy environment. You have to purchase a boardroom because it will serve as a key component in your corporate governance strategy. The soft’s main purpose is to make this strategy more effective.

What Can a Virtual Boardroom Do?


All the above are important features of virtual boardrooms. What can they actually do for your business? Which actual benefits will your business management strategy gain? Let’s observe the main instruments to improve your governance model.

Members Management


The software allows you to create a “member library” with each member’s profile. That can optimize meeting preparations. Such a profile may contain all the necessary info about location, phone numbers, emails as well as more specific data.

Security & Access Tools


Sensitive data safety is a pillar stone of any company’s governance strategy. In this respect, board room software represents a fully protected virtual space for storing and sharing data with c-suite members and non-members at all. Besides industry-level firewalls and antiviruses, a complex of access tools will be at your disposal. You will be able to manage the level of access for each person.

Schedule Planning Tools


Directors’ meetings may last only several minutes. However, how quickly your corporate secretary can organize them is decisive for your management. Virtual boardroom software will allow them to fix dates and schedules faster. There are usually extra reminder tools and handy calendars that won’t let you miss important appointments.

Documentation Management


Any electronic boardroom incorporates data storage where you can organize your papers according to your wish. Documentation can be easily uploaded and securely stored. You and only you will be able to find whatever paper at whatever time. Board documentation management tools include at least the following:

  • Sharing;

  • Editing;

  • Signing;

  • Watermarking;

  • Redaction instruments;

  • Uploading/Downloading;

  • Offline Access;

  • View-only options, and many others.


Mind that Tier 1 servers are mainly used for such storages to protect the data gathered on them from losses, hacks, and damages.

Interaction & Minutes Tools


Electronic boardrooms have the option of virtual rooms. You can create one or several of them for secure and effective interaction with other directors or non-member guests. There will be minutes management tools that will allow you to assign tasks and resume the meeting results.

Analytics


A nice board portal will have a broad set of instruments for analyzing all the activities done in your boardroom. It will allow you to creatу a kind of successful meeting template and improve the whole governance model in general.

This is far from the complete list of features your virtual boardroom can have. However, the functions we have described illustrate how crucial this software is for the strategic management of any type of organization.