What Does a Board Governance Software Do for You?

What Does a Board Governance Software Do for You?

Virtual board portal software is a revolutionary addition to the corporate sector. It has simplified board document management, online communication between corporate leadership, and board meeting management. The level of security it provides to corporations makes virtual board software a unique meeting management solution.

In addition to that, board portal software helps businesses in other ways, and this article is about the benefits of board portals and how to choose the board governance software. Let’s start with the introduction.

What is Virtual Board Software?

Virtual or board management software is an online board meeting management solution and cloud-based data repository used by corporate boards, association leaders, CFOs, CEOs, corporate sectors, and managerial-level staff.

Board management software is a multi-functional business solution that helps companies and organizations;

  • Manage board documents
  • Streamline board meetings from start to end
  • Improves internal and external communication
  • Speeds up the deal-making process
  • Provides data security
  • Gives easy and remote access to corporate data
  • Makes corporate governance more efficient

How Does Board Portal Software Help Businesses?

As mentioned above, board management software assists businesses in multiple ways. Here is an elaboration of the points mentioned above.

1-     Improved Board Document Management

It goes without saying the importance of easy access to data is a key element in effective corporate governance. In fact, not only data but the corporate leadership needs the latest information for more accurate and informed decisions.

Unfortunately, it seems impossible for businesses that still stick to paper documentation. That’s because data sharing and updating are slower, and incorporating changes is a lengthy process. Also, the document retrieval process itself is quite lengthy.

Board management software is the exact opposite of the paper documentation system. Here is how

  • It allows boards to upload tonnes of data in one place, which every user can access from anywhere.
  • The data is categorized into folders and subfolders. The document retrieval process is way faster. Any user can locate a file in a matter of seconds.
  • Board portals allow users to make real-time changes in documents. Users can create live document links, and the changes/alterations will be made in all copies, and other users will get the notification.

2-     Remote Access and Data Security

Apart from highly simplified data management, virtual board software makes data access much easier. Any user can access board documents from mobile phones or tablets—thanks to dedicated mobile apps. Many vendors even allow portal access without an internet connection.

Where smooth data access and better data management pave the way for the boards, the platform’s security is equally important. A company can lose all its competitive advantage if it cannot protect its trade secrets, marketing plans, intangible assets, or even the raw data collected.

Company boards not only use this data, but they have to share it with external parties for joint ventures or partnerships. Board portal software has protective measures for the documents and the platform itself.

Any certified board portal;

  • Provides 100% control over the flow of documents in the platform.
  • Allows management to define user access permissions according to their needs.
  • Protects unauthorized entries through two-factor authorization.
  • Legally restrict users from stealing or misusing data through customizable NDA templates.
  • Minimizes unauthorized document downloads and settles copyright claims through dynamic watermarks.

3-     Meeting Management and Better Communication

Whether boards have to communicate internally or with other business entities, board portals provide all necessary communication tools. Common examples include chat messengers, Q&A modules, audio/video calling software, etc. Many vendors also allow integration with Slack, Google Meet, Zoom, and similar platforms.

The board portal is a paperless meeting solution, highly suitable for managing online meetings from start to end. Any high-end board governance software boasts;

  • Meeting agenda builder and customizable agenda templates
  • Audio/video conferencing tools
  • Meeting minutes recorder/builder and free templates
  • Automatic note-taking during meetings
  • Voting tools for process resolutions or proposals
  • Electronic signatures to sign documents digitally
  • Task trackers to assign and manage tasks

How to Choose the Board Governance Software?

A board portal is only effective if it solves the problems you want to solve it. There is no perfect board portal software but one that fulfills your requirements. Here are some handy tips for finding a good one for your business.

  • Identify your needs and assess how much impact the software will have on your business.
  • Identify your price range.
  • Look out for features you want but don’t forget mandatory features like security, meeting management tools, operating system supportability, and document management tools.
  • Never compromise on the quality of customer support service
  • Ask for free trials

Final Words

Virtual board software ensures

  • Simplified board document management,
  • Streamlined board meetings,
  • Faster online communication
  • Unbreakable data security
  • Remote data access
  • Cost-effectiveness

All these factors improve the overall efficiency of board members, thus helping in effective corporate governance.

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