A board portal is a secure, web-based service that allows communication and collaboration between directors and the board office. Board portals deliver all content either to mobile apps or to specific websites for directors. Board portal software streamlines communication and collaboration between your board members and your board office.
Board meeting software has other names, but its essence remains the same. This is complex equipment used to organize and run meetings of a company’s directors. This definition may cause confusion since there are other programs and applications that may seem to be designed for the same purpose. However, a virtual boardroom is not the same as soft like file-sharing programs, video-conferencing applications, schedules or task managers, project management tools, etc. Board portal software is unique since it may function as the above-mentioned instruments and still offer more.
The Sarbanes-Oxley Act places significant legal and financial responsibility on boards to fulfill their fiduciary duties to shareholders. So, many companies have decided to increase the number of independent non-executive directors on their boards. This has led to more frequent meetings, better analysis of information, and enhanced communication between meetings. The board portal is designed to support board communication and operational processes in a secure manner. The ‘Notice of Access to Documents’ prepared by directors is often a legal document required by external auditors.
Key Principles of Boardroom Software
Virtual boardrooms offered by different vendors may have diverse features. You may define which of them should be available. However, no matter which components this soft has, its working principles are always the same, and they include the following essentials:
- Ease of use
- High level of adaptation to any type of business
- Mobile options
With these options at hand, you can significantly improve your management strategy. For instance, board meeting software can help you to save time and cost necessary for business trips, physical data room security measures, etc. This is a great solution to the problem of data protection. It can optimize the work of the c-suite in general.
What Are the Benefits of Using Meeting Board Management Software Solutions?
Among the main advantages of board portals, the following ones should be highlighted:
- Digitizing communication within the Board of Directors and Executive Management.
- Streamlining collaboration within your Board of Directors.
- Providing maximum security.
- Providing transparency and control in a virtual boardroom.
- Availability online and offline ― anytime, anywhere.
How to Choose the Right Board Portal
If you are interested in making the right choice initially, be sure to do the following:
- Evaluate your current board solution and identify your pain points. For example, a paperless board portal can provide security and eliminate shipping costs.
- Decide what is your “must-have” element in a bulletin board portal, such as adding a secure messenger, help desk with D&O questionnaires, or 24/7 customer support.
- Use resources like our buyer’s guide to help you choose the right board portal software for your organization and board.
- Offline sync and board portal app for iOS, Android, and web browser ― key features that provide flexibility for your board. Choose the board portal solution that provides the best settings for your board.
- Before the advent of online portals, corporate secretaries were responsible for creating cumbersome paper books and updating them. As technology continues to evolve, be sure to choose a solution that gives your corporate secretary the right tools to support your board. A great way to make sure your board portal supports your corporate secretary is to see what solutions your chosen board provider is working on to develop your roadmap.
Board Software Features
- Agenda Builder. Agenda Builder provides templates for administrators to quickly create agendas and offers board members dynamic PDFs delivered via email and target agenda pages with private annotations.
- Conference Center or Board Room Software. Automating meeting scheduling doesn’t just save time. It frees your board from distractions, allowing everyone to focus on management, strategy, and other areas vital to your mission.
- Boardable Spotlight. Boardable Spotlight gives your organization the tools you need for virtual and in-person meetings, seamless collaboration, and documenting solutions in one place.
- Document Center. Board Document Management or Document Center consolidates all the files your board needs in one place. You get the simplicity of organizing and distributing documents without digging through email attachments. Your whiteboard makes it easy to collaborate on documents anytime, anywhere.
- E-Signatures. Electronic signatures speed up the process of signing and approving documents. Legally sign documents without the hassle of traditional paper signatures. Upload a document, request a signature, and view document signature status in one place.
- Task Manager. Task Manager increases the productivity and accountability of your board. Create, assign, and manage action items during and between meetings. Quickly check the status of completed and unfinished tasks in one centralized location.
- Reporting. Use the data to gain insight into your bulletin board engagement. Boardable reporting allows you to view and download various reports to quickly identify achievements and areas for improvement.
- Tracking Goals. Track and measure the success of your organization’s goals and board initiatives. Establish benchmarks to inform and engage your board of directors in achieving key performance indicators.
- Surveys + Voting. Surveys help you develop active board members. They highlight important decision points between and before meetings without being pushy.
Board Software Examples
- Azeus Convene
- Diligent Boards
- Nasdaq Boardvantage
- Process PA
In summary, we’d like to add that using board portals can help your company grow. By holding online board meetings using secure software, you can lay the foundation for effective company management ― today, it is a prerequisite for the growth of any business.